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Park Kingsbury Residences

The Near North Side of Chicago has seen a lot of changes in recent years. New condominiums and towers have replaced Chicago Housing Authority projects and brought many new residents to the area.

The neighborhood continues to see many new luxury developments. One of the newest communities in the area is Kingsbury Park.

The area is a collection of lofts and condominiums located east of the Chicago River between Chicago Avenue and W. Ohio Street.

One of the newest developments to come on the market in the neighborhood is the Park Kingsbury Residences.

Located at 660 North Kingsbury Street, the Park Kingsbury is being developed by Cataldo / Marovitz, LLC.

Once home to a design company, the 5 story building will now house 50 luxury condominiums.

Each condominium will offer large, oversized windows with excellent urban views.

Prices for the condominiums start at $350,000 and range up to more than $1 million for the largest units.

Sales of the units are expected to begin late this year.

Kingsbury Street is full of many new condo developments. The neighborhood is also welcoming new retail and services.

Residents of the area enjoy easy access to much of downtown Chicago. The downtown Chicago business district is a short walk away from River North. The Gold Coast and Streeterville are also just a short distance from Park Kingsbury.

Residents looking for the best shopping in all of Chicago can head over to North Michigan Avenue, home to the Magnificent Mile. All of the best designers call the Magnificent Mile home.

The neighborhood has several convenient public transportation connections to the rest of Chicago. The brown and purple lines of the El stop just a few blocks away on W. Chicago Ave.

Greektown, home to the best Greek cuisine outside of Athens is just a short distance from River North. Old Town Chicago is another popular destination located a few minutes from Park Kingsbury.

Buyers looking for a new condo on the Near North Side should be aware of current market conditions in the neighborhood.

The Near North Side has seen heavy construction for the past few years, and the market is showing signs of cooling.

According to the Chicago Association of Realtors, sales of condos dropped during the second quarter of this year. A total of 867 condos were sold during the second quarter, down almost 5 percent from the same period last year.

This is the third straight year that the neighborhood has seen a decline in sales.

The supply of condominiums for sale in the neighborhood continues to languish longer on the market.

If you’re selling a condo on the Near North Side, it will now take you an average of 124 days to find a buyer, up 23 percent over last year.

However, despite the decline in demand and increasing supply, prices continue to rise. The average sales price in the neighborhood rose another 5 percent during the second quarter.

If demand continues to decline and the supply of condos stays on the market longer, then prices should start to drop in the short term.