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River Street Plaza Aurora

The renaissance of downtown Aurora continues as more condominium developments renew the area and bring residents back to the neighborhood.

One of the newest condominium developments in downtown Aurora can be found on the west bank of the Fox River. The River Street Plaza offers condominiums by The Vanstrand Group, a real estate company whose primary focus is the redevelopment of properties along the Fox River corridor.

River Street Plaza now offers one building for immediate occupancy. The second building will be completed in October or November of this year.

Buyers can choose from several different floor plans, ranging from 822 square feet for the smallest one-bedroom unit. Two-bedroom 1,215 square-foot units are also still available.

Prices for the smallest units start in the low $200s and range up to the mid $300s for the two-bedroom and two-bath units.

Each unit includes standard amenities such as a stainless steel appliance package and the typical array of cabinets and countertops in the kitchen. Bathrooms come standard with Kohler fixtures and marble countertops.

Each condominium also comes with private outdoor space, extra storage, and indoor parking.

The ground floors of the both buildings have been designed for businesses, and will feature several shops and restaurants.

Arete 3 is the design group behind the River Street Plaza project. The architectural company has long experience with several developments completed around Chicago.

The central location of River Street Plaza Condominiums in downtown Aurora gives residents many options for entertainment, shopping, and transportation.

Metra trains and buses provide easy and quick access to the downtown Chicago condos business district and other parts of the city. Lincoln Mini Park Station is just across the river on the east side of downtown Aurora.

The SciTech museum, Aurora Library, and other government buildings are located on Stolp Island, right across the river from River Street Plaza.

The Northgate Shopping Center is up the river north of downtown Aurora. West Aurora Plaza is another shopping area off of Galena to the west of River Street Plaza.

Parks, jogging trails, and a forest preserve are all within a few minutes of the condominium development, giving residents many options to get out and enjoy an active lifestyle in the heart of Aurora.

Golfers have many options in the city, with golf courses such as Wolf Run, Phillips Park, and the Aurora Country Club offering professional courses.

The real estate market for condominiums in the greater Chicagoland region is showing some signs of cooling.

According to the most recent numbers from the Illinois Association of Realtors show that overall sales of condominiums were off 14.1 percent during the second quarter of this year.

There were a total of 13,284 condominiums sold during the second quarter, according to the report. This is the second year in a row that the greater Chicagoland region has seen a decline in condo sales.

However, despite continued drops in sales, the average sales price continued to rise. Prices for condos in the Chicagoland area rose 4.7 percent to $276,230 during the second quarter of 2007.

Buyers looking to get in the real estate market should consider an investment in the current market carefully.

Current numbers show an increase in foreclosures around the region. While foreclosures in Chicago and the rest of Illinois are up less than in other markets around the country such as Miami and Las Vegas, this still means that inventory levels could rise further.

A 14.1 percent drop in condo sales shows that the demand for Chicagoland condos is cooling. Buyers should aggressively negotiate a price that reflects the current market conditions for the area.