Chicago Condo News

Sales of condominiums and lofts were down during the first quarter in Lincoln Square. The neighborhood was one of many around Chicago to see a sharp drop in demand for condominiums.

According to data from the Chicago Association of Realtors, a total of just 72 units were sold in the neighborhood during the first quarter, down nearly 30 percent from the same period last year. The first quarter 2007 was the best in more than 17 years, with 101 condominiums sold during the period.

Condo owners and developers are waiting longer than they ever have to find a buyer in Lincoln Square. The average turnover time for condos on the market in the area rose by 50 days during the first quarter. If you’re selling a condo in the area, it will now take you an average of 159 days to find a buyer.

The drop in demand and rising inventory of unsold condos on the market didn’t lead to a drop in condo values around Lincoln Square. The average sales price for condos sold during the first quarter was up by 5 percent from a year ago. However, buyers could start to see great deals on Chicago Condos For Sale around the neighborhood in the short term.

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The first move ins are almost set for 757 Orleans, a new condominium development located in River North. The development is a project by the Gammonley Group, a Chicago-based developer.

Buyers can now take advantage of a new incentive offered by Gammonley on remaining units at 757 Orleans. The developer is now offering a choice of a discount on closing costs or upgrades.

Standard amenities at 757 Orleans include a gourmet kitchen with stainless steel appliances, 42-inch cabinets, and granite countertops. Each unit also comes with hardwood floors, private outdoor space, and floor-to-ceiling windows that offer great views to downtown.

The 22-story building will offer a total of 198 condominiums, with floor plans ranging from 644 square feet to more than 1,300 square feet. Prices for these units start at $270,000 and range up to $520,000. Studio, one, two, and three-bedroom floor plans are still available.

According to the most recent sales information from the developer, just over 50 percent of the 198 units have already been sold, leaving buyers with plenty of choices at 757 Orleans. This development is one of several new buildings offering luxury condos for sale around River North. Check out the best Chicago Condos For Sale throughout the city today.

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Sales of condominiums and lofts in Irving Park were off again during the first quarter. The neighborhood was one of several across the city that saw a sharp decline in demand in the past few months.

According to data from the Chicago Association of Realtors, a total of just 51 condominiums were sold in the neighborhood during the first quarter, a nearly 50 percent drop in sales from the same period last year. The first quarter 2007 was the best in years in Irving Park. 97 condominiums were sold during the period.

The drop in demand for condos around the area led to a marked increase in the inventory of unsold condos sitting on the market in Irving Park. This is leading to longer waits for many condo owners. If you’re selling your condo in the area, it will now take you an average of 151 days to find a buyer, up from 136 days a year ago.

Falling demand and a rise in the supply of condos on the market led to lower prices in the neighborhood. The average sales price fell by 3 percent during the first quarter, and could continue to fall if demand doesn’t pick up in the short term. Find great deals today on Chicago Condos For Sale in Irving Park.

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