Chicago Condo News

Rolling Meadows is working to provide residents 55 years and older with affordable housing in the heart of downtown.

The city will provide a subsidy of $30,000 to residents who qualify for the program.

Riverwalk Condominiums, located at 3457 Kirchoff Road, offer one-bedroom condos at $184,000 after the $30,000 subsidy.  Two-bedroom units sell for $214,000.

There are currently 10 units available, with 20 more units planned for completion late next year.

Residents who qualify for the subsidy must not make more than $52,800 for individuals and $60,300 for couples.

Sales of units at the Riverwalk Condominiums will be manaaged by the Housing Development Corp.

Residents who want to resell the property are facing limitations.  Resale values cannot be higher than 5 percent over the original purchase price, ensuring that the property will continue to offer affordable housing to retirees in Rolling Meadows.

With condo prices around the greater Chicago area up more than 100 percent over the last 10 years, many retirees are facing difficulty finding affordable housing.

Programs that offer subsidies and low cost housing are an important step toward providing area residents with Affordable Chicago Condos.

Technorati Tags: Affordable Chicago Real Estate, Chicago Senior Housing, Chicago Condos For Sale

When will the turnaround come in the real estate market?  The most recent numbers from the US government show that the housing slump is worsening across the country.

Sales of homes around the country are down over 8 percent.  The supply of new homes on the market is also at levels not seen in 18 years.

Homebuilders are slashing prices on new developments to attract new buyers.  However, many buyers are unable to qualify for loans due to problems in the credit market.

Banks and lenders have tightened requirements for mortgages, locking many potential buyers out of the market.

Many financial institutions have been hard hit by the recent increase in foreclosures in cities throughout the nation.  Chicago saw an increase of 12.5 percent in foreclosures during August, according to RealtyTrac, Inc.

The Fed lowered interest rates last week, but it is still unknown if that will spur demand for real estate around the country.

Buyers looking for a deal on Chicago Homes should be able to find lower prices in the short term.  As inventory sits on the market longer, many sellers facing financial difficulties will be forced to lower prices.

Technorati Tags: Chicago Real Estate, Home Sales, Chicago Real Estate News 

The Community Development Commission approved a tax increment financing plan for a condo development in West Elsdon.

The developer, 5007 Lawndale Corp, is planning to build 181 condominiums at the corner of Lawndale and 51st Street.

According to the city decision, the subsidy will go towards the cost of building new city streets and connecting alley ways.

The building will offer a mix of market rate and affordable housing options.  A total of 145 condominiums will be sold at market prices.

Single family homes will be priced from $350,000 for a 1,626 square foot unit to as much as $445,000 for a 1,876 square foot model.

Townhouses will be priced in the low $300s for floor plans ranging from 1,634 square feet to 1,973 square feet.

There will also be 36 affordable townhouses and condos offered at rates far below market.  Condominiums will be priced from $131,000 for a 790 square foot unit to $167,000 for 1,233 square feet.

Larger townhouses, with floor plans ranging from 1,634 to 1,862 square feet, will be priced in the low $200s.

Keep up with the latest in Chicago Real Estate News and stay on top of market conditions around the city.

Technorati Tags: Chicago Affordable Housing, Chicago New Condos, West Elsdon Condo Development