Chicago Condo News

The John Hancock Center, one of the tallest buildings in all of Chicago, is now home to luxury condos that offer some of the best views and amenities in the city.

The building is located at 175 East Delaware in the heart of downtown.  Developers have converted the 44th to 92nd floors into full service luxury condos.

Amenities at the John Hancock Center include a lobby on the 44th floor with full doorman and valet service.  There is a modern fitness center, business center, mail room, and grocer, all conveniently located seconds from your front door.

A heated, indoor pool offers residents the chance to stay in shape year-round.

The building offers over 600 units ranging from studios to four-bedroom condominiums.

The John Hancock Center offers incredible views of downtown Chicago and Lake Michigan.  Each unit has full size windows and an open floor plan that allows residents to enjoy the views from almost every corner of the condominium.

Although the Chicago condo market is currently seeing signs of a downturn, luxury condo units in landmark properties are still highly sought after by well-heeled clients from around the city.

The John Hancock Center is in one of the best locations in Chicago, close to all of the best restaurants, shopping, and nightlife.

Check out other Luxury Chicago Condominiums available around downtown.

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The Near South Side of Chicago is one of the neighborhoods that has seen the most new development in the city.

New luxury loft and condominium developments and the redevelopment of older buildings have gentrified the area and attracted many new residents from all over Chicago.

However, the real estate market on the Near South Side is going through a difficult moment.  Sales are down and prices in the neighborhood may soon follow.

According to the Chicago Association of Realtors, a total of 237 condominiums were sold during the second quarter of this year, down 155 from the same period last year.

The inventory of condominiums in the neighborhood continues to increase.  If you are selling your condominium on the Near South Side, it will now take you an average of 198 days, more than double the average for all of Chicago.

Prices for condominiums on the Near South Side are showing signs of weakness.  The average sales price for a condominium in the neighborhood was at $379,484, two percent lower than last year.

This is the second consecutive year that the sales price for condominiums has dropped in the area.
Keep up with the latest Chicago Real Estate News and stay on top of the market in your area.

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Homeowners who bought their Chicago home just a couple of years ago are now facing an entirely different reality.

It wasn’t long ago that almost anyone could qualify for a mortgage with an adjustable rate.  Interest rates were at their lowest levels since the end of World War II, making loans extremely affordable.

Also, rapidly increasing home values convinced most people that the investment in a home was a sure fire way to make money fast.

Now, the situation has reversed.  Interest rates are moving higher and real estate values have reached a ceiling.

Many homeowners are now seeing higher mortgage costs and many are unable to sell their home for they price they paid just two years ago.

Chicago homeowners have been particularly hard hit by the change in market conditions for homes and condos in the area.

According to chicagoreporter.com, the greater Chicago area, which includes Chicago, Naperville, and Joliet, had the highest number of high-cost loans in the country.

Translated to simple terms, this means that more people in the area are facing rising mortgage costs that many are unable to afford.  Low income residents were often only able to qualify for an adjustable-rate loan, and are now paying a high price.

The market for Chicago Condos and homes will face further difficulties due to a slowdown in sales and higher interest rates across the city.

Technorati Tags: Chicago Foreclosures, Chicago Real Estate Market Conditions, Chicago Real Estate News