Chicago Condo News

Sales of condos in Avondale jumped during the third quarter, according to the third quarter report from the Chicago Association of Realtors.

Sales were up by 87 percent in the Chicago neighborhood, to a total of 43 condominiums sold during the quarter.  This matches the high for the period seen just two years ago.

However, not everyone is smiling in Avondale.  Condo owners and developers are facing longer waits when it comes time to sell their property in the neighborhood.  Turnover times are at an 8 year high.

If you are selling your home in the neighborhood, it will now take you an average of 112 days to find a buyer, a 56 percent increase over last year.

The average sales price for a condo in the neighborhood hit an all time high.  The average sales price now sits at just over $325,000.

Buyers looking for a new condominium in Avondale should be aware of entering the market at its peak.  If the current supply of unsold condominiums sits on the market longer, sellers may start to reduce their asking price to attract more buyers to the area.

Keep up to date with the latest Chicago Real Estate News for neighborhoods around the city.

Technorati Tags: Chicago Real Estate, Avondale Real Estate, Chicago Condos, Chicago Real Estate Market Report

A patch of land that has sat vacant for years will be converted into a 24-unit apartment building, if a Chicago developer gets his way.

John O’Flaherty, owner of O’Flaherty Builders Inc, presented his plan to the Chicago Department of Planning and Development.

The site of the new apartment is 4620 N. Clarendon, in Uptown.  Renters will be able to choose from several floor plans in the four-story building.

One-bedroom apartments start at 635 square feet and two-bedroom units offer as much as 911 square feet of living space.

O’Flaherty plans to include a 2,000 square foot green roof, indoor parking, and energy efficient windows.

Developers have begun to focus on rental properties as sales around Chicago continue to drop.  Most new developments currently underway are centered around the Loop and other popular downtown neighborhoods.

Rents are moving up around downtown, with estimates of 4-5 percent annually being tossed around by industry experts.

Some of the best Chicago Real Estate is now up for rent around the city.  If you’re not interested in buying a condominium in Chicago, check out what’s available for rent, you may be surprised.

Technorati Tags: Chicago Apartments, Chicago Rentals, Chicago Real Estate, O’Flaherty Development

Mt. Prospect saw a marked decrease in demand for condominiums during the third quarter, according to the most recent report from the Chicago Association of Realtors.

Total sales of condos in the Chicago suburb during the third quarter were off by 48 percent from the same period last year.  A total of 53 condos were sold in the neighborhood, the lowest total for the period since 1996.

Condo owners and developers are feeling the effects of the drop off in sales.  Turnover times are now up to 99 days in the neighborhood, meaning that if you’re selling your home in Mt. Prospect, it will now take you a little over three months to find a buyer.

The large supply of unsold homes on the market could lead to lower prices in the short term.  However, the average sales price continued its upward march during the third quarter.  The increase in price during the third quarter was one of the largest seen in the greater Chicago Real Estate market.

Condo prices Mt. Prospect were up 32 percent over last year, according to the C.A.R report.

If you’re in the market for a condo in the neighborhood, beware of a peak in prices if demand continues to drop and unsold condos sit on the market longer.

Technorati Tags: Chicago Real Estate Update, Mt. Prospect Condos for sale, Chicago Condos