New condos for North Center
Kopley Group Inc, a Chicago-based developer, has received approval from the Chicago Plan Commision for a 91-unit development in North Center.
Plans call for the renovation of two factories located at 1810-1822 West Grace Street. The three- and five- story buildings will be developed into condominiums offering floor plans ranging from one to three bedrooms.
The developer is still awaiting approval from the Chicago City Council for the project.
North Center is seeing strong condo sales despite the overall weakness of the market for Chicago Condos.
According to the Chicago Association of Realtors, sales of condos increased by three percent during the third quarter. A total of 165 condos were sold in the neighborhood during the third quarter, an all time high for the neighborhood.
However, condos for sale in North Center are staying on the market longer. The average turnover rate for the area is currently at 103 days.
The average sales price for condos in the neighborhood saw a slight decline during the third quarter. A condo in North Center sells for an average $367,422, just $6,000 less than the same period last year.
The neighborhood is one of a few Chicago neighborhoods that have seen higher sales during the third quarter. Condo sales dropped more than 12 percent during the third quarter across the city.
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