November 29, 2007

Chicago condo market update: Norwood Park

Category: Luxury Condos. Posted by Mike at 11:16 pm.

Condo sales hit a 13-year low during the third quarter in Norwood Park. 

According to the Chicago Association of Realtors, a total of 13 condominiums were sold during the quarter, a 55 percent drop from the same period last year and the lowest total for the quarter since 1994. 

Condo owners and developers are facing one of the most difficult markets that the neighborhood has seen in years.  If you’re selling your condo in Norwood Park, expect to wait an average of 116 days to find a buyer.  This is a 147 percent increase from the same period last year and the longest turnover time in more than 15 years. 

Despite the continued decline in sales and a large supply of unsold condos on the market, prices rose during the third quarter.  The average sales price was $205,700 for condos sold during the quarter.  This is a four percent jump from last year but still off the high seen during 2005. 

Buyers could start to see lower prices in the neighborhood if demand for Chicago Condos continues to drop.  Sellers may be forced to offer a lower asking price to attract more buyers to Norwood Park.  Look out for great deals on Chicago Condos in the neighborhood over the next few months. 

Technorati Tags: , ,

November 28, 2007

Foreclosure suit filed on Chicago condo project

Category: Luxury Condos. Posted by Mike at 5:48 pm.

Creditors of a condominium project in suburban Hillside have filed a lawsuit against the developers to collect on past-due loans. 

The developer, JSG Development LLC, has only sold a quarter of the 46 condominiums at the site, located at 1903-1907 S. Wolf Road.  The company put several units from the development up for auction during the summer to spark sales, but it wasn’t enough to help the company get up to date on debt payments. 

According to court documents, JSG failed to make payments on the loan due on September 27.  Fifth Third Bank Chicago gave JSG a loan for $12.5 million in 2005, according to the lawsuit. 

Construction on the site began during a time when comparable projects were selling out in the popular area of Hillside.  The development is close to shopping, restaurants, and expressways. 

However, when JSG opened sales on the project, the real estate market had already tanked.  Now, JSG must face the courts to determine the future of the development.  Many other developers of Chicago Condos are facing similar difficulties as demand for condos around the city drops to new lows.  

Technorati Tags: , ,

Foreclosure suit filed on Chicago condo project

Category: Luxury Condos. Posted by Mike at 5:43 pm.

Creditors of a condominium project in suburban Hillside have filed a lawsuit against the developers to collect on past-due loans. 

The developer, JSG Development LLC, has only sold a quarter of the 46 condominiums at the site, located at 1903-1907 S. Wolf Road.  The company put several units from the development up for auction during the summer to spark sales, but it wasn’t enough to help the company get up to date on debt payments. 

According to court documents, JSG failed to make payments on the loan due on September 27.  Fifth Third Bank Chicago gave JSG a loan for $12.5 million in 2005, according to the lawsuit. 

Construction on the site began during a time when comparable projects were selling out in the popular area of Hillside.  The development is close to shopping, restaurants, and expressways. 

However, when JSG opened sales on the project, the real estate market had already tanked.  Now, JSG must face the courts to determine the future of the development.  Many other developers of Chicago Condos are facing similar difficulties as demand for condos around the city drops to new lows.  

Technorati Tags: , ,

Next Page »