Chicago Condo News

The news isn’t good for developers and condo owners looking to sell their condominium on the Near West Side.  Sales of condos in the neighborhood hit a 5-year low during the third quarter, according to a report from the Chicago Association of Realtors. 

A total of 383 condominiums were sold on the Near West Side during the third quarter, a 31 percent drop from the same period last year. 

If you’re selling your property in the neighborhood, you are facing one of the slowest markets in recent years.  It will now take you an average of 149 days, or almost 5 months to find a buyer.  This is the longest turnover time seen on the Near West Side since 1999. 

However, for those who do find a buyer, prices are still increasing in the neighborhood.  The average sales price during the third quarter was up another 11 percent to almost $370,000.  

Whether prices will be able to continue to increase could be a question of whether demand for condominiums pick up in the neighborhood.  As the inventory of unsold homes continues to climb in the area, many sellers may be forced to offer a lower asking price to attract more buyers.  Stay alert for excellent prices on Luxury Chicago Condos on the Near West Side. 

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If you’re on the market for a luxury condominium, but don’t want to trade in a suburban lifestyle, there are several options around the greater Chicago area.

One of the best new developments on the market is Timbers Glen, located in a beautiful upscale neighborhood in Glenview.  Buyers can choose from eight different floor plans at Timbers Glen.  There are a total of 19 condominiums in the development, ranging in size from 1,980 square feet to over 2,500 square feet.

Residents enjoy a wide range of amenities, including a brand name appliance package and granite countertops in the kitchen.  Bathrooms offer a luxurious garden soaking tub and separate walk-in shower.  Residents also enjoy an attached garage with space for two cars.

Timbers Glen is an excellent choice for families.  The development is in the West Northfield School District.  Winkelman Elementary School, Field Middle School, and Glenbrook South High School have all received high marks from the U.S. Department of Education.

Commuters can get to downtown Chicago in just minutes, via the I-294 expressway.  These luxury townhomes are among the best Suburban Chicago Condos currently on the market.

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The real estate market in East Garfield Park cooled off during the third quarter.  Sales of condominiums were down 72 percent from the same period last year, according to the Chicago Association of Realtors.

According to the third quarter C.A.R. report, a total of 9 condominiums were sold in the neighborhood during the quarter.

Condo owners and developers in the neighborhood are facing one of the most difficult markets in recent memory as the turnover time for condos for sale has hit a 15-year high.  If you are selling your condo in the neighborhood, it will now take you an average of 185 days to find a buyer, a 71 percent increase over last year.

Meanwhile, despite the drop in demand and increasing inventory of unsold condos on the market, the average sales price continued to increase in the neighborhood, hitting an all-time high.

The average sales price now stands at $219,066, an 18 percent jump from the same period last year.

Buyers should beware of getting in the market at its peak.  If demand doesn’t pick up in the neighborhood soon, many sellers may be forced to lower their asking price.  Many excellent Chicago Condos could be had at bargain prices in East Garfield Park over the next few months.

Technorati Tags: Chicago Condos, East Garfield Park Condo Market, Chicago Real Estate