Chicago Condo News

Sales of condos around Montclare picked up during the third quarter, according to a recent report from the Chicago Association of Realtors.

A total of 17 condos were sold in the neighborhood during the third quarter, more than double the amount sold during the same period last year.  It is also the third highest total for the quarter in 16 years.

The increase in sales in the neighborhood led to a drop in inventory of unsold condos.  The average turnover time fell to 119 days during the third quarter, down 31 days from the same period last year.  This means that if you’re selling your property in Montclare, it will now take you an average of 4 months to find a buyer.  This is still more than 20 days longer than the average for all of Chicago.

The market picked up as a result of lower prices around Montclare.  The average sales price during the third quarter was 9 percent lower than during the same period last year.

However, demand will need to rise even further to absorb the inventory of unsold condos on the market.  Buyers may continue to see lower prices in the neighborhood in the short term.  Look out for great deals on Chicago Condos For Sale around Montclare.

Technorati Tags: Chicago Real Estate Report, Montclare Real estate Market, Chicago Condos

The ALARA Glenmuir, a Naperville apartment complex, was recently sold for $55 million, highlighting the attention investors are now giving to rental properties as the market for Chicago Condos drops around the city.  The complex was owned by American Realty Advisors, a Glendale, CA-based investment company.

The 321-unit apartment complex located at 2604 Rockport Lane offers one, two, and three-bedroom units.  The building enjoys an occupancy rate of 95 percent, right in line with the average for the most popular Chicago neighborhoods.

The complex includes 23 two-story buildings.  Residents enjoy amenities such as walk-in closets, attached garages, three lakes, and a clubhouse with pool.  The development was completed in 1999.

Problems in the mortgage market and high prices around the region have led many potential buyers to turn to rentals.  Banks and lenders have tightened requirements as foreclosures threaten many companies’ profits.  Many buyers who were able to qualify for a loan are now unable to find a lender willing to take a risk.

Prices in Naperville have increased in eight of the last ten years, making it difficult for many buyers to afford a condo in the neighborhood.

Technorati Tags: Naperville Apartments, Chicago Apartments For Rent, Chicago Condo Market

As sales around Chicago drop due to a crisis in the mortgage market, O’Hare is also seeing the effects of this downturn in the market.

According to recent data from the Chicago Association of Realtors, a total of 31 condos were sold during the third quarter, down 42 percent from the same period last year.  It is the lowest total sales for the quarter since 2000 in the neighborhood.

However, at the same time, the number of condos for sale in the neighborhood also dropped during the period.  If you’re selling your condo in O’Hare, it will now take you an average of 61 days to find a buyer, down 20 percent from the same period last year and well below the citywide average turnover time of 96 days.

Despite the drop in the number of condos on the market, prices in the area dropped drastically during the third quarter.  The average sales price was 17 percent lower than during the same period last year, a sign that the market may have already finished a necessary correction in prices in O’Hare.

Buyers are finding excellent prices in the area.  The average sales price hit its lowest point since 2003, which could spur demand in O’Hare.  Keep an eye out for incredible deals on Chicago Condos For Sale in the neighborhood.

Technorati Tags: O’Hare Condo Market, Chicago Condos For Sale, Chicago Real Estate Update