Chicago Condo News

As sales drop around the Chicago region, some neighborhoods continue to see rising demand. Sales of condos in West Town rose during the third quarter, according to recent data from the Chicago Association or Realtors.

According to the report, a total of 440 units were sold during the third quarter, up from 415 units sold during the same period in 2006.

The rise in demand in the area led to an improvement in the average turnover time in West Town. If you’re selling your condo in the neighborhood, it will now take you an average of 86 days to find a buyer, just one day less than last year. However, this is good news for condo owners and developers.

The average sales price continued to climb in the neighborhood on the heels of rising demand and a steady inventory. The average sales price during the third quarter posted a 6 percent gain from the same period in 2006, and could continue to rise if demand remains steady in the area.

Buyers looking for Chicago Condos for Sale in a popular neighborhood with strong fundamentals should check out what’s available in West Town today.

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The proposed condominium development that meant moving the location of the Union League Boys and Girls Club a year ago is still on the books. However, work on the project in West Town hasn’t yet begun.

Mirro Construction is the company behind the proposed conversion of the building into 13 condominiums. The project is an important step in the revitalization of Grand Avenue, as local community leaders work to attract new businesses and residential developments to the area.

The club opened more than 80 years ago, and has been a meeting point for children from around the neighborhood ever since. However, after the program moved to its new home at Talbott School, attendance has shot up by nearly 50 percent.

When the developer plans to continue with the project remains to be seen. Rumors of a car accident suffered by the developer couldn’t be verified. Also, as the market for Chicago condos suffers a downturn in sales, the viability of the project could be one of the main hurdles to jump.

The Grand Avenue neighborhood offers affordable homes and condominiums, and has seen some progress in revitalizing the area and attracting new residents. Find great deals on Chicago Condos For Sale around the neighborhood today.

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Sales of condominiums in Gurnee fell again for the second consecutive year. According to recent data from the Chicago Association of Realtors, a total of 55 condos were sold during the third quarter.

This is an 18 percent drop from the same period last year and the lowest total for the quarter since 1993. Sales continue to suffer as a result of upheaval in the credit market, but could recover as rates begin to drop.

The neighborhood is also seeing a marked increase in the turnover time for condos on the market. The average turnover time was up to 73 days during the third quarter, and increase of 19 percent from the same period in 2006. However, this is still well below the average for all of Chicago.

Prices have also shown signs of weakness as a result of falling demand in the area. The average sales price during the third quarter posted a 2 percent decline from the same period a year ago, and could continue to drop if demand doesn’t increase for condos in Gurnee.

Keep an eye out for great deals on Chicago Real Estate in Gurnee as prices could drop even further in the short term.

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