Chicago Condo News

Sales of condominiums and lofts hit a new high in Woodlawn, despite a downturn in the real estate market around the Chicago region. The neighborhood saw a 13 percent increase in sales in 2007.

According to data from the Chicago Association of Realtors, a total of 196 condos and lofts were sold in the neighborhood during the year, up from 173 units sold in 2006. The previous high was seen in 2005, when 189 units were sold around Woodlawn.

However, despite the increase in sales in the neighborhood, condo owners and developers are still seeing a relatively slow market. The average turnover time for condos sold in 2007 rose to 150 days, up from 109 days in 2006. This is the second highest turnover time in the last 16 years.

Prices were off slightly in the neighborhood. The average sales price for condos sold in 2007 was down 1 percent from the previous year. Prices could continue to drop even as demand rises in the neighborhood. A number of new developments on the market could keep pressure on condo owners and developers to give incentives to buyers. Find great deals on Chicago Condos For Sale today.

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The West Loop continues to attract young professionals and families with the many new luxury loft and condominium developments coming up in the area.

One of the newest condominium developments to come to the area is Catalyst, located at 123 N. Desplaines Street. The tower is developed by a partnership between architect Lucien Lagrange and Urban R2, the same developer behind 600 North Fairbanks.

The $100 million development offers a total of 217 condominiums, with floor plans ranging from one to three bedrooms. Many units also offer a den. Prices for these units start in the low $200s for a one-bedroom condominium and range up to more than $1 million for a rooftop penthouse with three bedrooms.

Residents enjoy a number of luxury amenities, including one parking space included in the purchase price in the heated indoor parking garage. Residents also enjoy a gourmet kitchen with brand name appliances, granite countertops, and a breakfast bar. Residents will also enjoy access to a dog walk, sauna room, meditation and yoga center, and fitness center.

The Catalyst is one of the best new Preconstruction Chicago Condos For Sale in the West Loop. Browse through preconstruction condominium developments in the best neighborhoods around the city.

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Some Chicago neighborhoods continue to see steady sales despite a general downturn in the Chicago real estate market. According to data from the Chicago Association of Realtors, Garfield Ridge had a total of 22 units sold during the year, up from 21 units sold in 2006.

The rise in demand in the area led to a slight drop in the average turnover time for condos and lofts on the market. Condo owners and developers who sold their unit in Garfield Ridge in 2007 had to wait an average of 96 days, down from 101 days in 2006.

The solid demand and slight drop in the inventory of unsold condos and lofts sitting on the market helped keep prices in positive territory in 2007. The average sales price for units sold during the year posted a 12 percent increase from prices seen in 2006, one of the best in the city.

However, the neighborhood continues to be one of the most affordable in the city. With an average sales price of just over $170,000, Garfield Ridge is an excellent choice for young professionals and families looking to get in their first condominium. Browse through great deals on Chicago Condos For Salehttp://www.chicagocondonews.com/ around Garfield Ridge as well as many other neighborhoods around the city today.

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