April 30, 2008

Sales down in Irving Park

Category: Affordable condos. Posted by Mike at 11:13 pm.

Sales of condos were off in Irving Park in 2007. After hitting an all time high of 416 units sold during 2006, demand for condos in this up-and-coming market fell on the heels of a general downturn in the market around Chicago.

According to data from the Chicago Association of Realtors, a total of 385 condos and lofts were sold in the area in 2007, a 7 percent drop in sales from the previous year. However, it was the second highest annual sales seen in the neighborhood in the past 20 years.

The decline in demand led to a marked increase in the number of condos on the market. Condo owners and developers faced one of the most difficult markets in recent memory, with an average turnover time of 139 days seen during 2007. This is an increase of 31 days in just one year.

However, prices for condos in Irving Park continued to rise despite the drop in demand in the neighborhood. The average sales price was up 2 percent for the year. The average sales price now stands at an all-time high of $248,223. Buyers could start to see lower prices for Chicago Condos For Sale in Irving Park if demand doesn’t rebound in the short term.

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April 29, 2008

Lincoln Park luxury at SoNo

Category: Lincoln Park. Posted by Mike at 6:13 pm.

If you’re on the market for a luxury condominium in Lincoln Park, you won’t want to miss out on the newest project by Smithfield Properties at SoNo. SoNo is located at 1454 North Dayton.

Buyers can choose from a number of different floor plans at SoNo. One, two, and three-bedroom condominiums are available, with floor plans starting at 788 square feet for the smallest unit. The largest three-bedroom unit offers a total of 1,656 square feet of living space. Prices for condominiums at SoNo start in the high $200s, making this development an excellent choice for young professionals looking to get in their first home in Chicago.

Residents enjoy a number of excellent amenities at SoNo. Kitchens come with stainless steel appliances, granite countertops, and custom cabinets. Each unit also includes hardwood floors in the main living areas, floor-to-ceiling windows that open out to excellent views of the Chicago skyline and Lake Michigan, and wide-open floor plans.

SoNo will be one of the only high-rise condominium developments in this part of Lincoln Park. Zoning restrictions ensure you’ll enjoy unfettered views for years to come. Browse through the best Chicago Condos For Sale on the market and find the home of your dreams today.

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April 28, 2008

Sales plunge in Kenwood

Category: Affordable condos. Posted by Mike at 1:01 pm.

Sales of condominiums and lofts fell sharply during the first quarter in Kenwood, as well as in many neighborhoods around the Chicago region.

According to data from the Chicago Association of Realtors, a total of just 22 condominiums were sold in the neighborhood during the first quarter. This is the worst showing for Kenwood during the first quarter since 2004, and a 61 percent drop in sales in just one year.

The drop in demand led to a marked increase in the average market time for condos in Kenwood. According to the C.A.R. report, it took sellers an average of 250 days to find a buyer during the first quarter, nearly 100 days longer than a year ago. This is one of the longest market times for any Chicago neighborhood.

However, increasing inventory and falling demand weren’t enough to bring prices down in the neighborhood. The average sales price increased by 2 percent from the same period in 2007. Buyers should beware of getting in the market at its peak in Kenwood. If demand doesn’t pick up in the short term, buyers could start to see incredible deals on Chicago Condos For Sale in the area.

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