Chicago Condo News

Sales of condominiums fell for the second straight year during the first quarter. The neighborhood suffered its worst result since 2001.

According to data from the Chicago Association of Realtors, a total of 228 condos and lofts were sold on the Near West Side during the first quarter, down from 382 condos sold during the first quarter 2007. It was the second straight year of declining sales for the neighborhood during the first quarter.

Prices also came down during the first quarter for the first time since the boom in new developments came to the neighborhood. The average sales price posted a 3 percent drop from the same period last year during the first quarter.

However, despite the drop in demand in the neighborhood, condo owners and developers enjoyed a drop in the average market time for condos on the market. If you’re selling your condo or loft on the Near West Side, it will now take you an average of 164 days to find a buyer, down from 203 days a year ago. It is the quickest average turnover time seen in the neighborhood in three years.

Buyers could see lower prices for Chicago Condos For Sale around the Near West Side in the next few months.

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Bucktown continues to be a popular choice for young professionals and families. The neighborhood has seen a lot of new construction in recent years, including the luxury lofts at 1931 Damen.

Buyers can choose from a total of six luxury units at 1931 Damen. These units are priced from the high $300s for a 1,450 square foot loft to the low $800s for a loft that offers nearly 3,000 square feet of living space.

Residents of these luxury lofts enjoy a number of amenities, including hardwood floors throughout the main living areas and plush wall-to-wall carpeting in the bedrooms. Residents also enjoy a huge balcony that is the perfect place to enjoy a warm afternoon. The fireplace keeps your loft warm during the winter.

Bucktown’s commercial heart is along Damen Avenue. Residents of 1931 Damen are steps from the best new restaurants, bars, and shops in the neighborhood, allowing you to enjoy an active lifestyle in this trendy part of Chicago. Public transportation to downtown can be found at the Damen El station just a few blocks to the south.

If you’re in the market for great Chicago Condos For Sale, browse through many of the best new developments around the city today.

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Sales of condos and lofts in South Shore were off sharply during the first quarter. The neighborhood was one of several around the greater Chicagoland region to see a significant drop in demand for condominiums.

According to the Chicago Association of Realtors, a total of just 32 condos and lofts were sold during the first quarter in South Shore, down from 55 units sold during the same period last year. It was the lowest total sales seen during the quarter since 2001.

Prices also pulled back during the first quarter for condos in the neighborhood. The average sales price fell by 2 percent from the same period last year, and could continue to fall if demand doesn’t increase in the short term.

Condo owners and developers received some good news during the quarter as the average turnover time continued to drop in the neighborhood. If you’re selling your condo in South Shore, it will now take you an average of 99 days to find a buyer. This is well off the high of 163 days it took to find a buyer in 2005.

However, buyers could continue to see low prices for Chicago Condos For Sale in the neighborhood in the short term until demand recovers.

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