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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The Brixton Group, Ltd is the Chicago developer behind the luxury units at Brixton Lofts. This West Loop development offers some of the best new lofts in the neighborhood.

Buyers can choose from a total of 31 units at Brixton Lofts. One and two-bedroom lofts are available. Each loft will come with a lot of high end features, including WiFi access, intranet service for the building, and individual security systems. The kitchen offers Frigidaire appliances, granite countertops and 42-inch cabinets.

Residents also enjoy a master bath with a walk-in shower and separate soaking tub, marble vanities, and maple cabinets. The development also offers hardwood floors throughout the main living areas and carpeted bedrooms.

Brixton Lofts is located within steps of the best shopping, nightlife, and dining that the West Loop has to offer. Greek Town is also just a few blocks away, home to the best Greek food outside of Athens. Residents are also steps from the downtown Chicago business district, making the daily commute a lot shorter.

Brixton Lofts is one of several new luxury developments coming to the West Loop. Browse through the best Chicago Condos For Sale on the market around the West Loop as well as in neighborhoods across Chicago.

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Sales of condominiums dropped for the second straight year during the first quarter on the Near West Side. The total sales seen during the quarter was the lowest since 2001 in the neighborhood.

According to data from the Chicago Association of Realtors, a total of 228 units were sold during the quarter, down from 382 units sold during the same period last year. This was well off the high of 468 units sold during the first quarter in 2006.

However, demand could pick up in the short term as prices finally start to come down in the neighborhood. The average sales price fell by 3 percent during the first quarter, but whether prices will continue to drop remains to be seen.

Condo owners and developers are seeing average turnover times that are lower than in the past two years. If you’re selling your condo on the Near West Side, it will now take you an average of 164 days to find a buyer. It took an average of 203 days to find a buyer a year ago.

Now may be the time to take advantage of falling prices in the neighborhood. If demand picks up in the short term, prices for Luxury Chicago Condos For Sale around the Near West Side could follow suit.

Technorati Tags: Chicago Condos for Sale, Near West Side Condos For Sale, Chicago Real Estate