July 25, 2008

Sales down 31 percent during the second quarter in Chicago

Category: Affordable condos, Downtown Condos. Posted by Mike at 4:16 pm.

Sales of condominiums and lofts were off by nearly 31 percent during the second quarter across the city of Chicago, as many buyers face difficulty qualifying for a loan. Banks and lenders have tightened requirements in recent months after foreclosures spiked around the nation.

According to data from the MLS for the quarter, a total of 4,658 units were sold during the period, down from 6,748 units sold during the same period last year. It was one of the worst showings for the second quarter since the beginning of the decade. A total of 7,098 condos were sold during the second quarter 2006.

Prices, however, went the other direction as buyers focus on the most expensive units on the market in Chicago. Strong sales of luxury units in downtown and the Near North Side led to a 15 percent increase in the average sales price during the second quarter. However, prices for more affordable units could start to come down around the neighborhood as there are fewer buyers on the market for these types of condominiums.

Buyers, keep a sharp eye out for great deals on Chicago Condos For Sale around the greater Chicagoland region.

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June 14, 2008

30 East Huron condominiums

Category: Downtown Condos. Posted by Mike at 7:18 pm.

The condominiums at 30 East Wabash are a great choice for buyers looking for a luxury unit close to everything that Chicago has to offer. The 56-story building is located at the corner of Wabash and Huron, and offers a total of 460 units for sale.

Buyers can choose from several floor plans, with prices starting at just over $200,000 for a studio condominium. Two-bedroom condominiums are also available, with prices reaching more than $500,000, a great price when compared to new luxury units currently for sale around downtown Chicago.

Residents enjoy a full list of amenities at 30 East Huron. Gourmet kitchens come with maple cabinets, a stainless steel appliance package, and granite countertops. Many units also offer a washer and dryer. Residents also enjoy deeded parking in the underground parking garage, a 24-hour doorman, on-site dry cleaning, and retail space on the ground floor. Unwind in the sundeck and cook a barbecue for friends or cool off in the outdoor pool on a hot summer day.

This condominium development is one of several New Chicago Condos For Sale in downtown and around the city. Browse through the best properties on the market and find the perfect home for you and your family today.

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June 11, 2008

Lakeview condo market update

Category: Downtown Condos, New Condos. Posted by Mike at 2:00 pm.

Lakeview saw a drop in condo sales during the first quarter. The neighborhood was one of many that have suffered a drop in demand during the past few months as banks and lenders tighten requirements for new mortgages.

According to data from the Chicago Association of Realtors, a total of 318 condos were sold in Lakeview during the first quarter, down from 409 units sold a year ago. It was the worst result for the neighborhood during the first quarter since 2000, and the second consecutive year of declining sales.

However, despite the decline in demand for condominiums around Lakeview, prices continued to rise in the neighborhood. The average sales price was up by 12 percent during the first quarter, but that growth in prices could lessen in coming months.

The market continues to face one of the slowest turnover times that it has ever seen. If you’re planning on selling your condo in Lakeview, you might need to prepare yourself for a long wait. It will take you an average of 138 days to find a buyer in Lakeview, up from 119 days just a year ago. This could lead to stable prices in the area as sellers compete for fewer buyers.

Keep an eye open for great deals on Chicago Condos in Lakeview as well as many other neighborhoods around Chicago.

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