August 3rd, 2008
Sales of condominiums and lofts were up sharply during the second quarter on the Near South Side. The neighborhood was one of just a few to see stronger sales during the quarter.
According to data from the Chicago Association of Realtors, a total of 457 condos and lofts were sold on the Near South Side during the second quarter, the best result for the quarter in more than 18 years. Last year, a total of just 211 condos and lofts were sold during the same quarter.
Buyers were more than happy to pay the high prices seen on the Near South Side during the second quarter. The average sales price soared to $534,866, well above any level seen in the past few years. Last year the average sales price stood at just $379,484.
The increase in sales also helped take some pressure off the entire market. Condo owners and developers saw a decrease in the average turnover time for the first time since the beginning of the decade. If you’re looking to sell your condominium in the area, it will now take you an average of 144 days to find a buyer, more than 50 days quicker than last year.
The market for Chicago Condos on the Near South Side may be one of the first to show signs of a comeback for the entire city.
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August 1st, 2008
Clark 36 is a great new development in Edgewater that is the perfect choice for buyers looking to enjoy a large floor plan at an affordable price. This three-building development is located at 4860 N Clark Street. A total of 30 units are offered here.
The smallest condominiums at Clark 36 are the two-bedroom and two-bath units. These condominiums are priced from just $389,000. The largest units are three-bedroom condominiums. These are a great choice for larger families, and are priced from the high $420s to the high $480s.
Residents of Clark 36 enjoy a number of luxury amenities. These amenities range from a steam shower and separate soaking tub in the master bath to granite countertops, custom cabinets, and an appliance package in the kitchen. Residents will love the attached garage parking, hardwood floors, and washer and dryer standard in each unit.
These condominiums are located just a few blocks from the shores of Lake Michigan, making it possible to enjoy a warm summer day at the beach on a whim. Don’t miss out on the incredible deals on Chicago Real Estate at Clark 36.
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July 30th, 2008
Sales of condominiums and lofts were off more than 50 percent during the first quarter in Lombard. It was the second straight year of declining sales during the first quarter in the area.
According to data from the Chicago Association of Realtors, a total of just 27 units were sold in Lombard during the first quarter, down from 55 units sold during the same period last year. The high for the first quarter was seen in 2006, when 68 condominiums and lofts were sold in the neighborhood.
The drop in sales has led to an increase in the inventory of condos on the market, meaning that condo owners are waiting longer to find a buyer. If you’re planning on selling your condo in Lombard, it will take you an average of 135 days to find a buyer, the longest it has taken in more than 17 years. Last year it took an average of 101 days to sell a condo in the area.
However, despite weak results in the real estate market, prices continued to rise for condominiums around Lombard. The average sales price was up by 13 percent. Buyers could start to see good prices for Chicago Real Estate in the area if demand doesn’t increase in the short term.
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