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Archive for October, 2007

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Condo sales hit new lows in Palatine

Sunday, October 28th, 2007

Sales of condominiums in Palatine continue to drop as demand for Chicago Real Estate in the city drops to new lows.

According to the Chicago Association of Realtors, a total of 163 condominiums were sold in Palatine during the third quarter. This is a 38 percent decline from the same period last year, and the lowest total sales for the city during the period since 1994.

Sellers are facing one of the most difficult markets in years in the area. If you’re selling your condominium in Palatine, it will probably take you a lot longer than you thought to find a buyer.

It now takes an average of 119 days to sell a condo in the neighborhood, almost 40 days longer than last year.

However, despite the dismal statistics for the condo market in Palatine, the average sales price continues to rise. A condo now sells for an average $218,000 in the neighborhood, a modest 4 percent increase from the same period last year.

Buyers should beware of getting in the market at its peak. If demand continues to drop and the supply of unsold condos sits longer on the market, prices should start to come down for a condominium in Palatine.

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Boutique Hotel planned for the East Loop

Friday, October 26th, 2007

A San Francisco-based company plans to convert a 186,000 square-foot building located at 203 North Wabash into a luxury boutique hotel.

Kimpton Hotel and Restaurants will buy the 27-story office building, built in 1928. The hotel will offer over 200 rooms. The terms of the agreement have not yet been made public.

Kimpton has been active in the Chicago Real Estate market for several years. The company has a total of three hotels in the city, and will be opening a fourth location at 505 North State Street. Kimpton owns the Hotel Monaco, Hotel Allegro, and the Hotel Burnham.

The company has a total of 40 hotels across the country.

The announcement comes on the heels of a marked increase in rates for hotel rooms around the city. There are several other major hotel projects currently underway, with more than 9,000 new hotel rooms under development across Chicago.

The Trump International Hotel and Tower, one of the largest projects in the city, will open its doors early next year.

Industry experts expect prices for hotel rooms to continue to rise as demand by business and leisure travelers increases in the city.

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Housing slump may drag on to 2009

Wednesday, October 24th, 2007

Real estate professionals from two major mortgage companies and two banks told industry professionals that the real estate slump across the nation could last until 2009.

The Mortgage Bankers Association held its annual convention in Boston.  According to industry experts, the increase in foreclosures in major markets around the country combined with the increasing supply of unsold homes will lead to a drop in prices during the next two years.

Cities that have also been hit by heavy job losses will see even deeper drops in prices.

Industry experts at the annual conference expressed their support for government assistance for the battered mortgage market.

Government approval is needed for lenders to increase their holdings and offer assistance to homeowners facing foreclosure.

The market for Chicago Real Estate is seeing a drop in demand and longer turnover times for homes and condos for sale in the region.

Sales of condos in Chicago were down 12 percent during the third quarter.  The Chicago suburbs also saw a drop of 15 percent in sales of condos.

Buyers should start to see lower prices around the greater Chicagoland region in the next few months.

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