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Archive for November, 2007

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Condo sales stall in Grand Boulevard

Wednesday, November 21st, 2007

Grand Boulevard saw a large drop in sales of condominiums during the third quarter, according to a recent report from the Chicago Association of Realtors.

A total of 70 condominiums were sold during the third quarter in the Chicago neighborhood, a 38 percent drop from the same period last year and the lowest total for the quarter in three years.

Condo owners and developers looking to sell a property in the area are facing an increasingly difficult market.  If you’re currently selling your condominium in Grand Boulevard, it will now take you an average of 148 days to find a buyer, a 28 percent increase from last year.

The decline in sales in the neighborhood has also started to put a strain on prices in the neighborhood.  The average sales price rose just 2 percent during the third quarter, one of the smallest increases since 2002.

Buyers could start to see lower prices for condominiums in Grant Boulevard over the next few months if the demand in the area doesn’t rebound.  Keep up to date on the most recent market conditions and find incredible deals on great Chicago Real Estate in the neighborhood.

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$1 million donation for renovation of Chicago landmarks

Tuesday, November 20th, 2007

Many of Chicago’s forgotten landmark buildings will receive a makeover thanks to a $1 million donation.  The donation came from American Express.

The company is providing funds for renovation projects through its program, Partners in Preservation.  The group is running the program in five different cities around the country.  American Express has earmarked a total of $5 million for the nationwide program.

Several buildings around the city submitted proposals to the Partners in Preservation committee.  The committee is made up of Chicago residents such as Antoinette Wright, CEO of the DuSable Museum of African-American History, and David Bahlman, who heads the Landmarks Council of Illinois.

A total of 25 buildings submitted plans to the committee.  Fifteen plans received grants, and the remaining 10 will receive $5,000 each.

The largest grant will go to the Pui Tak Center, located at 2216 South Wentworth Avenue.  The center will receive $110,000 for the renovation of masonry and the roof.

The project aims to help historic buildings around the city that are facing budget shortfalls for badly needed renovations.  Several Chicago landmarks around downtown have already undergone major renovation after benefiting from an unusually strong Chicago Real Estate market.

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Home sales stall in Belmont Cragin

Monday, November 19th, 2007

Sales of single-family homes in the Belmont Cragin section of Chicago continued their downward spiral during the third quarter.

According to the most recent report from the Chicago Association of Realtors, a total of 47 homes were sold in the neighborhood during the third quarter.  This is a 43 percent drop from last year and the lowest total for the quarter in more than 15 years.

If you’re selling a home in the area, you are facing one of the slowest markets in recent years.  The average turnover time now stands at 128 days, meaning that it will take you just over four months to find a buyer.  This is a 66 percent increase over last year and the longest turnover time in more than 15 years.

Lower prices in the neighborhood did little to spur demand.  The average sales price stood at $285,280 during the third quarter, an 11 percent drop from last year.  Sellers may be forced to continue to drop their asking price to spur new demand.

It is definitely a buyers market in Belmont Cragin.  Be on the lookout for incredible deals on Chicago Real Estate in the neighborhood over the next few months.

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