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Archive for November, 2007

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Major renovation planned for Daley Bicentennial Plaza

Friday, November 16th, 2007

City officials met during the week to discuss ideas for a major renovation of the Daley Bicentennial Plaza.

The plaza will undergo renovations after the construction of the East Monroe Street garage. The garage currently has leaking in the membrane, and will have to undergo major repairs. Parking in the area will be tight, as 3,800 of the area’s 9,200 spaces will be closed for several months.

$35 million has been allocated towards the renovation of the plaza. Ideas include moving the Chicago Children’s Museum to the park, creating a play area, and redesigning the entire layout of the park into a more contemporary design.

Desman Associates will be in charge of the renovation of the garage. City officials have not yet announced formal plans for who will lead the redevelopment of the park area.

The renovation promises to improve an area that has already become one of the most popular new neighborhoods. Since the construction of Millennium Park, several new condo and hotel developments have been announced or completed. The neighborhood is one of the most valuable pieces of land in the Chicago Real Estate market.

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Ashburn condo market update

Thursday, November 15th, 2007

The third quarter report from the Chicago Association of Realtors painted a grim picture for home owners and developers in Ashburn.

According to the report, sales in the area dropped by 39 percent during the third quarter.  A total of 85 homes were sold during the period, the lowest total for the third quarter since 1991.

The drop in demand is creating an oversupply of homes on the market.  If you are selling your home in Ashburn, you can expect to wait an average of 121 days, or almost four months, to find a buyer.  This is a 92 percent jump from last year and the longest turnover time sellers in the neighborhood have faced in more than 15 years.

The combination of more unsold homes on the market and declining demand has led to a drop in the average sales price, the first such drop since 1994.  A home now sells for an average of $212,019, a two percent drop from last year.

However, this correction in the market could bode well for buyers looking for a good deal on a home.  Buyers should be able to find lower prices for Chicago Real Estate in Ashburn over the next few months if market conditions don’t improve.

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Retail sector remains strong

Wednesday, November 14th, 2007

A Chicago condo building has signed a deal with a Los Angeles-based real estate firm for 9,900 square feet of retail space located at Irving Park Road, Damen Avenue, and Lincoln Avenue.

Blatteis & Schnur, Inc, purchased the space for $4.2 million, or $424 per square foot.  The deal highlights the strong demand for quality retail space in the city at a time when sales of residential units around Chicago have dropped to new lows.

North Center continues to attract heavy development as new residents and businesses flock to the popular Chicago neighborhood.  The condo building was developed by Robert Mosky, a Chicago-based private developer.  Construction was completed in 2002.

North Center is one of the few Chicago neighborhoods that continue to see a flurry of activity in the condo market.  A total of 165 units were sold in the area during the third quarter, according to a recent report from the Chicago Association of Realtors, the highest total for the quarter in more than 15 years.

However, demand for residential Chicago Real Estate continues to drop amidst turmoil in the mortgage market and prices that have driven many potential buyers to rent.

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