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Archive for January, 2008

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Prices soar, sales plunge in Mt. Prospect

Thursday, January 31st, 2008

Prices for condominiums in Mt. Prospect jumped during the third quarter. However, higher prices in this Chicago suburb also led to fewer sales during the period.

According to data from the Chicago Association of Realtors, a total of just 53 condos were sold in Mt. Prospect during the third quarter, down from 102 units sold during the same period in 2006.

Prices in the area jumped during the third quarter. The average sales price during the period posted a 32 percent increase. This is one of the largest increases seen in any Chicago neighborhood.

Despite the drop in sales and rising prices for condos in Mt. Prospect, the inventory of condos for sale remained fairly steady. If you’re selling your condo in the neighborhood, it will now take you an average of 99 days to find a buyer, just 11 days longer than a year ago.

Buyers looking for great deals on Chicago Real Estate may not find what they’re looking for in Mt. Prospect. Prices could start to come down around the neighborhood if demand doesn’t pick up in the short term.

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Deals abound for new condos in River North

Wednesday, January 30th, 2008

Several condo developers are offering special discounts on units being built in River North.

One development that is offering special deals is 30 West Erie. The developer has four units remaining in the 20-unit building. Buyers will receive $25,000 in upgrades as well as a free parking spot that is valued at $50,000.

Lennar Homes is currently offering one percent off the purchase price at the Parc Huron, located at 469 West Huron Street. Delivery of these luxury condominiums is planned for late 2009.

If you’re looking for a penthouse unit, don’t miss out on the deals at the Residences at Grand Plaza. The developer, Terrapin Properties, is offering up to $100,000 in free upgrades for penthouse units. Just a few of these two-story units remain.

River North offers an incredible lifestyle steps from the best that downtown Chicago has to offer. Take advantage of these incredible deals currently available on the Chicago real estate market in the area and enjoy an urban lifestyle in this exciting neighborhood.

Browse through other developments listed on the Chicago Real Estate market in the neighborhood today.

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Oak Forest condo market update

Tuesday, January 29th, 2008

The Chicago region has seen a sharp drop in sales as many buyers are unable to qualify for a new mortgage under tighter restrictions from banks and lenders.

Oak Forest has also seen a drop in sales. According to data from the Chicago Association of Realtors, a total of 16 units were sold during the third quarter, down from 25 units sold during the same period in 2006.

While the neighborhood has always had a quick average turnover time, the drop in demand is leading to a rise in the inventory of unsold homes on the market. If you’re selling your condo in Oak Forest, it will now take you an average of 85 days to find a buyer, up from 53 days just a year ago.

Prices are starting to drop as a result of falling demand in the area. The average sales price during the third quarter stood at 9 percent below prices seen during the same period in 2006. Buyers could continue to see lower prices in the area. Be on the lookout for great deals on Chicago Real Estate around the Oak Forest area over the next few months.

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