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Archive for February, 2008

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Condo sales steady in Bridgeport

Monday, February 25th, 2008

The real estate market across Chicago has seen a marked increase in sales of condos in many neighborhoods. However, Bridgeport was one neighborhood that saw a slight increase in demand during the fourth quarter.

According to the Chicago Association of Realtors, a total of 14 condos were sold in the neighborhood during the fourth quarter, up from 13 units sold during the same period in 2006. It is also the most condos sold during the fourth quarter in more than 16 years.

However, despite the increase in sales in Bridgeport, condo owners and developers faced a difficult market. The average turnover time for condos sold during the fourth quarter jumped to 150 days, up from 43 days a year ago.

Prices also jumped during the fourth quarter. The average sales price for condos sold during the period rose by 10 percent from the same quarter in 2006. If demand continues to remain steady in the neighborhood, prices could continue to rise in this up and coming part of Chicago. However, if sellers continue to face a long average turnover time, some owners may have to offer incentives to attract even more interest to the neighborhood.

Find great deals on Chicago Real Estate in Bridgeport and other neighborhoods around city.

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Another major office deal cancelled

Thursday, February 21st, 2008

The downtown Chicago office market has been hit by bad news in recent weeks. After the cancellation of one major deal downtown, the proposed sale of 55 West Monroe has also fallen through.

A partnership between GlenStar Properties LLC and Prudential Real Estate Investors had offered about $160 million for the high rise tower. However, after considering the deal, the group decided to back away from the original offer, leaving the property owners without any solid offer.

Jones Lang LaSalle Inc has decided to take the property off the market and lease the remaining vacant space. According to sources close to the deal, the vacancy rate has dropped from about 50 percent to less than 30 percent in recent months.

Many large investment firms are facing increasing pressure from banks and lenders to finance a larger percentage of deals for office towers around the country. A few years ago, many investment groups were able to heavily leverage these types of deals. However, banks are much more cautious after a wave of foreclosures led to billions of dollars in writeoffs around the country.

Keep up to date with the latest Chicago Real Estate news and stay on top of market conditions around the city.

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Uptown condo market steady

Tuesday, February 19th, 2008

The real estate market around Chicago has seen a sharp drop in sales. However, some popular neighborhoods continue to see steady demand. Uptown is one neighborhood that saw just a slight drop in sales.

According to data from the Chicago Association of Realtors, a total of 183 condos were sold in the neighborhood during the fourth quarter, down less than 5 percent from the same period in 2006.

Meanwhile, condo owners and developers who have a unit on the market in Uptown are seeing a drop in the average turnover time for condos for sale in the area. If you’re selling your condo, it will now take you an average of 110 days to find a buyer, down from 146 days just a year ago.

Despite the steady sales and drop in the number of condos sitting on the market, prices in the area fell sharply during the fourth quarter. The average sales price for condos sold during the quarter posted a 10 percent decline from the same period in 2006. This could serve to spur demand in the neighborhood, particularly due to the popularity that Uptown has gained in recent years.

Find great deals on Chicago Real Estate around Uptown as well as in other neighborhoods today.

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