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Archive for March, 2008

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Jazz on the Boulevard

Friday, March 21st, 2008

If you’re looking for an affordable condominium in one of the up-and-coming neighborhoods in Chicago, North Kenwood and Oakland are an excellent choice.

One of the largest developments to come to this neighborhood is Jazz on the Boulevard. This development by The Thrush Companies, Granite Development, and Heartland Housing offers a total of 137 luxury condominiums, with floor plans ranging from two to three bedrooms.

Prices for condominiums at Jazz on the Boulevard start in the high $200s for a two-bedroom unit. Three-bedroom units start at $320,000, and range up to the low $400s.

Amenities at Jazz on the Boulevard include a kitchen with brand name appliance package, custom cabinets, and a breakfast bar. Each unit also comes with private outdoor space, with some units offering an optional rooftop deck.

North Kenwood and Oakland are minutes from downtown Chicago. This quiet neighborhood south of downtown offers excellent connections to the rest of the city via public transportation.

Jazz on the Park is one of many new developments available on the Chicago Real Estate market. Buyers can now find both affordable and ultra luxurious developments in neighborhoods around the city.

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Chatham condo market cools

Thursday, March 20th, 2008

After two years of soaring sales of condominiums and lofts in Chatham, the market finally showed some signs of cooling in 2007.

According to data from the Chicago Association of Realtors, a total of 49 condos and lofts were sold in 2007, down from the high of 79 condos sold in 2006. However, it was the third highest total sales in 16 years in the neighborhood.

Despite the drop in sales, the inventory of condos and lofts sitting on the market also came down in 2007. The average turnover time for units sold during the year was 120 days, down from 123 days for units sold in 2006.

The steady inventory in the area helped keep prices in positive territory. The average sales price for condos sold in 2007 rose by 11 percent, and now stands at $122,572. This makes Chatham one of the most affordable neighborhoods in the city, despite prices that have doubled in the last five years.

Buyers looking for an affordable condominium should keep an eye out for deals in Chatham. Browse through the best Chicago Real Estate in neighborhoods around the greater Chicagoland region.

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Investors wanted for Michigan Avenue tower

Tuesday, March 18th, 2008

The developer of a new 52-story tower planned for 300 N. Michigan Avenue is looking for investors to buy portions of the project. Provence Development Group, a Chicago-based developer with years of experience in building condominiums, is planning the mixed-use tower for 2011.

The tower will have a total of 225 rental units, nearly 30,000 square feet of retail space on the first two floors, and a hotel on floors 3 to 23. Provence Development Corp agreed to pay $30 million for the land, but has not yet closed on the deal as they wait for further financing. The land is currently occupied by a low-rise building with several retail shops.

The appeal for investors can be seen as an attempt to appease lenders. Requirements for construction loans have been tightened in the last few months as a result of the heavy losses from a rapid increase in foreclosures around the country. New developments must meet strict pre-sale requirements to qualify for a construction loan.

Developers are moving away from condominium developments as rental properties and hotels gain momentum around the city. The Chicago Real Estate market has seen a lot of activity with new hotels and apartment buildings underway around downtown.

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