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Archive for April, 2008

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Strong first quarter for the Loop

Saturday, April 26th, 2008

Sales of condos in the Loop continued to exceed expectations during the first quarter. The neighborhood saw the most sales ever for the quarter in 2008.

According to data from the Chicago Association of Realtors, a total of 304 condos and lofts were sold around the Loop during the first quarter, up nearly 90 percent from the same period last year. It was the largest increase of any major market in the Chicago region.

Condo owners and developers didn’t have to wait long to find a buyer in the neighborhood. The average turnover time for units sold during the first quarter was just 60 days, making the Loop one of the quickest markets in the city.

Prices for condos in the neighborhood were up on strong demand and a lean inventory. The average sales price climbed by an astonishing 30 percent from the same period last year, and should continue to rise as more new luxury developments come on the Chicago Real Estate market around downtown. Browse through the best new condominiums and lofts in the most popular neighborhoods around the city and find the perfect home for you and your family today.

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Grand Plaza sells penthouse units

Friday, April 25th, 2008

Sales of penthouse units at the Grand Plaza have begun, with up to $100,000 in incentives offered to buyers. The project by Jaeger Equities Ltd. is located at 545 N. Dearborn.

Buyers can choose from a number of floor plans. Penthouse units offer both a one and two-story layout, with floor plans ranging from 818 square feet to more than 2,500 square feet. Prices for these units start in the low $400s and range up to more than $1 million. One, two, and three-bedroom penthouses are all currently available at the Grand Plaza.

The incentive package offered by the developer can be used for a number of choices, including upgraded amenities, prepaying taxes and assessments, and covering the closing costs.

The Grand Plaza offers one of the largest fitness center and sports clubs of any new development on the market. The 50,000 Club Floor offers a basketball court and full service fitness center.

The Grand Plaza is one of several new luxury developments currently nearing completion in downtown Chicago. Buyers are starting to see many more incentives from developers looking to complete sales in a difficult market. Browse through the best Chicago Real Estate around the city today.

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Sales plunge in Des Plaines

Thursday, April 24th, 2008

The Chicago condo market suffered a significant drop in sales during 2007. Des Plaines was no exception. The neighborhood had one of the worst years in over a decade.

According to data from the Chicago Association of Realtors, a total of just 460 condos were sold during the year in Des Plaines. This is a 34 percent drop in sales from the previous year, and the poorest showing for the market in more than 16 years.

The significant drop in demand in the area led to an increase in the number of unsold condos sitting on the market. Condo owners and developers in Des Plaines waited an average of 125 days to find a buyer, the first time that the average turnover time broke through the 100-day barrier in more than 16 years in the neighborhood.

However, lower prices for condos in Des Plaines could help the market get back on track in the short term. The average sales price fell four percent during 2007, and could fall even lower during the first part of 2008 as sellers look to unload their property. If you’re on the market for affordable Chicago Real Estate, keep an eye on prices for condos around Des Plaines.

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