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Archive for April, 2008

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Strong sales of singe-family homes in Mount Greenwood

Thursday, April 17th, 2008

Sales of single-family homes rose in 2007 in Mount Greenwood, one of just a few Chicago neighborhoods that saw higher sales during the year.

According to data from the Chicago Association of Realtors, a total of 131 homes were sold in the neighborhood in 2007, up from 127 units sold during the previous year. It was the strongest showing for the neighborhood since 2004.

However, despite the steady sales in the neighborhood, homeowners and developers faced a significant jump in the average turnover time in 2007. It took and average of 99 days to find a buyer, up 50 percent from 2006. This is the longest average turnover time seen in the neighborhood in more than 16 years.

Prices continued to rise for single-family homes in Mount Greenwood. The average sales price posted an increase of 2 percent during the year. However, the rising inventory of homes on the market in the neighborhood could keep prices from rising much further in the short term.

Keep an eye out for great deals on Chicago Real Estate in Mount Greenwood and many other neighborhoods around the greater Chicagoland region.

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Plans for 100-story Waldorf Astoria still on

Wednesday, April 16th, 2008

DeStafano & Partners has created one of the most widely anticipated projects on the Chicago real estate market. Plans call for a 100-story tower that will house a luxury hotel bearing the Waldorf Astoria name, condominiums, and retail space.

The project is awaiting better market conditions, as the developers Cristopher Carley and Michael Reschke wait for sales to rebound in the Chicago market. The tower would be located just a couple blocks from the Chicago Spire, the tower that epitomizes the recent real estate boom in the city.

Residents of the Waldorf Astoria will enjoy one of the best neighborhoods in Chicago. Streeterville is home to excellent restaurants, an active nightlife, and plenty of cultural events all year long. The development promises to attract families from around the greater Chicago region who want to trade in a suburban home for an urban lifestyle. Commuters can do away with the daily trek to downtown and walk to work.

This development promises to offer some of the best luxury condominiums and hotel rooms on the Chicago Real Estate market. However, it will be another few months before we hear concrete plans for the tower.

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Sales hit seven-year low on Near West Side

Monday, April 14th, 2008

Sales of condominiums on the Near West Side reached a seven-year low during the first quarter. According to data from the Chicago Association of Realtors, a total of 228 condos and lofts were sold in the area, a 40 percent decline from the same period in 2007. .

This is the second straight year that sales have dropped during the first quarter in the neighborhood.

However, despite the strong decline in demand in the neighborhood, there were fewer units listed on the market during the first quarter. Condo owners and developers saw a big improvement in the average turnover time for units sold during the quarter. The average turnover time dropped to 164 days during the first quarter, down from the peak of 203 days in 2007.

Lower prices could bring more buyers back to the Near West Side. The average sales price fell by three percent during the first quarter from the same period in 2007, and could continue to fall even further if demand doesn’t pick up in the short term.

Buyers should stay alert for excellent prices for Chicago Real Estate on the Near West Side.

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