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Archive for May, 2008

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Condo sales drop to 11-year low in Elmwood Park

Monday, May 19th, 2008

The Elmwood Park real estate market continues to get hit by the recent downturn in sales across Chicago. According to data from the Chicago Association of Realtors, sales during the first quarter hit their lowest point in 11 years in the neighborhood.

A total of just 14 condos were sold during the first quarter, down nearly 50 percent from the 27 units sold during the same period in 2007. It is the third straight year that sales have declined in the neighborhood.

The dramatic drop in demand for condos in Elmwood Park led to a record market time for units on the market. If you’re selling your condo in Elmwood Park, it will now take you an average of 154 days to find a buyer, up from 119 days a year ago.

With sales at their lowest level in more than a decade, it’s no surprise that the average sales price fell during the first quarter. Prices were down by 8 percent from the same period last year, and could continue to drop until demand picks back up in the neighborhood. In the meantime, buyers should continue to see great deals on Chicago Real Estate in Elmwood Park.

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Construction underway at Walton on the Park

Sunday, May 18th, 2008

Walton on the Park is a new development planned for the Gold Coast. Located at One West Walton, Walton on the Park will offer a total of 450 condominiums. The project is led by The Enterprise Companies and Mesirow Financial Real Estate.

Buyers can choose from one, two, and three-bedroom condominiums at Walton on the Park. One-bedroom condominiums are priced from the high $400s, two-bedrooms are priced from the mid $600s, and three-bedroom condominiums are priced from $1.2 million.

Residents enjoy a number of luxury amenities, including a gourmet kitchen with granite countertops and an appliance package. The master bath comes with marble baths and plenty of extra storage space.

Residents of the Gold Coast enjoy one of the best lifestyles in all of Chicago. The development is located within steps of restaurants, shopping, and entertainment in the neighborhood. Commuters will love the easy walk to the downtown Chicago business district. The Navy Pier, Lincoln Park, and Lake Michigan beaches are also within walking distance, giving you an active outdoor lifestyle in the heart of the city.

Walton on the Park is one of several New Construction Chicago Condos For Sale around the Gold Coast.

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Sales of single-family homes plunge in Avalon Park

Thursday, May 15th, 2008

Avalon Park saw the end of the real estate bonanza during the first quarter. The neighborhood has enjoyed rising sales of single-family homes since 2001, as buyers were able to easily qualify for a mortgage.

However, sales in the neighborhood fell back to historic levels during the first quarter. According to data from the Chicago Association of Realtors, a total of just 11 single-family homes were sold in the neighborhood during the first quarter, down from 26 units sold during the same period in 2007. It was the lowest total sales seen during the first quarter since 2000.

Prices for single-family homes in the neighborhood dropped dramatically during the quarter as a result of the dramatic downturn in sales. The average sales price fell by 24 percent from the first quarter 2007, and could continue to fall as inventory levels rise in the neighborhood.

The average turnover time for homes on the market rose to 116 days during the first quarter, up from 97 days during the same period last year. It was just the second time that it has taken an average of more than 100 days to find a buyer in the last 16 years. Buyers who are still looking for a home are starting to see great deals on Chicago Real Estate in Avalon Park.

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