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Archive for July, 2008

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Lombard condo sales down during first quarter

Wednesday, July 30th, 2008

Sales of condominiums and lofts were off more than 50 percent during the first quarter in Lombard. It was the second straight year of declining sales during the first quarter in the area.

According to data from the Chicago Association of Realtors, a total of just 27 units were sold in Lombard during the first quarter, down from 55 units sold during the same period last year. The high for the first quarter was seen in 2006, when 68 condominiums and lofts were sold in the neighborhood.

The drop in sales has led to an increase in the inventory of condos on the market, meaning that condo owners are waiting longer to find a buyer. If you’re planning on selling your condo in Lombard, it will take you an average of 135 days to find a buyer, the longest it has taken in more than 17 years. Last year it took an average of 101 days to sell a condo in the area.

However, despite weak results in the real estate market, prices continued to rise for condominiums around Lombard. The average sales price was up by 13 percent. Buyers could start to see good prices for Chicago Real Estate in the area if demand doesn’t increase in the short term.

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Discounted hotel suites available at Trump International Hotel and Tower

Tuesday, July 29th, 2008

The Trump International Hotel and Tower continues to market its luxury condominiums and hotel suites out of the sales center. However, buyers interested in living in the landmark Chicago building don’t have to pay what the developer is asking.

There are currently several units available on the market at prices that are often below the level seen in the sales center at Trump. Some people who have bought a unit at Trump’s development are facing financial difficulties. One example of a great deal currently on the market is a one-bedroom hotel unit that is offered at $1 million. The price for the same floor plan in the sales center at Trump would be $1.5 million.

Buyers looking for a larger unit can also find some great deals. A two-bedroom hotel suite is currently listed at $2.6 million by a private owner. The price for the same floor plan if you go through Trump is $3.2 million, representing huge savings for buyers ready to make their move.

Another affordable deal is a one-bedroom and 1.5-bath unit located on the 42nd floor. This unit is priced at $799,900. These condominiums and hotel suites are among the most luxurious on the Chicago Real Estate market, and are setting a new trend in downtown living.

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West Ridge condo sales rise 23 percent on lower prices

Monday, July 28th, 2008

West Ridge was one of just a few neighborhoods to see a rise in sales of condos and lofts during the second quarter. Sales were up by 23 percent in the neighborhood, an impressive result and great news for condo owners and developers.

According to data taken from the MLS for the second quarter, a total of 211 condos were sold during the period, up from 172 units sold during the same quarter last year. When compared to the first quarter, the rise in sales is even more notable. Only 63 condos were sold in West Ridge during the first quarter.

Lower prices may have helped spur demand to a new high for the year. Prices were down by 41 percent from the same period last year, as condo owners and developers looked to sell their units as quickly as possible. A year ago, the average sales price stood at $224,581. However, today it is just $132,425, an affordable price for many buyers.

Sales of one-bedroom units soared during the second quarter, up more than 500 percent from a year ago. A total of 158 units were sold in West Ridge. Buyers on the market for larger condos are seeing lower prices and fewer sales, however. Keep an eye out for great deals on Chicago Real Estate in the neighborhood.

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