About Chicago Real Estate
Information and Great Deals on Chicago Real Estate
Subscribe Today
Enter Your First Name:
Primary E-mail Address:

Archive for the 'Real Estate Agents' Category

« Previous Entries

Sales of condos plummet in Wheeling

Monday, June 30th, 2008

Sales of condominiums and lofts in Wheeling plunged more than 60 percent during the first quarter. It was one of the worst declines in sales that the neighborhood has experienced in more than 20 years.

According to data from the Chicago Association of Realtors, a total of just 26 condominiums were sold in the area during the first quarter, down from 70 units sold during the same period a year ago. It was the third straight year that sales have declined around Wheeling, after reaching a high of 104 units sold during the first quarter 2005.

However, the drop in demand didn’t lead to a rapid increase in the number of condos on the market around Wheeling. The average turnover time for units on the market actually dropped during the first quarter, taking some pressure off the market. It now takes an average of 116 days to find a buyer, down from 131 days a year ago.

Prices are also dropping in the neighborhood, which could attract more buyers in the short term. The average sales price during the first quarter was down by 9 percent from the same period last year. Buyers looking for affordable Chicago Real Estate should check out what’s on the market in Wheeling.

Technorati Tags: , ,

Posted in Real Estate Agents | No Comments »

Loan approved for Catalyst

Friday, June 27th, 2008

The developers of Catalyst, a high-rise condominium development planned for 123 N Des Plaines Street, received approval for a more than $8 million loan for construction of the property. The total cost of the development is expected to rise beyond $100 million.

The development is led by Urban R2 Development Company, and the building is designed by renowned architect Lucien Lagrange. Buyers can choose from a number of different floor plans in the 217-unit Catalyst. The most affordable condominium is a studio unit priced at $200,000, while the largest unit offers three bedrooms and is listed at more than $1 million.

Residents will enjoy a number of luxury amenities, which include a fitness center, business center, party room, and sauna. Residents can also get a massage in the massage therapy room or unwind in the Jacuzzi. Parking will also be available in the underground heated garage. About 15,000 square feet of retail space will be located on the ground floor.

More than 30 percent of the units at Catalyst have already been sold, despite a slowdown in sales around the city. This development is one of several that are new to the Chicago Real Estate market in downtown.

Technorati Tags: , ,

Posted in Real Estate Agents | No Comments »

Rolling Meadows condo market update

Thursday, June 26th, 2008

Fewer sales and falling prices characterized the Rolling Meadows condo market during the first quarter. The neighborhood was one of the majority of Chicago neighborhoods to experience a drop in demand.

According to the Chicago Association of Realtors, a total of just 17 condominiums were sold in the area during the first quarter, down more than 50 percent from the 35 units sold during the same period in 2007. It was the worst result for the real estate market in Rolling Meadows since 1992 during the first quarter.

It comes as no surprise that prices are starting to fall as well around the area. The average sales price was down by 7 percent during the first quarter, and could continue to fall as the inventory of unsold condos on the market increases. If you’re selling your condominium in the area, you will need a lot of patience. It now takes an average of 134 days to find a buyer, up from 121 days a year ago.

Buyers should stay on the lookout for falling prices for Chicago Real Estate around Rolling Meadows, as well as in many other neighborhoods across the Chicagoland region that have been hit hard by the recent downturn in the market.

Technorati Tags: , ,

Posted in Real Estate Agents | No Comments »

« Previous Entries