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Archive for the 'Real Estate Agents' Category

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Trouble at Lincoln Park 2520

Wednesday, June 25th, 2008

The developers of one of the largest new condominium projects in Lincoln Park have replaced the development’s broker. American Invsco Corp has been replaced by Rubloff Residential Properties as the lead broker for this three-building project by Ricker-Murphy Development LLC.

Construction has not yet begun on the towers that will be located at 2520 N Lakeview Avenue, on the site of the former Columbus Hospital. Sales have been underway for the luxury condominiums at Lincoln Park 2520 since March 2007.

The developer has revamped the layout for these luxury condominiums, and now plans to build about 250 units instead of the original 325 units announced a year ago. The company will build more large units, with floor plans above 3,000 square feet. The move comes as demand for the most expensive condominiums on the market in Chicago skyrockets as sales of lower priced units drop.

The development is one of the most widely anticipated for the Lincoln Park Real Estate market, which has seen sales drop to a 17-year low during the first quarter. Just 150 units were sold around the neighborhood during the quarter, the worst result since 1991.

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First quarter condo sales down in Edison Park

Tuesday, June 24th, 2008

Sales of condominiums and lofts fell for the second straight year in Edison Park during the first quarter. The neighborhood was one of many around the Chicago region to see a continuing decline in demand for multi-family units in recent months.

According to data from the Chicago Association of Realtors, a total of just 7 condominiums were sold in the neighborhood during the first quarter, representing a 50 percent decline in demand from the same period last year, when 14 condominiums were sold. It was the worst result for the quarter since 2003.

The drop in demand was accompanied by a significant rise in the amount of time condo owners wait to find a buyer in the neighborhood. If you’re selling your condominium in Edison Park, it will now take you an average of 211 days to find a buyer, nearly three times the days it took to find a buyer a year ago.

Prices have begun to fall for condominiums in the neighborhood. The average sales price for units sold during the first quarter fell by one percent from last year, and buyers could continue to see even lower prices for Chicago Real Estate in Edison Park.

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Assessment freeze deadline set for June 30

Monday, June 23rd, 2008

There is still time for homeowners and condo owners to apply for a 7 percent cap on property tax in the city of Chicago. Mayor Daley came out to urge property owners to apply for the cap, particularly those facing foreclosure.

The cap comes on the heels of assessments that left many Chicago property owners facing one of the steepest increases in property taxes in the history of the city. Homeowners who make less than $75,000 and have lived in their property for more than 10 years are eligible for the freeze.

The city has also introduced several programs for special needs groups that will reduce payments by thousands of dollars. Disabled homeowners receive a $2,000 exemption on property taxes. Veterans receive the biggest cut in taxes, with a one-time $5,000 reduction for all returning war veterans, as well as an additional $2,500 for disabled veterans.

June 30 is the deadline to apply for the three year freeze in property taxes. The move is an important step in helping troubled homeowners around the city, who are facing a difficult time after the recent boom in Chicago Real Estate values.

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