October 20th, 2008
The increase in foreclosures nationwide is making its mark in the Chicago courts system. The number of judges assigned to foreclosure hearings has already been raised to 14 from 10, and the backlog of cases continues to grow.
According to court records, the number of foreclosures in Cook County increased by nearly 50 percent during the first half of the year. If current conditions continue, the city can expect to see more than 40,000 foreclosures in 2008.
The increase in foreclosures is not only affecting homeowners and lenders of distressed properties, but the entire Chicago real estate market. Foreclosed homes are bringing down values of all condos and homes in neighborhoods that have been hit hard by the economic downturn. Homeowners who are trying to sell their home are competing with distressed properties that are often sold well below their original value.
Buyers looking for great deals on Chicago Real Estate are starting to find plenty of opportunities. However, a tight credit market and increasing requirements from banks and lenders have kept many buyers out of the market, further affecting the real estate market in the city.
Technorati Tags: Chicago Real Estate, Chicago Foreclosures, Chicago Homes For Sale, Chicago Condos
Posted in Condos(t) , Luxury Homes(t) | No Comments »
October 19th, 2008
The Loop seemed to be in a position to buck the trend of falling sales seen around many neighborhoods in Chicago. Strong sales, however, have given way to one of the largest drops in demand seen in the Chicagoland region during the third quarter.
According to data from the MLS, a total of just 177 condos were sold around the Loop during the third quarter, down from 461 units sold during the same period a year ago. This is a 61.6 percent drop in demand in just one year in the neighborhood. However, not all condo owners and developers are seeing a slow market in the Loop.
Demand for condos priced at more than $1 million continued to rise during the third quarter. While just 3 units were sold for more than $1 million during the third quarter of 2006, that number has risen steadily. 16 condos were sold for more than $1 million last year, while 23 units were sold in that price range during the third quarter 2008.
This helped keep the average sales price in positive territory during the third quarter. The average sales price for condos sold in the Loop during the period was up 14 percent from the same period last year, reaching $542,390. Buyers, however, could start to see great deals on the most affordable Chicago Real Estate on the market in the Loop.
Technorati Tags: Chicago Real Estate, Chicago Condos For Sale, Loop Condos For Sale
Posted in Condos(t) | No Comments »
October 16th, 2008
The dismal real estate market hasn’t put the brakes on one ambitious new condominium development planned for River North. LG Development Group announced plans for a 28-story high rise to be built at 111 W Chestnut Street. LG is currently building several other luxury condominiums around the Chicago region, including projects at 2654 N Mildred and 2100 N Dayton.
The development still needs to get the go ahead from the Chicago Plan Commission. A meeting is planned for today. The development, known as Row2750 will offer just 49 units. The condominiums will have generous floor plans with an average of more than 2,500 square feet of living space in each unit. Residents will enjoy onsite parking and a number of other luxury amenities.
The glass and steel tower will feature open floor plans with floor-to-ceiling windows and large balconies that open out to great city views. Residents will enjoy a 24-hour concierge service, a modern fitness center, and a green roof with great views to the city. The development is still in the early stages, and we’ll have more information for you as it becomes available. In the meantime, browse through the best Chicago Real Estate on the market today.
Technorati Tags: Row2750, Chicago Condos, River North Condos, Downtown Chicago Condos
Posted in Condos(t) | No Comments »