When it comes time to sell your condo in the Loop, the floor plan plays a big role in determining how long it will take to find a buyer. One-bedroom units are the easiest to sell in the Loop, while owners of units with three or more bedrooms will have to wait the longest to find a buyer.

According to MLS data collected on April 26, the market supply for one-bedroom units in the neighborhood was just 5.19 months, with a total of 229 listings currently on the market. A market supply of less than 6 months is considered a seller’s market in the city.

Two-bedroom units are the most common listing on the market in downtown Chicago. A total of 298 two-bedroom condos are currently listed in the Loop. However, with a market supply of 7.5 months, buyers should be able to negotiate a lower price for these units.

The largest units are the most difficult to sell in the Loop. The market supply of units with three or more bedrooms is currently at 9.8 months. The market supply for the smallest condominiums also showed a buyer’s market in the Loop. The market supply currently stands at 7.32 months for studio units.

The current market supply for all Chicago Condos is 8.82 months, with a total of 15,210 units currently listed on the market.

Technorati Tags: Loop Condos For Sale, Chicago Condos, Downtown Chicago Real Estate

April 26, 2008 - Kimball Hill, ranked as the 13th biggest home builder in the Chicago real estate market, has made the difficult decision to file for Chapter 11 bankruptcy this past week. The news was reported in Crain’s, where Kimball Hill CEO Ken Love was quoted as saying, “We have had significant discussions with potential plan sponsors and our senior lenders already, and we hope to agree on a reorganization plan in the next 90 days. We will continue to sell, build and deliver homes without interruption.”

The factors that played into Kimball Hill’s financial problems include the obvious. Foreclosures, difficulty in obtaining credit and construction loans, slow sales, cancelled contracts and the housing slump all combined made it increasingly hard for them to do business as usual.

The company is attempting to renegotiate its credit lines and loans, which the article said totaled about $500 million. With debts of roughly $632 million and assets of $798.5 million, the developer is trying to find investors interested in buying into the company and claim as many as 26 potential groups are considering it. Kimball Hill has stakes in California, Nevada, Texas and Florida. As part of the restructuring, the company plans to pull out of the Florida market and reduce its workforce.

Perhaps the two most recognizable developments that Kimball Hill is invested in around Chicago are Park Boulevard and Parkside of Old Town. These Chicago condo projects most likely won’t be affected by the bankruptcy because they have other major partners and investors involved. The problems faced by Kimball Hill and other struggling developers may not create a huge ripple in the market, but All Condos for Sale in Chicago are subject to the same challenges and market fluctuations.

Technorati Tags: Kimball Hill, Chicago Condos, Chicago Real Estate

April 25, 2008 - If you’re in the market for a new penthouse that comes with some great incentives, then the Grand Plaza Penthouse Collection may be worth checking out. Recent press releases about this Chicago real estate development, including a write up in the Tribune, have been advertising the last phase of the high-rise. Jaeger Equities is offering an incentive package worth up to $100,000 with the purchase of one of the penthouse units.

The 37 story Grand Plaza has a selection of one and two story penthouse suites that range in size from 818 to 2,566 square feet. While the building’s lower levels house one to two bedroom Chicago condos that are priced from $400,000 on up, the single story penthouse units start at around $700,000 to over $1 million and have from one to three bedrooms.

The duplex penthouse units come with stunning wrap around terraces for some amazing views and luxurious two story living rooms. All of the units come equipped with fire detection and sprinkler systems. The $100,000 incentive can be applied to upgrades, closing costs, taxes or assessments. You can upgrade to stainless steel Viking kitchen appliances or Kohler plumbing fixtures. You can even use the allowance to change the floor plan, put down different flooring or add new cabinetry. It’s possible to really personalize your living space with this incentive.

The building itself offers plenty of amenities including 24 hour doormen, winter atrium garden, 50,000 square foot Club Floor with pools, saunas, fitness center, putting green and much more. The Grand Plaza is pulling out all the stops to market these units and compete with the best Chicago Luxury Condos.

Technorati Tags: Grand Plaza, Chicago Condos, Chicago Real Estate