August 31, 2008 - Sales of new and re-sale one-bedroom condominiums plunged in July.  According to sales data from the MLS, sales of one-bedroom units were off by over 29 percent from the same month last year.  The drop in sales from July 2006 was nearly 40 percent.

A total of just 363 one-bedroom condominiums were sold in the city of Chicago during July, down from 512 units sold during the same month last year.  The decline in demand for these units was even greater in neighborhoods south of downtown.  Just 10 one-bedroom condominiums were sold in neighborhoods south of downtown, or 1 in 30 of all one-bedroom condominiums sold during the month.

Prices, however, continued to rise.  The average sales price rose by just over 1 percent in July.  However, if sales continue to slow in the city, buyers could start to see some great deals on Chicago Condos with one bedroom.  The average sales price currently stands at $255,695, up from $253,269 a year ago.

Buyers interested in finding great deals on condominiums in neighborhoods around Chicago will soon have an indispensable tool at their disposal.  Keep an eye out for our new condominium search feature, as well as a comprehensive list of professionals who specialize in condo inspections in Chicago.

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August 30, 2008 - The latest addition to The Enterprise Companies’ Central Station mega-project is the new 29 story Museum Park Place South, not to be confused with the 23 story Museum Park Place. This high-rise will be very similar in design to the first tower, and first deliveries on the Chicago condos there are expected to begin in either the second or third quarter of 2009. Construction didn’t start until late spring, but work is progressing much faster because there is no underground parking garage. With parking above ground, the tower climbs vertically much faster.

Museum Park Place South will have a total of 276 condos along with 8 townhomes. The condos range in size from one to three bedrooms, some with dens, and the townhomes will be very spacious with four stories. According to the sales staff, a little over 50 percent of the units are already under contract but there are still plenty of homes left for sale. The prices on these condos run from the mid $200,000s to the $600,000s. The townhomes at this luxury Chicago real estate development are pricer, starting in the mid $800,000s.

Any interested buyers can take advantage of the developer’s most recent incentive which basically could be described as an upgrade. Right now they are offering to include a washer and dryer with the unit, marble tile in the main bath and a stainless steel appliance package for the kitchen. Like always, you should compare these unit finishes and prices with other condos and Townhouses in Chicago before making a decision.

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August 29, 2008 - Just in time for the Labor Day holiday, 53 new spa guestrooms will open September 1st at Trump Tower. These ultra-luxurious rooms are set up to insure the type of spa experience you’d expect from Trump. Guests are paired with a spa attaché, receive personal body and skin treatments in their room, can pick from an assortment of bath packages and have a fully stocked minibar with health foods at the ready. The rooms also come with yoga kits, a dizzying supply of toiletries, fresh exotic flower arrangements and a huge selection of music available to listen to while you relax.

But if you’ve got more than massage on your mind and want to do some Chicago condo shopping in North Streeterville, you may want to check out Pearson On Park. This 27 story Chicago real estate conversion has about 19 of its 219 units left for sale. The condos come with either two bedrooms and one bath or three bedrooms and two baths. There are nine units per floor, and you can pick from four different floor plans. Prices for these units are running from roughly $364,900 to $533,900.

Right now, according to a press release in the Tribune, buyers of one of these remaining condos will also get indoor parking thrown in at no extra cost. Those spaces are otherwise deeded for $39,000. Building amenities at Pearson On Park include a 24 hour doorman, fitness center, green rooftop deck and dry cleaners on site. The location is probably a big selling factor too, being close to both Michigan Avenue and the Lake. You can also compare this development to other Chicago Condos in Streeterville to find the one that best fits your needs.

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