November 16, 2008 - While sales of condos in the city of Chicago were down by more than 35 percent in October, the Near South Side continued to show signs of strength.  The luxury market picked up in the area, leading to higher sales and a strong increase in the average sales price during the month.

According to data from the Chicago MLS, a total of 78 units were sold during October on the Near South Side, up from 68 units sold during the same period a year ago.  It was great news for condo owners and developers in the area, after sales plunged from a high of 139 units sold in 2006.  Demand for condos priced at more than $1 million skyrocketed during the month, with 11 units sold.  Last year, just 1 condo was sold for more than $1 million in October.

The strong demand for the most expensive units led to a marked increase in the average sales price for condos sold on the Near South Side.  The average sales price soared to $567,145, a 68 percent jump in prices from the same period a year ago.

However, the jump in sales isn’t speeding up the market time for units for sale on the Near South Side.  It took an average of 196 days to find a buyer in October, up from 116 days just a year ago.  This could mean opportunities for buyers on the market for Affordable Chicago Condos in the neighborhood in the short term, particularly as demand on the low end of the market suffers.  Just nine units were sold for less than $250,000 in October, down from 18 units a year ago.

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November 15, 2008 - With the end of 2008 fast approaching, it also means the end of some incentives and promotions offered at several Chicago real estate developments. A few, like free parking with the purchase of east facing units at Emerald are good until Thanksgiving. Others, like the offer to delay closing and live for free all summer at the Marquee and then later changed to live for free until 2009 have been changed yet again. Now buyers can take advantage of a 3 percent discount on the Chicago condos that are still available in this 25 story high-rise.

The Marquee is in a great location on 1464 South Michigan Avenue. The tower has 208 condos, ranging in size from one to three bedrooms. The developer, Sedgwick Properties, has over two dozen units left for sale, and there are condos available in every one of the nine different floor plans. The one bedroom and one bath units start in the $240,000s while the two bedroom, two bath condos run from the low to high $300,000s. The bigger three bedroom, two bath condos start in the $490,000s.

According to Appraisal Research Counselor’s latest report, there is another addition to the list of condo projects that have been scrapped. Park 1000, Renaissant Development’s planned South Michigan Avenue 40 story, 350 unit high-rise is no longer in the works. The surprise isn’t necessarily that another project has been canceled, but that more haven’t. ARC reports that sales of condos and townhomes in Chicago are down 82% from this time last year. With contracts for less than 1,000 condo and townhome units signed in 2008, it makes ‘08 the worst sales year since ARC began keeping records in 1997. The list of active Pre Construction Condos in Chicago could see very few additions for some time.

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November 14, 2008 - If One Place Condominiums was on your short list of developments where you’d consider buying, then you might want to bump it up a little. The 96 unit building is nearly completed and there is a fully decorated two bedroom, two bath model ready to tour. According to a press release in the Tribune, there are just over a dozen Chicago condos left for sale at this development.

The model unit is almost 900 square feet and that particular floor plan can be found on the 3rd through 10th floors. One of the design elements that is noticeable at One Place is that there is minimal hallway space. The hallways were eliminated to increase usable living space for residents. According to the article description, the foyer in the model opens into the great room with the kitchen adjoining that and a balcony entrance also. The bedrooms open directly off of either side of the living area.

Residents began moving into One this fall around the end of September. The units that are still available for purchase are also just about ready for immediate delivery. The one bedroom units at this new Chicago real estate development begin at $225,000. Add a den to the one bedroom and the price starts around $345,000. The two bedroom, two bath condos begin in the $290,000s. There are also several terrace units on the upper floor as well as a few two bedroom penthouse units that range in price from the $360,000s to $450,000s. A parking space will cost you another $37,500. The retail space at One will be anchored by an XSPORT Fitness club.

The South Loop where One Place Condominiums is located is always one of the more popular Chicago Neighborhoods, and this building is positioned to offer residents a great place to live.

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