July 14, 2009 - With luxury Chicago condos now catching up with the rest of the housing market and experiencing very slow sales, news comes from the National Association of Realtors that there is around a 40 month supply of homes listed for $750,000 and upright now, nationally. That makes the 2009 supply of luxury homes and condos for sale more than twice that of 2007. To give you an idea of just how large that 40 month supply is, there is only a 10 month supply of all condos and homes for sale. Those numbers were highlighted in a recent MSNBC AP article.

But despite the apparent glut of luxury condos and lack of buyers, there several luxury Chicago real estate developments that have nearly sold out. Two of those are the Parkhomes at Lakeshore East and 600 N Fairbanks. Both of these projects fall into the luxury price range, although many of the sales were probably inked before the credit crisis. Since Fannie Mae and Freddie Mac have a $729,500 limit on mortgages they buy, it’s harder now to get a jumbo loan at a good rate. Interest rates on 30 year jumbo loans are close to 7% right now.

For a few months there have been 8 or 9 condos for sale from the developer at 600 N Fairbanks. Prices were reduced in May, and the remaining two to three bedroom units run from the $840,000 to $2.4 million range. There are also a handful of one and two bedroom investor units that are listed from the upper $300,000s to $1.8 million.

As for The Parkhomes at Lakeshore East, those residences should start delivering in about a month. There are 25 homes in the development, and currently 6 are listed on Magellan’s site. Those include two 2 bedroom homes priced from $1.199 million to $1.275 million, two 3 bedroom homes listed from $1.529 million to $2.479 million and two 4 bedroom homes from $2.389 million to $2.509 million.

If you are looking to buy Chicago Luxury Condos, now may be a good time to make a purchase, especially if more developers start discounting units.

Technorati Tags: Parkhomes at Lakeshore East, Chicago Condos, Chicago Real Estate

This entry was posted on Tuesday, July 14th, 2009 at 8:11 pm and is filed under Luxury Condos(t) , News(t) . You can leave a response.