525 Kedzie

Buyers on the market for a luxury condominium in Evanston can find several opportunities around downtown and outlying neighborhoods. One of the newest developments on the market is located in the up-and-coming southeast corner of downtown at 525 Kedzie Street.

Pappageorge/Haymes Ltd is the developer behind this project. The Chicago-based company has completed several developments around the Chicagoland region, including Museum Park Loft and 432 W. Grant Place, among others.

Choose from six different floor plans at this development, with two bedroom and two bedroom plus den layouts available. The condominiums at 525 Kedzie offer from 1,200 square feet to as much as 1,700 square feet of total living space.

A total of 20 units are available at 525 Kedzie. Units offer hardwood floors in the main living areas and top-of-the-line carpeting in the bedrooms. Ten-foot ceilings give a feeling of space to these luxury condominiums.

All units also come with a gas fireplace with a wood mantle and marble hearth, an excellent amenity for a cold winter night. Walk-in closets, extra storage, and a washer and dryer are also standard at 525 Kedzie.

Kitchens come with a Sub-zero refridgerator, Viking oven, Bosch dishwasher, and microwave oven. The gourmet kitchen also includes a breakfast bar with granite countertop.

Bathrooms offer a Kohler tub and shower combination, stone countertops, and the best fixtures to be found on the market.

Residents of 525 Kedzie enjoy access to excellent schools and neighborhood amenities in one of the hottest neighborhoods in Evanston.

Public schools in the area include Lincoln School, Nichols Middle School, and Evanston Township High School. Several private schools are also available, including Roycemore School, Pope John XXIII School, and St. Athanasius School.

The neighborhood is home to excellent restaurants, offering both fine dining and casual dining for every budget. There are also great new shops and nightlife coming to this burgeoning neighborhood every day.

If you’re thinking of buying a condominium in Evanston, stay on top of the latest news and statistics coming out of the real estate market in the area.

According to the Chicago Association of Realtors, sales of condos around Evanston were up during the third quarter, showing the area’s popularity in the face of a weakening real estate market in the region. A total of 144 condominiums were sold during the third quarter, a 10 percent increase from the same period last year.

However, despite the increase in sales, a rash of new developments has increased the inventory of unsold condominiums on the market. During the third quarter, the average turnover time stood at 104 days, an 89 percent increase over last year and the longest turnover time the market has seen in more than 15 years.

The average sales price continued to climb, partly due to the number of new units on the market around the city. During the third quarter, the average sales price was 11 percent higher than during the same period last year, and now stands at $685,466.

The market for condos in Evanston could go through a difficult moment if the supply of unsold condominiums increases further. Demand would need to increase to levels not seen since the market heyday of 2004 to absorb the number of condos on the market. If this does not happen, many developers and condo owners could be forced to offer incentives to buyers over the next few months.

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