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Parc ChestnutClick Here To Get Detailed InformationThe Near North Side of Chicago is one of the neighborhoods that have benefited the most from the recent real estate bonanza. The neighborhood that was once home to one of the most notorious housing projects in the country is now considered a prime destination for young professionals and families. 
The Parc Chestnut is a luxury Chicago condo project developed by Lennar, located in River North at Franklin Street and Institute Place. The development is just blocks from the Gold Coast and Streeterville, and within walking distance of the downtown Chicago business district. Buyers can choose from one-, two-, and three-bedroom condominiums. Prices for the Parc Chestnut start at $295,000 for a one bedroom and range up to as high as $1,010,000 for a luxury three-bedroom penthouse. Floor plans for the condominiums range from 1,215 square feet to over 2,000 square feet, making the Parc Chestnut an excellent choice for both young professionals looking for their first home and families who want to live close to downtown Chicago. The 16-story building has a full range of amenities. A 24-hour doorman ensures security and comfort. Residents can hold a meeting in the business center or have a party in the community room. A modern fitness center allows residents to enjoy an active lifestyle without leaving the comfort of their own home. There is also an open courtyard with a dog run. Each condo includes both the standard array of amenities as well as details not found in other new condominiums on the market. Kitchens come standard with granite countertops, stainless steel appliances, and oak floors. Buyers can also find several condos that include fireplaces. The 261 condominiums have been available for immediate occupancy since late last year. Residents can enjoy quick access to the downtown Chicago business district, with many areas within walking distance. Public transportation is also readily available, with El and Metra lines close by. New restaurants, bars, and retail stores are coming to the Near North Side every day as more people move to the area. The Gold Coast and Streeterville also offer many excellent shopping and dining options just a few blocks away. Parc Chestnut is one of many new developments on the Near North Side. The area is also home to several developments under construction that promise to add to the existing supply of homes on the market in the short term. Recent numbers from the Chicago Association of Realtors for the second quarter of 2007 show that the Near North Side is suffering from similar problems facing many other neighborhoods in Chicago. While the average sales price continues to rise, there are fewer overall sales of condominiums and lofts. There has also been an increase in the time it takes to sell a condominium in the neighborhood. The Chicago Association of Realtors reported 867 total condominium sales during the second quarter of 2007, down from 908 during the same period of 2006. This is the fourth straight year that the neighborhood has seen a decline in sales. If you want to sell your condominium on the Near North Side, it will now take you an average of 124 days, up from 101 during the second quarter of 2006. This is just a slight decrease from 2004, when it took 116 days to sell a condominium. Buyers should beware of paying prices at the peak of the market. While demand is down and the market cools, the average sales price continues to increase. Condos sold for an average $513,203 during the second quarter of 2007, almost $300,000 more than the average price for condominiums and lofts around the city of Chicago. I'M INTERESTEDTo:
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