Beacon Square

Buyers looking for affordable housing close to downtown Chicago shouldn’t miss out on the incredible deals on luxury condos in Uptown. The neighborhood is popular with both young professionals and families looking to get in their first home.

One of the newest developments on the market is Beacon Square, located at 4716 N. Beacon. This 37-unit development is a conversion of a courtyard building. Buyers can choose from two-bedroom condominiums priced from $230,000. Immediate delivery on these units is available.

Six units remain on the market at Beacon Square, with sales prices ranging from $229,900 to $235,900.

Residents of Beacon Square enjoy a number of incredible amenities. Kitchens come with stainless steel appliances, 42-inch cabinets with a walnut finish, and hardwood floors. Bathrooms come complete with a walnut finish vanity, limestone countertops, and stone floors with mosaic tile inserts.

Residents also enjoy central air conditioning, huge balconies, and hookups for a washer and dryer. Extra-large windows are standard with each unit, providing plenty of natural light throughout the day.

The development offers street parking and a rental garage nearby. The developer is currently offering a year of paid parking as a benefit for new contracts signed. A bike room and extra storage is also available.

Residents of Beacon Square live in the heart of the new Uptown entertainment district. The area boasts some of the best restaurants featuring cuisine from around the world, an ever-increasing selection of great nightlife, and plenty of shops, art galleries and boutiques within a few blocks of the development.

Commuters will love the easy connections to downtown Chicago. The El and Metra trains both provide quick access to the downtown Chicago business district. Both are located within 5 minutes of home. CTA buses run along Clark Street and Ashland Avenue.

Beacon Square is a ten-minute walk from Lincoln Park, giving residents easy access to the walking and biking trails along Lake Michigan, open green spaces, and incredible views of the lake and downtown.

If you’re in the market for a new condominium in Uptown, keep up to date with the latest news and statistics for the real estate market in the area.

According to recent data from the Chicago Association of Realtors, a total of 259 condos were sold in the neighborhood during the third quarter. This is a 27 percent drop from the same period in 2006, and the lowest total for the quarter since 2000.

The drop in sales in the neighborhood led to a marked increase in the average turnover time for units on the market. The average turnover time during the third quarter was up to 128 days during the third quarter, an increase of more than one month from the same period last year.

Despite falling demand and a rise in the inventory of unsold units on the market, prices continued to increase in Uptown. The average sales price during the third quarter was 7 percent higher than during the same period last year.

Buyers should beware of getting in the market at the peak. If demand doesn’t increase in the next few months, prices may start to level off. A slight correction is also possible for condo prices in the neighborhood.

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