Drexel Place Condominiums

North Kenwood and Oakland are both up-and-coming south Chicago neighborhoods. The area is home to several new condo and loft developments that offer the latest in modern amenities at an affordable price.

One of the most unique new developments in the neighborhood is Drexel Place Condominiums, located at 4127 S. Drexel Boulevard. Drexel Place is another condos for sale in chicago by Sutherland Pearsall Corp, a Chicago-based developer responsible for several major developments around the region.

Current projects from the developer include 550 St. Clair, Drexel Parc Lofts, and the Grand on Grand.

Drexel Place Condominiums offers both two and three-bedroom units. There are currently two units left. Prices for these condominiums start at 279,990 for the two-bedroom unit. The three-bedroom condominium remaining at Drexel Place is priced at 329,990.

Standard amenities in this development include Canac designer cabinets, stainless steel appliances, and granite countertops in the gourmet kitchen. Baths come with a marble floor and vanities, Whirlpool tub, and separate shower.

Each unit also offers plenty of natural light through the oversized windows, oak hardwood floors in the main living areas, and carpeted bedrooms. Residents will love the included fireplace with a choice of granite or marble surround.

The building offers off street parking, with one space included in the purchase price with each unit. Each unit also comes with a security system. Intercom entry adds convenience and security to the building.

The neighborhood is a quiet enclave just south of downtown Chicago. The area has seen a lot of new developments and restoration of historic buildings, attracting many young professionals and families to North Kenwood.

Several CTA bus lines serve the area, allowing commuters to get to downtown Chicago in just minutes. The Dan Ryan Expressway connects the neighborhood to the rest of Chicago in just minutes.

Kenwood is just minutes from the University of Chicago and the many bars, restaurants, museums, and cultural events found around campus.

Lakefront parks allow residents to enjoy some fresh air and take in the incredible city views while going for a jog or relaxing in the open green space.

The Kenwood area has seen a drop in sales in recent months, as many buyers have faced difficulty qualifying for funding from banks and lenders.

A total of just 28 units were sold during the fourth quarter in the neighborhood. This is a 67 percent decline in sales in just one year, and the lowest total sales for the quarter in five years.

Higher prices in the area may have also helped keep demand down around Kenwood. The average sales price for condos sold in the neighborhood was up 18 percent over the same period in 2006.

However, a glut of unsold condos on the market could help keep prices under control in the short term. According to the Chicago Association of Realtors, the average turnover time for units on the market was 172 days during the fourth quarter, up from 58 days just a year ago.

Buyers could start to see lower prices if demand doesn't pick up in the short term around Kenwood.

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