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Madison PlaceClick Here To Get Detailed InformationIf you’re in the market for a luxury condominium or townhouse in the Chicago suburbs, Skokie offers some of the best new luxury developments in the greater Chicagoland region. One of the newest projects to come on the market in the area is Madison Place Condominiums. The development offers a total of 20 townhomes and 172 condominiums at 5155 West Madison Street. The company behind these luxury condominiums is Norwood Builders. Norwood Builders is a family run business that has been around the Chicago region for over two generations. Bruce Adreani is the current president of the company, which has long experience in both residential and mixed-use developments in neighborhoods around the city. Other developments by Norwood Builders include the Residences at 8200 in Skokie, The Emerson, Lincoln Place Condominiums, and Park Street Crossing. There are still several condominiums available at Madison Place. All units offer two bedrooms in a variety of floor plans. Units range from 1,327 to 2,010 square feet, with prices starting at $299,900. Some of the units currently on the market is the Adams, a two bedroom and two bath condominium that offers a total of 1,400 square feet of living space. Two units are available for immediate occupancy, with prices starting at $344,900. Another floor plan available at Madison Place is the Monroe. This two bedroom and two bath unit offers 1,424 square feet of total living space. Prices for the Monroe start at $346,900. The most affordable unit currently listed on the market is the Wilson. This model offers a total of two bedrooms and one bath in 1,327 square feet of living space. One model remains and is priced at $306,900. Sold out models at Madison Place include the Grant, with a total of 1899 square feet of living space and the Washington, with a floor plan measuring 1,396 square feet. Amenities at Madison Place include a kitchen with breakfast bar, included appliance package, and granite countertops. Residents will also enjoy extra storage space and garage parking, with extra spaces available for purchase. In-unit laundry is also available at Madison Place Condominiums. If you’re looking for a new condominium in Skokie, stay on top of the latest news coming out of the real estate market in the Chicago suburb. According to the Chicago Association of Realtors, sales of condos around Skokie have hit levels not seen in more than 15 years. A total of 48 condominiums were sold in the area during the third quarter, a 52 percent drop from the same period last year and the lowest total for the quarter since 1991. Condo owners and developers are facing one of the most difficult markets in years. The turnover time for condos on the market has hit a 15-year high in Skokie. If you are currently selling your property in the neighborhood, it will now take you an average of 139 days to find a buyer, more than double the time it took to sell a property last year. With such a pronounced drop in sales of condos in the area, it should come as no surprise that prices are starting to drop in Skokie. The average sales price during the third quarter stood at $232,620, a nine percent drop from last year. Buyers could continue to see prices drop for condominiums in Skokie, particularly if demand doesn’t pick up over the next few months. Watch for great deals on luxury condominiums in this popular Chicago suburbs. I'M INTERESTEDTo:
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