235 West Van Buren

• Capactiy: 46 stories, 714 condo units
• Location: Loop
• Floor to ceiling windows
• Developer: CMK Development Corp. (also did 1720 South Michigan)
• Pricing: $170,000 to $380,000
• Delivery: 2009
• Architects: Perkins & Will
• Building to include 570 indoor parking spots

Downtown Chicago continues to offer more new luxury condominiums. People from all over the city want to live in the neighborhood and enjoy the excellent urban lifestyle that can only be found in downtown Chicago.

One of the newest developments announced for the downtown financial district is the luxury condo development at 235 Van Buren.

The development is led by CMK Companies. Founded in 1995, the company has already developed almost $1 billion in real estate around Chicago.

The firm has received awards from the American Institute of Architects for its innovative designs.

The building will be a mixed-use development. It will have a total of 50 stories with 714 condominiums. Office space and retail space will also be available at 235 Van Buren.

Residential units will start on the 15th floor. The grand opening of the sales center was held on September 7th, giving potential buyers a chance to look at renderings of the luxury condos.

Buyers can choose between several different floor plans for one and two-bedroom condominiums. The units range in size from 580 to 1800 square feet.

Amenities in the building will include a dog run, 24 hour doorman service, and on-site property manager to field concerns and any problems residents may have.

The building will also come with a parking garage with private spaces, extra storage space for bicycles, and high speed elevators.

A green roof is in the plans for 235 Van Buren. This new technology allows buildings to contribute to improving the environment in the city and reduce harmful emissions.

Each unit comes with amenities such as stainless steel appliances, granite countertops, and 42 inch cabinets in the kitchens. Bathrooms come with marble countertops and top-end fixtures.

Floor-to-ceiling-windows offer panoramic views of the downtown Chicago skyline.

The neighborhood is one of the most convenient in the city. Commuters will love the quick walk to work. Most of the Chicago business district is within a few minutes of 235 Van Buren.

There are several restaurants within just a few blocks of the development. Options include Custom House, Mrs. Levy’s Deli, Sopraffina, and many others.

Downtown bars are a great choice for a night on the town. Billy Goat Tavern and Rocko’s Sports Bar are popular options nearby.

Union Station and the El offer residents quick access to other parts of Chicago.

The sale of condos at 235 Van Buren is starting at a difficult moment for the Chicago real estate market. The Chicago Loop is seeing a decline in demand and an increase in inventory of condos in the neighborhood.

According to the second quarter report from the Chicago Association of Realtors, the neighborhood saw a 20 percent decline in sales from the same period last year. Many buyers are experiencing difficulty in qualifying for a loan.

Banks and lenders are clamping down on lax loaning practices due to an increase in foreclosures around Chicago.

It will now take CMK Companies longer to find buyers for the condos, according to the C.A.R. report. The average turnover time for condominiums in the Chicago look increased by 35 percent during the second quarter. It is now up to 108 days, slightly higher than the average for all of Chicago.

Buyers looking for a condo in the neighborhood should negotiate for a price that reflects current market conditions.

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