Rainbo Village

The Rainbo skating rink closed its doors four years ago to make way for a new condominium development that today offers some of the best luxury units in the neighborhood.

Rainbo Village offers a mix of lofts, duplexes, condos, and townhomes at 4836 North Clark in the heart of Uptown.

Buyers can choose from several different options at Rainbo Village, including 88 lofts, 16 condominiums, 8 duplexes, and 9 townhomes.

Lofts offer floor plans ranging from 800 square feet to as much as 1,500 square feet in one and two-bedroom layouts. Prices for the lofts start at $259,400.

The condominiums at Rainbo Village all offer a little over 1,300 square feet of living space in a two-bedroom floor plan. Prices for the condominiums start at $367,400.

The duplex units have two bedrooms and range from 1,800 square feet to over 2,100 square feet. The duplexes offer private ground level entrances and a front yard. Prices for these unique units start at just over $500,000.

The townhomes offer the largest floor plans at Rainbo Village. Units range from 2,100 square feet to over 2,600 square feet, with two and three-bedroom layouts available. Residents of the townhomes enjoy a private rooftop deck and garage. Prices for these incredible homes start at $625,000.

Residents of Rainbo Village enjoy a long list of amenities. The gourmet kitchens offer a brand-name appliance package, granite countertops, and custom cabinets. Buyers can choose from a number of different woods for the hardwood floors. A washer and dryer, fireplace, and indoor heated parking are also offered to residents of Rainbo Village.

Rainbo Village will offer more than 15,000 square feet of retail space. Nearby Andersonville also offers excellent shopping and nightlife. Some of the best nightlife in the city is just minutes away in Lakeview and Wrigleyville.

Commuters will love the easy access to the downtown Chicago business district. El and Metra lines connect the neighborhood with the rest of the city and surrounding suburbs.

Rainbo Village is also minutes from the parks and beaches along Lake Michigan, giving residents plenty of options to escape the summer heat.

If you’re planning on buying a condo in Uptown, keep up with the latest news coming out of the real estate market in the area.

According to the Chicago Association of Realtors, sales of condos continued to drop during the third quarter. A total of 259 condos were sold during the period, a 27 percent drop from the third quarter 2006, and the fourth consecutive year that sales have dropped in the area.

Condo owners and developers are facing one of the slowest markets in recent years as demand drops for condos in Uptown. If you’re selling your condo in the area, it will now take you an average off 128 days to find a buyer. This is a 33 percent increase over last year and the longest turnover time the neighborhood has seen in over 15 years.

Despite the drop in sales and increasing inventory of unsold condos sitting on the market, prices in the neighborhood posted yet another gain during the third quarter. The average sales price was up another 7 percent.

Buyers should beware of entering the market at its peak. If demand continues to drop in Uptown as well as in other parts of the city, sellers may be forced to cut their asking price to attract more interest in this difficult market.

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