Chicago Condos

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A condo is a perfect way for a condo owner to leverage the management of their property to bring in income when they are away. With all of the amenities luxury condos are being built with, they make the perfect location for a temporary stay. Click here to know more

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Chicago Condos "Can Do" By James

When it comes to residential real estate in Chicago, condominiums are king. Especially in the city’s downtown and North Side neighborhoods. Even with everything that has happened in the U.S. housing market, the Chicago condo industry continues to hold steady with increasing average prices and nonstop development of new condo projects in communities across the city. It’s a familiar scene – construction crews putting up brand new buildings in vacant lots and gutting older structures to make way for the modern living spaces that Chicago condo buyers have put in demand. Both existing and new construction condo units are selling, but a definite trend towards buying new has swept the city and has really changed the face of the local real estate backdrop. In addition to all the condominiums, lofts and flats built during the boom between 2000 and 2006, Chicago has numerous plans in the works for fresh residential developments that will bring thousands more homes to the market. Nearly 6,000 new units are expected to be finished by the end of 2008 with delivery on an additional 4,000+ units proposed for next year. This will create a very saturated housing inventory in Chicago, but also puts buyers in a good position to get what they want for a good deal. Many of these forthcoming condominium, townhome and loft projects are in downtown or the surrounding vicinity. And certain parts of the city are being totally revamped with all new high-rises and state-of-the-art architecture, such as the New East Side. This tiny pocket of the Loop (located between the Chicago River, Lake Shore Drive, Millennium Park and Michigan Avenue) is occupied in part by a large-scale residential development called Lakeshore East, which will include 14 residential towers when it is finished in 2010.

Other major contributions to the ever-expanding condominium community in Chicago are the Trump Hotel & Tower and the Chicago Spire. Both of these luxury projects are currently under construction and have inspired worldwide publicity. Donald Trump’s debut in the Windy City is located across the river from the Loop in the trendy River North neighborhood. His 96-story building will house roughly 470 posh residences with price tags ranging from $583,000 (for a 580-square-foot studio) to $9.6 million (for a 6,850-square-foot penthouse). Much of the Trump Tower is already built and the hotel levels are currently in use, but full completion of the condominiums is anticipated for sometime in 2009.

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Down closer to Lake Michigan, preparation for the Chicago Spire is underway. Just a block inland from Navy Pier, the Spire is an innovative architectural creation that will bring renewed interest to the Chicago skyline. The blueprint for this spiral-like, 150-story residential building (scheduled for delivery in 2012) has close to 1,200 units with several levels of top-of-the-line communal amenities. Real estate in the Spire is among the highest price per square foot in the city and includes multimillion-dollar penthouses with undisclosed price tags. Condo prices in the Loop and other areas near the city center have shown appreciation in recent months and while condo sale prices in Chicago are up in general (6% increase from June 2007), it’s the higher-end properties that are really coming out on top. The total number of million-dollar-plus condos/penthouses/townhomes sold during the first two quarters of 2008 outdid the same period last year by over 100 units. The Gold Coast is one of Chicago’s most expensive and exclusive neighborhoods and real estate there is gaining value for both condominiums and single-family homes. The average sale price for attached properties in the Gold Coast is around $620,000 and the average listing price is in the high $800,000s. The well-being of the entire Chicago condo market is expected to be positively influenced by a shift in values of the American home buyer. There is a new generation of young house hunters who are more inclined towards low maintenance, high-technology urban dwellings – a perfect fit for the city’s many newly constructed properties – than the large suburban homes of their parents’ day. This group of twenty-somethings and early thirty-year-olds are on the opposite end of the age spectrum from baby boomers, but their needs and preferences are actually quite similar: modern, high-quality homes with convenient on-site amenities (i.e. exercise rooms) and not a lot of upkeep. As baby boomers enter into retirement, many are expected to trade in their family homes and downsize to condominiums near a fun, exciting locale (a.k.a. Chicago!). With two sizeable populations emerging onto the residential real estate scene in search of condo heaven, Chicago is prepared with a substantial supply of units in every shape, size, style and price. James Belmont writes about Chicago Real Estate and other related topics Condos in Chicago, Lofts Homes and Apartments

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What To Consider Before Buying A Condo In Chicago By Maria Sanchez

Are you interested in relocating to the Chicago area? If you already live in the Chicago area, are you just interested in finding a new place to live? If so, have you examined Chicago condos before? If you have yet to do so, you will want to. Chicago condos may be the perfect place for you or your family to reside. When it comes to determining whether or not you should purchase a Chicago condo that is for sale, there are a number of important factors that you will first want to examine. These factors may make it easier for you to determine whether or not a Chicago condo is the best option for you. Just a few of the many factors that you will want to examine are outlined below. Perhaps, the most important factor to examine, when determining whether or not you should buy a Chicago condo, is cost. Chicago condos come in a wide variety of different sizes, shapes, and style. This variation is what makes it somewhat difficult to pinpoint the average cost of Chicago condos for sale. Despite being difficult to pinpoint, you should expect to pay around one hundred thousand dollars or more for a Chicago condo. The actual cost that you will have to pay will all depend on the condo in question, namely its location and its size. The cost of Chicago condos for sale is extremely important, as you need to make sure that you can actually afford to buy one. It addition to cost, it is also important to examine location. If you are looking to relocate to Chicago fulltime, there is a good chance that you will also work there. If so, you should try and search for Chicago condos for sale in or around the area of your workplace. Doing so may make your commute to work easier each morning and night. If there are not any Chicago condos for sale in the vicinity of your work, you will want to expand your search, but you are advised to keep it within a reasonable distance. If you do not enjoy long commutes, particularly during Chicago’s winter months, it is best that you keep location in mind when deciding whether or not you should even buy a Chicago condo. Although a large number of Chicago condo buyers are those who are looking to relocate, fulltime, to the Chicago area, not everyone is. There are many Chicago buyers who live elsewhere, but regularly find themselves traveling to the Chicago area for business. If you are one of those individuals, it is advised that you examine how often you would use your Chicago condo, if you were to buy one. As it was previously mentioned, many Chicago condos sell for around one hundred thousand dollars, depending on their size. If your estimates only have you traveling to the Chicago area three or four times a year, it might not be a wise investment to purchase a Chicago condo, as it may actually be considered a waste of money. If you are interested in buying a Chicago condo, you will want to make sure that you will get good use out of it. The above mentioned factors are just a few of the many that you will want to examine, when trying to determine whether or not you should buy a Chicago condo or start looking at your other options. Should you decide that you would like to purchase a Chicago condo that is for sale, you are urged to examine online condo websites. Many of these websites serve as resources guides for potential Chicago condo owners, just like you. One highly rated and recommended site that you should examine is They are, literally, your one stop resource for buying a Chicago condo., Chicago condos a place you can call home. For

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many people moving can be a difficult task. We specialize in helping people find the right chicago condo. Only The Best!

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