July 2013

Found 5 blog entries for July 2013.

Chicago luxury condoChicago condo sales in the high-end range of the market are taking the city by storm. There has been a resurgence in high-rise development and construction over the last few years that is fueling the Chicago condo real estate market. According to a recent report by Coldwell Banker, sales of Chicago real estate in the high-end market rose in 2012, and the expectation is that 2013 could be an even better year.

Real estate priced $5 million and over have been known to sell for incredible amounts of money, including the penthouse sale at Park Tower that topped out at $1,900 per square foot. The gorgeous penthouse is located at 800 North Michigan Avenue, an address that synonymous with luxury living. Some are starting to equate the prices of high-end Chicago

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Chicago condosThe Chicago luxury condo market continues to be a hot segment of the overall real estate space, and former NFL quarterback Mark Malone recently got in on the game. He sold his two-bedroom Greektown condo in a loft building for $557,500.

Malone sold the Chicago luxury condo back on May 6 for just under the listing price of $574,900. He originally purchased the unit back in 2007 for $700,000. The corner unit offered approximately 2,200 square feet of living space with two bedrooms, two baths, and a 35-foot balcony. The unit also featured 180-degree views, soaring 14-foot ceilings, gleaming hardwood floors, and a gourmet-inspired kitchen with slab-granite countertops and gorgeous appliances.  Malone’s Chicago luxury condo is located in an Adams Street

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Chicago condo trendsInstead of giving up the dream of Chicago condo living, many young families are looking for larger attached homes in the city center. As such, developers are supersizing Chicago condos in order to keep up with demand.

Amenities in these Chicago condos appeal to both young couples with and without children, empty-nesters, and also move-down buyers who are interested in living in the city center. These are people interested in a turn-key, low-maintenance lifestyle and who value the opportunity to take advantage of the urban lifestyle right outside their door.

Just ask Chase and Stefanie Chavin, who recently purchased a 3,000-square-foot Chicago condo at The Grant, a 54-story condo tower in the South Loop. It was their desire to maintain an active

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The Chicago luxury real estate market continues to dominate, and showed remarkable strength during the first quarter of this year. According to a recent report by RE/MAX, homes that cost $1 million or more saw sales increase 23%. The median price of a Chicago luxury home climbed to $1,383,900 between January and April 2013, a marked improvement year-over-year.

The median price of an attached luxury home that sold in March and April came in at $1.39 million, up from $1.32 million one year earlier. Chicago luxury condo and townhome sales were up in both categories, and this segment recorded the greatest gains when compared to the same months in 2012. In this segment, sales rose 36% during the first quarter, but marked an even more impressive 39% increase

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Chicago condosBuyers are showing their preference for Chicago condos, as sales have risen dramatically during the first five months of 2013. During May, Chicago condo and townhome sales increased an impressive 35%, which helped the overall real estate market post a 30% gain in total sales year-over-year.

May’s total sales pace was the largest since May 2006. And in addition to the quantity of homes that sold, the pace was also of note. The average number of days on the market in May fell to 115 days from 160 days during May 2012. Tighter inventory and the continued low interest rates are making buyers jump at any opportunity they have to purchase a Chicago condo. Currently, there is about a three-month supply of homes on the market, whereas a six-month supply is

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