Chicago Real Estate Blog - February, 2014

Chicago Condos See Prices Hit Three-Year Highs

The end of 2013 saw some impressive gains for the Chicago condos and real estate market as the Case Shiller Home Price Index reported a three-year high for Chicago-area condos.

In addition, the end of the year saw Chicago home prices reach their highest levels in four years.

Taking a closer look at the data, we see that although Chicago condo and home prices are on the rise in a major way, but they still have some ways to go before getting back to pre-recession levels. In fact, Chicago single family homes prices, while they’ve risen 24 percent from record lows, they are still about 24.4 percent below levels from the bubble peak. 

In addition, while Chicago condo prices rose 20.6 percent from record lows, they are still about 20.7 percent below…

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Chicago Real Estate Sales Grow in December

Chicago condos for sale continue to benefit from the surging local real estate market. 

Recent data analysis from RE/MAX shows that Chicagoland real estate sales actually rose in December, a month that is typically a down season for housing market activity throughout much of the country, especially in cold weather states like Illinois.

“During the final month of 2013, home sales in the seven-county metro Chicago real estate market totaled 8,053 units, 9 percent more than during the same month last year, while the median sales price was $178,000, an impressive 17 percent higher than in December 2012,” reports RE/MAX.

Taking a more focused look at the data, Cook County saw home sales activity climb 10 percent on a year-over-year basis, to 4,667…

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Chicago Condo Sales Help Hot Area Real Estate Market in December

Although the end of the year and the holidays typically marks a slow real estate season, the Chicagoland area saw its home sales rise at this time, helped by a strong surge in Chicago condo sales.

Helping drive demand was a remarkably low inventory for Chicago condos, townhomes and single-family homes. In fact, the year ended with only a 2.7 month supply of townhomes and condos and only a 3.7 month supply of single-family homes. 

Although low inventory is a sign of a strong housing market as it shows that buyers are acting swiftly and buying up homes and condos that are for sale, too low of an inventory can shift the market too far into a seller’s market. The good news is that inventory levels of Chicago condos and townhomes are expected to tick…

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Chicago's Newest Luxury Rental Building 850 North Lake Shore Dirve

Located in Streeterville, along Chicago’s stunning lakefront, 850 North Lake Shore Drive towers 17 stories into the sky for simply gorgeous views of the water. Built in 1920, the luxury apartment complex features 198 recently constructed apartments for Chicagoans who want to live smack dab in the middle of all the action.

The historic building formally the Lake Shore Athletic Club is serviced by a 24-hour doorman, valet dry-cleaning and package receiving. But the real amenities include an exquisite 3,500-square-foot “white room” with spacious seating areas, billiards, flat screen televisions and bar as well as a landscaped rooftop deck with gas grills.

Pet owners will love the elevated dog run that makes it easy for your pooch to stay active and…

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A Look Inside The Plaza on DeWitt Condo Building in Chicago's Streeterville Neighborhood

The Streeterville neighborhood of Chicago is a growing hub of activity, especially for new condo buying opportunities. An example of the most attractive in area condos can be found at the Plaza on DeWitt. Located at 260 East Chestnut, the 407-unit Plaza on DeWitt comes with a number of amenities and attractive features that are sure to attract the most discernible Chicago condo buyer. Just a mere minute from the infamous Magnificent Mile on Michigan Avenue, the Plaza on DeWitt boasts a brand new exercise room, bicycle room, outdoor swimming pool, storage space, receiving room, hospitality room, 24-hour staff, laundry room and garage parking.

And you won't have to worry about leaving your four-legged best friend behind as the condos at the Plaza on…

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