Chicago Real Estate Blog - May, 2017

3 Downtown Chicago Condo Buildings with Lots of Inventory Right Now

There’s no denying that every home buyer out there loves a great deal, but when you’re looking for a new home or condo in Chicago when the market is as hot as it’s been throughout the past 12 to 18 months, finding that great deal isn’t always easy. 

When buying a Chicago condo, having at least some leverage at the negotiating table of course works to your advantage, even in the hottest of markets. But in what’s undeniably a seller’s market, just how do you get the upper hand as a buyer? Well in downtown Chicago, one way is to specifically seek out a condo building where inventory is strong right now, which forces sellers to stay competitive with their asking price. 

And even though it seems like buildings with lots of available units on the market…

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A Look at Million Dollar Condos & Lofts For Sale in The Loop

It doesn’t seem like that long ago when the Loop was widely thought of as Chicago’s primary business and financial district, and a part of the city that offered very few desirable options that one may consider when looking for a new place to live. 

But as we sit right in the middle of what appears to be one of the craziest development booms Chicago has seen in recent memory, the Loop now offers a wide range of highly desirable condos and apartments that are totally transforming the area as we know it. From apartment towers like OneEleven and 72 E. Lake to the dozens of available condos inside buildings like Legacy at Millennium Park and 65 E. Monroe, the Loop’s newly revamped real estate landscape has many buyers and renters looking to take advantage…

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Search Apartments at Sienna Flats, The Moment, and 1333 S. Wabash on Chicago Condo Finder

The downtown rental market all throughout the Windy City is on fire, and frankly, has been for quite some time now. So while our focus tends to be on downtown Chicago condos for sale, our team also has plenty of expertise and experience on the apartment side of things as well.

Recently, a few new apartment buildings were just added to the site, which provide our clients (and soon-to-be-clients) an easy and effective way to browse available units in some of the city’s hottest new rental buildings. Among them are 1333 S. Wabash in the South Loop, the Sienna Flats in Streeterville, and also The Moment in Streeterville.

Unlike the for sale market, the summer and early fall tend to be the hottest time of the year for Chicago’s apartment market, and…

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Now Search West Town & Pilsen Condos on Chicago Condo Finder

Expanding the Chicago Condo Finder brand is something we’re always working towards, so making sure we cover every highly sought after location in the city is always a top priority. In recent months, and even long before that to some degree, parts of West Town and the Pilsen area have exploded in popularity, and are widely considered two of Chicago’s fastest growing communities.

Smaller sub-neighborhoods in West Town like Wicker Park and Ukrainian Village have of course been on the upswing for years now, but even areas like East Humboldt Park, Noble Square, and parts of the neighborhood that hover around Logan Square are now considered a hot part of town to call home.

Similarly, Pilsen is also considered one of those Chicago neighborhoods that’s…

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Final Construction Permits Issued For Chicago's Vista Tower Development

One of downtown Chicago’s most anticipated new high-rise developments in recent memory is now one step closer to coming to fruition, as reports have recently surfaced that detail the status of its construction permits. 

Although construction for the new Vista Tower project is already well underway, Curbed Chicago is reporting that the city has officially granted all of the building's remaining permits, which of course will allow development to continue until the 95-story tower is finished in 2020. 

In case you’ve been living under a rock for the past year or so, Vista Tower is easily one of the city’s highest profile developments currently in the works, which says a lot given 50+ high-rises are already under construction around the downtown area. 

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Lack of Inventory Continues to Impact Home Sales Pace, Home Prices

If you haven’t noticed, declining inventory has been a fairly significant problem facing the housing market, not only in the Chicago area but also all around the country as well. 

Last month, a shortage of homes for sale continued to impact home sales nationwide, according to recently released numbers from the National Association of Realtors (NAR). The good news, however, is that available inventory is finally starting to grow, although at a much slower pace than many active home buyers would like. 

At the end of April, supply was up 7.2% overall and reached 1.93 million existing homes for sale, but given the median days on market dropped to just 29 days—a new low—it’s clear even a 7 percent jump in inventory still isn’t keeping pace with demand. 

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Luxury Condos at 61 W. Erie Hit the MLS

A small, 10-unit condo development in Chicago’s River North neighborhood has quietly hit the MLS. Located at 61 W. Erie, this fabulous new structure will feature 10 ultra luxurious condo residences, which will be divided into 9 simplex units with around 2,900 square feet of living space, and 1 additional duplex penthouse with four separate outdoor spaces and perhaps the largest private outdoor terrace in all of downtown Chicago. 

Each of the 9 simplex condos at 61 W. Erie occupy an entire floor, not to mention all have private elevator access as well. Inside, 61 W. Erie condos for sale boast huge floor-to-ceiling windows, top-of-the-line kitchen and bathroom finishes, and absolutely spectacular panoramic views of River North and the surrounding…

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What $4,000 Currently Rents in River North

There’s no denying that every part of downtown Chicago features insane luxury rentals that will no doubt leave you speechless for a wide variety of reasons. Whether it’s the picturesque views of Lake Michigan and the broad downtown skyline or all those luxury finishes found throughout some of the city’s most expensive apartments, Chicago’s high-end rental market is certainly among the most active of any major city in the country.

But if you’re somebody who’s out there and truly wants the ultimate downtown apartment, some might say your search will begin and likely end in Chicago’s one-and-only River North neighborhood. Home to a bustling nightlife scene, some of the best restaurants in town, and of course all sorts of shopping, entertainment, and…

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REPORT: The Parker 60614 Condo Project Has Come to a Halt

New reports have surfaced about an update regarding the new Lincoln Park condo developed dubbed ‘The Parker 60614’ and it appears as if the stalled project could be coming to a permanent halt—at least by the original developer of the project, C3. 

The Parker 60614 was originally unveiled back in early 2016 and construction had even begin on a number of the 53 condo residences, although according to Curbed, sales for the project have been underwhelming to this point, promoting C3 to put much of the development site back on the market. 

The parcel that’s being listed will still be approved for 32 condo residences and is currently asking $8.7 million. As mentioned above, C3’s original plan for The Parker 60614 was to feature 53 units in all, which…

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