September 2017

Found 5 blog entries for September 2017.

Chicago Condo PricesAccording to recently released numbers from Illinois Realtors, the median sales price of a condo in Chicago jumped to $320,000 in August, representing a 5.6% increase from August 2016.

Single-family home median sales prices were also on the rise last month, although only by 2.3% to $230,000, according to the same report.

With inventory still right across the board and prices on the rise, the city of Chicago also saw home sales decline year-over-year in August, dropping by 4.5% from 2,844 sales in 2016 to 2,716 home sales in August of this year.

Along with inventory woes, part of the sales drop could also be linked to student loan debt keeping many Millennials from buying their first home, which could actually be delayed by seven years according

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Andersonville CondosWith a desirable location set between the Uptown and Andersonville neighborhoods, 1470 W Winona, provides an ideal setting for contemporary-style living, supplemented by the convenience of a condo lifestyle. This brand new development sits at the site of a century-old mansion, at one time partially hidden behind a large brick wall along a residential street.

The site looks much different today though, as a modern, nine-unit building now stands at the site, complete with large windows and more current appeal. Ranging in price from the high $500,000s to the high $600,000s, the units of 1470 W Winona range from 1,500 square feet to upwards of 2,300 square feet in size.  

Options include a two-bedroom, two-bath condo or a more spacious, three-bedroom,

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360 W. Schiller Condos For SaleServing up the opportunity for new construction possibilities in Old Town, 360 W Schiller provides contemporary-style residential options in a boutique setting. The future building is set to include only around 50 luxury units, each with three-bedrooms, while a handful of penthouse units will provide for private elevator entrances and rooftop space, generating sensational views of the surrounding area.

Priced starting in the high $800,000s, and with around 1,800 square feet of living space, the condos will include a terrace off the main living area, as well as the master bedroom. The penthouse units at 360 W. Schiller will additionally provide for even larger square footage, with pre-construction pricing set upwards of $1 million for those units.

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An investment firm out of San Francisco has paid $48 million for the bulk of a failed South Loop condo development, according to a recent report from Crain’s. As noted, FPA Multifamily acquired 165 of the building’s 180 total units, and plans to scoop up the remaining 15 units and turn the entire Terrazio building into apartments. 

With downtown Chicago’s rental market perhaps hotter than it’s ever been, many residential developers are looking for similar condo-to-apartment opportunities all throughout the city, hoping to take advantage of such a strong apartment market. 

According to Cook County property records, FPA paid $48.3 million for the 165 units at Terrazio, which as pointed out by Crain’s, is just over the $45.7 million owed on the project

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New details have just been released concerning a new development under construction right now in River West. The project at 710 W Grand Avenue is an eight-story, luxury development, now dubbed Seven 10 West.

Close to the Grand Avenue Blue Line, the mixed-use development will eventually deliver more than 100 new apartments and around 40 parking spaces. As well, the project calls for 5,400 square feet of retail space on the ground level, fronting Grand Avenue.

Seven 10 West will also enjoy some more traditional, upscale amenities such as a private dog run, gas grills and fire pits. The trendy development is one of a number of new apartment projects planned for the area.

Pre-leasing for the new development should begin in late 2017, allowing for the

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