Chicago Condos Online

Dollar volume down 28% YTD, up 55% from February

2011-04-06T20:28:00.004-05:00

In the first three months of 2011, city condo dollar volume dropped 28% compared to the same period of 2010. But, volume in March was up 55% compared to February.
According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, YTD sales of Chicago condos through March 2011 are:

* Down 28% in total dollar volume, to $469 million
* Down 14% in units closed, to 1,756
* Down 26% in median sales price, to $189,000
* Up 23% in average market time, to 185 days.

Comparing March sales to February:
* Units closed were up 38%, from 508 to 703 closings
* Dollar volume was up 55%, from $127 million to $196 million
* Median sales price was up 8%, from $182,500 to $197,700
* Average market time was down 8%, from 197 to 182 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume down 36% YTD, down 8% from January

2011-03-15T20:12:00.005-05:00

In the first two months of 2011, city condo dollar volume dropped 36% compared to the same period of 2010. Volume in February was also down 8% compared to January.
According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, YTD sales of Chicago condos through February 2011 are:

* Down 36% in total dollar volume, to $226 million
* Down 5% in units closed, to 1,039
* Down 31% in median sales price, to $177,000
* Up 30% in average market time, to 186 days.

Comparing February sales to January:
* Units closed were down 2%, from 517 to 508 closings
* Dollar volume was down 8%, from $138 million to $127 million
* Median sales price was up 3%, from $177,000 to $182,500
* Average market time was up 12%, from 176 to 197 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume down 27% YTD, also down 49% from December

2011-02-19T09:32:00.005-06:00

In the first month of 2011, city condo dollar volume dropped 27% compared to January 2010. Volume in January was also down 49% compared to December.
According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, YTD sales of Chicago condos through January 2011 are:

* Down 27% in total dollar volume, to $138 million
* Down 6% in units closed, to 517
* Down 34% in median sales price, to $177,000
* Up 26% in average market time, to 176 days.

Comparing January sales to December:
* Units closed were down 29%, from 725 to 517 closings
* Dollar volume was down 49%, from $268 million to $138 million
* Median sales price was down 18%, from $215,000 to $177,000
* Average market time was up 8%, from 163 to 176 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume for city condos flat for '10 vs. '09

2011-01-18T20:54:00.004-06:00

In 2010, city condo dollar volume has remained flat compared to 2009. But volume in December was up 69% compared to November.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, sales of Chicago condos through December 2010 compared to 2009 are:
* Flat in total dollar volume, at $3.1 billion
* Down 2% in units closed, to 9,887
* Down 6% in median sales price, to $255,000
* Up 3% in average market time, to 151 days.

Comparing December sales to November:
* Units closed were up 36%, from 535 to 725 closings
* Dollar volume was up 69%, from $159 million to $268 million
* Median sales price was down 2%, from $218,000 to $215,000
* Average market time was down 2%, from 166 to 163 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume up 2% YTD, down 4% from October

2010-12-09T23:48:00.003-06:00

In the first eleven months of this year, city condo dollar volume has increased 2% compared to 2009. But volume in November was down 4% compared to October.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through November 2010 are:
* Up 2% in total dollar volume, to $2.9 billion
* Up 0.2% in units closed, to 9,133
* Down 5% in median sales price, to $257,000
* Up 1% in average market time, to 150 days.

Comparing November sales to October:
* Units closed were down 5%, from 563 to 535 closings
* Dollar volume was down 4%, from $165 million to $159 million
* Median sales price was down 9%, from $240,000 to $218,000
* Average market time was up 6%, from 156 to 166 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume up 7% YTD, down 19% from September

2010-11-06T08:46:00.004-05:00

In the first ten months of this year, city condo dollar volume has increased 7% compared to 2009. But volume in October was down 19% compared to September.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through October 2010 are:
* Up 7% in total dollar volume, to $2.7 billion
* Up 5% in units closed, to 8,571
* Down 5% in median sales price, to $259,900
* Flat in average market time, to 149 days.

Comparing October sales to September:
* Units closed were down 19%, from 698 to 563 closings
* Dollar volume was down 15%, from $194 million to $165 million
* Median sales price was up 5%, from $229,000 to $240,000
* Average market time was up 5%, from 149 to 156 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume up 14% YTD, down 19% from August

2010-10-13T13:18:00.005-05:00

In the first nine months of this year, city condo dollar volume has increased 14% compared to 2009. But volume in September was down 19% compared to August.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through September 2010 are:
* Up 14% in total dollar volume, to $2.5 billion
* Up 13% in units closed, to 7,996
* Down 6% in median sales price, to $260,000
* Down 2% in average market time, to 148 days.

Comparing September sales to August:
* Units closed were down 4%, from 730 to 698 closings
* Dollar volume was down 19%, from $240 million to $194 million
* Median sales price was down 13%, from $263,450 to $229,00
* Average market time was down 2%, from 152 to 149 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume up 21% YTD, down 16% from July

2010-09-10T20:33:00.007-05:00

In the first eight months of this year, condo dollar volume has increased 21% compared to 2009. But volume in August was down 16% compared to July.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through August 2010 are:
* Up 21% in total dollar volume, to $2.3 billion
* Up 20% in units closed, to 7,278
* Down 6% in median sales price, to $262,000
* Down 3% in average market time, to 148 days.

Comparing August sales to July:
* Units closed were down 12%, from 833 to 730 closings
* Dollar volume was down 16%, from $286 million to $240 million
* Median sales price was up 3%, from $255,000 to $263,450
* Average market time was up 6%, from 144 to 152 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Dollar volume up 30% YTD, down 34% from June

2010-08-09T19:54:00.003-05:00

In the first seven months of this year, condo dollar volume has increased 30% compared to 2009. But volume in July was down 34% compared to June.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through July 2010 are:
* Up 30% in total dollar volume, to $2.1 billion
* Up 30% in units closed, to 6,524
* Down 7% in median sales price, to $262,500
* Down 3% in average market time, to 148 days.

Comparing July sales to June:
* Units closed were down 39%, from 1,365 to 833 closings
* Dollar volume was down 34%, from $434 million to $286 million
* Median sales price was down 6%, from $270,000 to $255,000
* Average market time was flat, at 144 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD condo closings up 45% over 2009

2010-06-06T17:17:00.006-05:00

In the first six months of this year, condo sales have dramatically increased compared to the first half of 2009. And June closings were up 26% over May.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through June 2010 are:
* Up 42% in total dollar volume, to $1.8 billion
* Up 45% in units closed, to 5,630
* Down 6% in median sales price, to $263,700
* Down 6% in average market time, to 148 days.

Comparing June sales to May:
* Units closed were up 26%, from 1,083 to 1,365 closings
* Dollar volume was up 27%, from $341 million to $434 million
* Median sales price was up 2%, from $264,900 to $270,000
* Average market time was flat, at 144 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD condo closings up 55% over 2009

2010-05-05T19:17:00.006-05:00

In the first four months of this year, powered by foreclosures, short sales and government subsidies, condo sales have dramatically increased compared to 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through April 2010 are:
* Up 48% in total dollar volume, to $988 million
* Up 55% in units closed, to 3,110
* Down 7% in median sales price, to $260,000
* Down 4% in average market time, to 152 days.

Comparing April sales to March:
* Units closed were up 12%, from 923 to 1,030 closings
* Dollar volume was up 13%, from $290 million to $328 million
* Median sales price was up 4%, from $259,000 to $270,000
* Average market time was down 4%, from 161 days to 154 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD condo closings up 51% over 2009

2010-04-06T22:18:00.004-05:00

In the first three months of this year, powered by foreclosures, short sales and government subsidies, condo sales have dramatically increased compared to the first quarter of 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos through March 2010 are:
* Up 41% in total dollar volume, to $650 million
* Up 51% in units closed, to 2,039
* Down 10% in median sales price, to $256,000
* Down 3% in average market time, to 151 days.

Comparing March sales to February:
* Units closed were up 70%, from 543 to 923 closings
* Dollar volume was up 76%, from $165 million to $290 million
* Median sales price was up 8%, from $239,000 to $259,000
* Average market time was up 10%, from 146 days to 161 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Unit Sales Up 41% Year To Date

2010-03-06T11:51:00.006-06:00

Two months into the new year, condo sales are off to a strong start compared to 2009.

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first two months of 2010 are:
* Up 30% in total dollar volume, to $356 million
* Up 41% in units closed, to 1,097
* Down 12% in median sales price, to $255,000
* Down 8% in average market time, to 143 days.

Comparing February sales to January:
* Units closed were down only 1%, from 549 to 543 closings
* Dollar volume was down 13%, from $190 million to $165 million
* Median sales price was down 11%, from $270,000 to $239,000, the lowest since March 2003
* Average market time was up 4%, from 140 days to 146 days

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

January Sales Volume Up 32% Over 2009

2010-02-07T12:47:00.011-06:00

Compared to January 2009, the new year and the new decade are off to a promising start.

According to figures on Chicago condos closed on the MLS in January, compiled by Midwest Real Estate Data (MRED):
* Total sales volume was up 32%, from $144 million in January 2009 to $189 million in January 2010
* Units closed during the month were up 39%, from 395 to 549
* Average market time was down 8%, from 152 to 140 days
* Median sales price was down 10%, from $299,000 to $270,000
* New listings were up 28%, from 2,202 to 2,822
* Supply was up 16%, from 11.1 to 12.9 months.

For all of 2009, dollar volume was down 32% from 2008, units closed were down 19% and median sales price was down 13%.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD Sales Improve 8th Consecutive Month

2010-01-08T11:01:00.006-06:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-end sales of Chicago condos for 2009 are:
* Down 32% in total dollar volume, to $3.1 billion
* Down 19% in units closed, to 10,070
* Down 13% in median sales price, to $270,000
* Up 12% in average market time, to 147 days.

This shows an improving market through the year, in both dollars and units, for eight consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%
End of October: Dollars down 40%, units down 28%
End of November: Dollars down 36%, units down 23%
End of December: Dollars down 32%, units down 19%.

Comparing December sales to November:
* Units closed were down 9%, from 970 to 881 closings
* Dollar volume was down 2%, from $291 million to $286 million
* Median sales price was up 9%, from $252,500 to $275,000
* Average market time was down 11%, from 147 days to 131 days.

Asked for comment on the year-end numbers, former CAR president Dave Hanna, managing partner of SourceOne Realty, offered this assessment:

"While our overall volume in units has been improving, the volume activity is largely at the lower price points in most areas and is being driven by foreclosure sales.

"In the condominium market, the high-end cash buyer is finding highly discounted units (bargains) and the dollar volume of those sales is distorting the average and median sales prices for all condos.

"Until the Chicago market is treated fairly and has a conforming loan limit that allows move-up buyers access to reasonably priced financing, condominium financing guidelines that do not punish condominium buyers and sellers and rational lending criteria are used in creating loans, Chicago is going to continue with lackluster numbers.

"An in-depth look at the Case Shiller index, its background information and its trend lines, will show the true direction of our marketplace. It does not indicate we are anywhere near stability in housing. The market is moving toward stagnation, and the media is interpreting it as stability. When the homebuyer tax credit expires mid-year, and rates push to 6% and beyond (no later than 3rd Qtr 2010), we will see if I am right or wrong."

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD Sales Improve 7th Consecutive Month

2009-12-06T11:37:00.003-06:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first eleven months of 2009 are:
* Down 36% in total dollar volume, to $2.8 billion
* Down 23% in units closed, to 9,153
* Down 13% in median sales price, to $270,000
* Up 13% in average market time, to 148 days.

This shows an improving year-to-date market, in both dollars and units, for seven consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%
End of October: Dollars down 40%, units down 28%
End of November: Dollars down 36%, units down 23%.

Comparing November sales to October:
* Units closed were down 7%, from 1,037 to 970 closings
* Dollar volume was down 5%, from $306 million to $291 million
* Median sales price was down 1%, from $255,000 to $252,500
* Average market time was up 13%, from 130 days to 147 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Free Seminars on Buying, Selling a Home

2009-11-11T08:34:00.004-06:00

Jennifer Ames, a top-producing agent at Coldwell Banker, is conducting two free seminars next week, one on Tuesday night, Nov. 17, for buyers, one on Thursday night, Nov. 19, for sellers. Both will run from 6 to 8 p.m., at Ann Sather's Restaurant, 909 W. Belmont. For details, and to sign up, click here.

YTD Sales Improve 6th Consecutive Month

2009-11-04T20:06:00.003-06:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first ten months of 2009 are:
* Down 40% in total dollar volume, to $2.5 billion
* Down 28% in units closed, to 8,133
* Down 13% in median sales price, to $275,000
* Up 14% in average market time, to 149 days.

This shows an improving year-to-date market, in both dollars and units, for six consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33%
End of October: Dollars down 40%, units down 28%.

Comparing October sales to September:
* Units closed were up 7%, from 973 to 1,037 closings
* Dollar volume was up 8%, from $285 million to $306 million
* Median sales price was down 4%, from $266,500 to $255,000
* Average market time was down 12%, from 148 days to 130 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

YTD Sales Improve 5th Consecutive Month

2009-10-06T21:48:00.007-05:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first nine months of 2009 are:
* Down 44% in total dollar volume, to $2.2 billion
* Down 33% in units closed, to 7,073
* Down 13% in median sales price, to $276,000
* Up 16% in average market time, to 151 days.

This shows an improving year-to-date market, in both dollars and units, for five consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%
End of September: Dollars down 44%, units down 33% .

Comparing September sales to August:
* Units closed were down 6%, from 1,030 to 973 closings
* Dollar volume was down 10%, from $317 million to $285 million
* Median sales price was up 1%, from $263,900 to $266,500
* Average market time was down 1%, from 149 days to 148 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Weekly Updates on Hold

2009-09-28T06:00:00.002-05:00

Because so few new-construction projects are being launched in this economy, we are putting our weekly updates on hold. Instead of providing data on five new projects each Monday, we will offer data on ten new projects each month. These updates will be distributed only by e-mail. If you would like to receive them, send your request to Ric14@ChicagoCondosOnline.com.

For new updates posted each weekday, visit YoChicago.com.

New-Construction Update: 9/21/09

2009-09-21T06:00:00.000-05:00

10 E. Delaware

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

10 E. Delaware, 10 E. Delaware
17 of 121 available, 1-4 BR, $560K-$2.25M, Delivery this fall
Developed by The Prime Group, Marketed by @properties

1870 N. Winnebago, Bucktown Point
2 of 15 available, 3 BR, $530K-$590K, Delivery now
Developed and Marketed by Paramount Homes

1624 W. Division, Vision
33 of 33 available, 2-3 BR, $560K+, Delivery now
Developed by RDM Development, Marketed by Jameson

2734-2736 W. Belmont, Belmont Row
NA of 20 available, 2-3 BR, $270K-$350K, Delivery now
Developed by NA, Marketed by Coldwell Banker

565 W. Quincy, 565 Quincy
14 of 241 available, 1-2 BR, $330K-$440K, Delivery now
Developed and Marketed by Belgravia Group

Previous New-Construction Updates

New-Construction Update: 9/14/09

2009-09-14T06:00:00.000-05:00

235 Van Buren

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

235 W. Van Buren, 235 Van Buren
NA of 714 available, 1-3 BR, $199K-$290K, Delivery now
Developed and Marketed by CMK Realty

927-929 W. Montana, 927-929 W. Montana
NA of 8 available, 2-3 BR, $490K-$760K, Delivery now
Developed by NA, Marketed by Coldwell Banker

225 N. Columbus, Aqua
11 of 263 available, 1-4 BR, $370K-$1.98M, Delivery now
Developed and Marketed by Magellan

2409 W. Catalpa, Terra Place
5 of 24 available, 2-3 BR, $220K-$390K, Delivery now
Developed by NA, Marketed by Jameson

757 N. Orleans, 757 Orleans
NA of 198 available, 0-2 BR, $187K-$387K, Delivery now
Developed and Marketed by The Gammonley Group

Previous New-Construction Updates

YTD Sales Improve 4th Consecutive Month

2009-09-07T08:00:00.001-05:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first eight months of 2009 are:
* Down 47% in total dollar volume, to $1.9 billion
* Down 36% in units closed, to 6,060
* Down 12% in median sales price, to $279,000
* Up 16% in average market time, to 152 days.

This shows an improving year-to-date market, in both dollars and units, for four consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%
End of August: Dollars down 47%, units down 36%.

At $263,900, the median sales price for August is the lowest monthly median since January 2006.

Comparing August sales to July:
* Units closed were down 2%, from 1,050 to 1,030 closings
* Dollar volume was down 5%, from $333 million to $317 million
* Median sales price was down 8%, from $285,500 to $263,900
* Average market time was up 6%, from 140 days to 149 days.

Asked to comment on the year-to-date statistics, Dave Hanna, president of the Chicago Association of Realtors, had this to say:

"I do think we are at the bottom of the market, but not sure if this is true for type 2 housing (condos). Too many unknown and unfavorable factors relating to financing and risk evaluation by lenders using national data to make (poor) decisions about the viability of the market here for this housing.

"The FHA guideline changes and continual pressure to upgrade our market to category II from category III (lower rates on loans, less chance for an adjustment in appraised value based on market conditions) and a sliver of hope that the conforming loan limit for Chicago PMSA will be raised could make life better for condo owners and buyers.

"The refusal of more and more sellers to accept the so-called current market pricing for their homes is why we are at the bottom. Inventory is shrinking due to homes going off the market unsold, and sellers not re-listing at a lower price.

"Median sale price has plunged due to fire-sale pricing on foreclosures, which are over 40% of the overall market in terms of unit sales YTD.

"In case you can't tell," Dave added, "I am 'mad as hell and not going to take it anymore' and I don't think I am alone on this."

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

New-Construction Update: 9/7/09

2009-09-07T06:00:00.000-05:00

4847 N. Ashland

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

4847 N. Ashland, 4847 N. Ashland
3 of 6 available, 3-4 BR, $370K-$490K, Delivery now
Developed by NA, Marketed by Sergio & Banks

1122 W. Catalpa, Catalpa Gardens
25 of 126 available, 1-2 BR, $140K-$290K, Delivery now
Developed and Marketed by Catalpa Developers

1616 E. 56th, Solstice on the Park
NA of 145 available, 2-3 BR, $480K-$2.5M, Delivery NA
Developed by Antheus Capital, Marketed by @properties

3709-13 N. Ashland, 3709-13 N. Ashland
6 of 6 available, 2-3 BR, $490K-$590K, Delivery now
Developed by Five Star Development, Marketed by Coldwell Banker

505 N. McClurg, Parkview
26 of 268 available, 1-3 BR, $350K-$1.3M, Delivery now
Developed and Marketed by MCL Companies

Previous New-Construction Updates

New-Construction Update: 8/31/09

2009-08-31T06:00:00.000-05:00

Motor Row Lofts

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2301-2315 S. Michigan, Motor Row Lofts
26 of 94 available, 1-2 BR, $210K-$520K, Delivery now
Developed by Motor Row Development, Marketed by @properties

659 W. Randolph, R+D659
NA of 237 available, 1-2 BR, $237K-$341K, Delivery now
Developed by Mesirow Financial, Marketed by @properties

2801 N. Oakley, Homes of Rivers Edge
19 of 76 available, 2-4 BR, $350K-$690K, Delivery now
Developed by NA, Marketed by Conlon

2930 N. Sheridan, 2930 Sheridan
93 of 252 available, 1-2 BR, $200K-$340K+, Delivery now
Developed by Kroupa, Marketed by @properties

757 N. Orleans, 757 Orleans
99 of 198 available, 0-3 BR, $249K-$787K, Delivery now
Developed and Marketed by The Gammonley Group

Previous New-Construction Updates

New-Construction Update: 8/24/09

2009-08-24T06:00:00.000-05:00

Museum Park Place South

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1901 S. Calumet, Museum Park Place South
159 of 276 available, 1-3 BR, $290K-$590K, Delivery late September
Developed and Marketed by Enterprise Companies

2056 W. Berteau, Berteau Terrace
1 of 33 available, 2 BR, $270K, Delivery Spring 2010
Developed by Macon Group, Marketed by Jameson

2453 S. Lowe, Archer Landing
NA of 18 available, 2-3 BR, $199K-$245K, Delivery now
Developed by NA, Marketed by Jameson

744 W. Fullerton, Converge
NA of 16 available, 2 BR, $470K-$499K, Delivery now
Developed by Peak, Marketed by @properties

451 W. Huron, 451 W. Huron
NA of 135 available, 1-2 BR, $390K-$560K, Delivery now
Developed by Hudson Huron, Marketed by Coldwell Banker

Previous New-Construction Updates

New-Construction Update: 8/17/09

2009-08-17T06:00:00.000-05:00

Signature Residences

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

207 E. 31st, Signature Residences
17 of 36 available, 1-3 BR, $150K-$380K, Delivery October
Developed and Marketed by 31st & Indiana Development

1160 S. Michigan, Columbian
17 of 220 available, 1-3 BR, $240K-$2.3M, Delivery now
Developed by Davis Group, Marketed by Equity Marketing

2025 S. Indiana, Lakeside Lofts
2 of 96 available, 2 BR, $299K, Delivery now
Developed by Bluestone, Marketed by Coldwell Banker

3001 W. Cornelia, Cornelia Court
19 of 63 available, 2-4 BR, $440K+, Delivery Fall
Developed by NA, Marketed by Coldwell Banker

110 W. Superior, Superior 110
18 of 58 available, 1-3 BR, $490K-$1.5M, Delivery now
Developed and Marketed by JFJ Development

Previous New-Construction Updates

Distinguishing Between Co-op and Condo

2009-08-12T08:05:00.007-05:00

Want to understand more about the difference between a co-operative apartment (co-op) and a condo? Check out this post by top-producing agent Jennifer Ames on her blog. It is the first of a three-part series tailored to the Chicago market, including statistics and the premier co-ops and their histories.

YTD Sales Improve 3 Consecutive Months

2009-08-11T08:15:00.004-05:00

According to figures generated for ChicagoCondosOnline.com by MRED, the regional MLS, year-to-date sales of Chicago condos for the first seven months of 2009 are:
* Down 49% in total dollar volume, to $1.6 billion
* Down 39% in units closed, to 5,000
* Down 12% in median sales price, to $283,000
* Up 16% in average market time, to 152 days.

This shows an improving year-to-date market in both dollars and units for three consecutive months:

End of April: Dollars down 59%, units down 51%
End of May: Dollars down 57%, units down 48%
End of June: Dollars down 53%, units down 44%
End of July: Dollars down 49%, units down 39%.

Comparing July sales to June:
* Units closed were flat, at 1,050 in both June and July
* Dollar volume was up 1%, from $330 million to $333 million
* Median sales price was up 1%, from $283,000 to $285,500
* Average market time was down 13%, from 161 days to 140 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

Free Seminars for Condo Associations

2009-08-11T07:00:00.001-05:00

Lakeside Community Development Corp., a non-profit housing organization, is hosting three free evening seminars for condo owners and boards in August:

Thursday, Aug. 13: Understanding Financial Statements
Tuesday, Aug. 18: Self-Management vs. Management Companies
Monday, Aug. 24: Insurance for Condominium Associations

For details, call (773) 381-5253 or e-mail condo@lakesidecdc.org.

New-Construction Update: 8/10/09

2009-08-10T06:15:00.000-05:00

Grand Plaza

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

545 N. Dearborn, Grand Plaza
10 of 283 available, 2-3 BR, $440K-$940K, Delivery now
Developed and Marketed by Terrapin Properties

630 W. Barry, 630 W. Barry
9 of 9 available, 2-3 BR, $390K-$620K, Delivery now
Developed by NA, Marketed by Jameson

1919 W. Crystal, 1919 W. Crystal
4 of 9 available, 2-3 BR, $560K-$660K, Delivery now
Developed by Studio Dwell, Marketed by Koenig & Strey

2444 W. Diversey, 2444 W. Diversey
2 of 8 available, 2-4 BR, $360K-$420K, Delivery now
Developed by NA, Marketed by Coldwell Banker

714 W. Division, Parkside of Old Town
NA of 258 available, 1-2 BR, $200K-$280K, Delivery now
Developed by Parkside LLC, Marketed by Equity Marketing

Previous New-Construction Updates

New-Construction Update: 8/3/09

2009-08-03T06:00:00.000-05:00

Pearson on the Park

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

222 E. Pearson, Pearson on the Park
40 of 219 available, 2-3 BR, $356K-$491K, Delivery now
Developed and Marketed by Hawthorne Development

1600 N. Halsted, Axis
2 of 20 available, 1 BR, $225K+, Delivery now
Developed by NA, Marketed by @properties

926-928 W. Carmen, Carmen
2 of 8 available, 2-3 BR, $285K-$409K, Delivery now
Developed by PNA Development, Marketed by @properties

2800 W. North, Silver District
8 of 20 available, 2-3 BR, $180K-$290K, Delivery now
Developed by Boldun & Gurevich, Marketed by Coldwell Banker

650-670 W. Wayman, Trio
20 of 209 available, 1-2 BR, $210K-$370K, Delivery now
Developed and Marketed by RDM Development

Previous New-Construction Updates

New-Construction Update: 7/27/09

2009-07-27T06:00:00.001-05:00

Lincoln Park 2520

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2520 N. Lakeview, Lincoln Park 2520
50 of 192 available, 1-5 BR, $1M+, Delivery late 2011
Developed and Marketed by Ricker-Murphy Development

2242 W. Chicago, 2242 W. Chicago
7 of 8 available, 2-3 BR, $380K-$590K, Delivery September
Developed by DenMax, Marketed by North Clybourn Group

925 N. Larrabee, Sky Life
6 of 6 available, 1-3 BR, $640K-$740K, Delivery now
Developed by NA, Marketed by North Clybourn Group

4913-4929 S. King, Logan Square
8 of 8 available, 2-3 BR, $180K-$290K, Delivery now
Developed by Boldun & Gurevich, Marketed by Coldwell Banker

1215 W. Granville, Granville Gardens
9 of 40 available, 1-2 BR, $120K-$150K, Delivery now
Developed by Lee Street, Marketed by Coldwell Banker

Previous New-Construction Updates

Local Agent Sets Forbes Straight

2009-07-25T18:49:00.009-05:00

On her blog, Live and Play in Chicago, top-producing agent Jennifer Ames, takes aim at Forbes' coverage of Chicago's real-estate market, particularly Lincoln Park:

Unfortunately, as with any interaction with the media, there’s the risk of having one’s comments taken out of context, and that is precisely what happened in my July 2009 interview with Stephane Fitch for his Forbes magazine story entitled “America’s Most Troubled Luxury Neighborhoods.”

Fitch distilled our 30-minute interview into two quotes that, out of context, contradict the key points I made in our interview.

So, I’d like to set the record straight: Chicago’s Lincoln Park is not a “troubled” neighborhood. While I cannot comment on the other neighborhoods mentioned in his story, I disagree with his assertion that home prices in Lincoln Park are on the verge of “collapse.”

Lincoln Park has fared better than most other neighborhoods during the current adjustment and is poised to recover faster.

For details, click here.

State Offers $6,000 Loans to First-Time Buyers

2009-07-22T13:30:00.005-05:00

In today's Chicago Tribune, Mary Ellen Podmolik offers some good news for first-time buyers:

The Illinois Housing Development Authority is set to announce later today that it will offer qualifying consumers short-term, interest-free loans of up to $6,000 to be used as down payments on home purchases.

Under the program, qualifying buyers who finance their purchases through the state's Home Start Loan Program will receive a zero-interest loan for up to 3.5 percent, or up to $6,000, of the purchase price to use for a down payment when they arrange a 30-year, fixed-rate, Federal Housing Administration-insured loan through one of the state's participating lenders.

A $300 application fee is required and the down payment loan must be repaid before June 30, 2010, otherwise interest will start accruing.

Income and purchase limits apply. To participate in the program, households of three or more people can make no more than $86,135 and a single-family home can cost no more than $349,020. Veterans and active-duty military personnel don't need to be first-time buyers to participate.

More information and a list of participating lenders is available at www.ihda.org.

New-Construction Update: 7/20/09

2009-07-20T08:30:00.004-05:00

Library Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

520 S. State, Library Tower
10 of 184 available, 1-3 BR, $245K-$950K, Delivery now
Developed and Marketed by Lennar Homes

8 E. 9th, Astoria Tower
60 of 240 available, 1-2 BR, $230K-$1.5M, Delivery now
Developed by Provence, Marketed by Coldwell Banker

1720 S. Michigan, 1720 S. Michigan
20 of 498 available, 1-3 BR, $190K-$350K, Delivery now
Developed and Marketed by CMK Companies

3434-3464 S. Halsted, Bridgeport Condominiums
30 of 67 available, 1-2 BR, $210K-$370K, Delivery now
Developed by Mega Group, Marketed by Koenig & Strey

600 W. 16th, Union Row
6 of 35 available, 2-4 BR, $530K-$680K, Delivery now
Developed and Marketed by Belgravia Group

Previous New-Construction Updates

Tighter Lending Rules Choking Sales

2009-07-15T06:00:00.006-05:00

According to Chicago Tribune reporter Mary Ellen Podmolik:

Dramatically tightening guidelines on mortgages that government-controlled companies will back . . . are crimping a local condo market burdened with an oversupply of inventory at the same time consumers are dealing with the Chicago area's 10.7 percent jobless rate.

As of July 1, Freddie Mac no longer will guarantee mortgages in new condo buildings where less than 70 percent of the units have been sold. Fannie Mae adopted the same threshold March 1. Previously, the requirement was 51 percent. The changes come on top of a matrix of fees adopted by Fannie and Freddie this spring that increase the cost of a mortgage for condo buyers with various credit scores and also impose fees for buyers who make down payments of less than 25 percent.

As a result, some developers are turning to their own lenders and arranging short-term private financing for buyers. An increasing number, though, are applying to have their developments approved by the Federal Housing Administration.

A building has to be only 51 percent sold in order for buyers to receive FHA-backed mortgages, and the down payment required is 3 1/2 percent. Because of the lesser underwriting requirements, the FHA's share of mortgages insured for new-home purchases has grown.

Condo buildings want in on that action. Since October, 68 Chicago condo buildings have received FHA approval, and an additional 51 buildings have applications pending.

For the entire article, click here.

New-Construction Update: 7/13/09

2009-07-13T06:00:00.000-05:00

Silver Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

303 W. Ohio, Silver Tower
NA of 233 available, 1-3 BR, $270K-$790K, Delivery now
Developed and Marketed by Stonegate Development

3340 N. Damen, 3340 N. Damen
2 of 6 available, 2-4 BR, $470K-$610K, Delivery now
Developed by NA, Marketed by Conlon

1201 S. Prairie, One Museum Park West
80 of 298 available, 2-3 BR, $530K-$2.1M, Delivery 2010
Developed and Marketed by Enterprise Companies

2326 W. Giddings, Fountain View
1 of 18 available, 2 BR, $530K+, Delivery now
Developed by Terra Firma, Marketed by Koenig & Strey

1937 W. Diversey, 1937 W. Diversey
3 of 24 available, 2 BR, $300K-$310K, Delivery now
Developed by NA, Marketed by Property Consultants

Previous New-Construction Updates

YTD: Dollars Down 53%, Units Drop 44%

2009-07-07T20:21:00.007-05:00

According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos for the first half of 2009 are:
* Down 53% in total dollar volume, to $1.3 billion
* Down 44% in units closed, to 3,877
* Down 12% in median sales price, to $280,000
* Up 20% in average market time, to 157 days.

This shows an improving market since the end of May, when year-to-date dollar volume was down 57% and units closed were down 48%. At the end of April, sales year-to-date were down 59% and 51% respectively. So the picture has brightened two months in a row.

Reports the Chicago Sun-Times: David Hanna of Prudential SourceOne Realty and president of the Chicago Association of Realtors, said federal rules for mortgage lenders deserve much of the blame [for the decline in the condo market]. Policies of such mortgage underwriters as the Federal Housing Administration have penalized relatively strong local markets for condos, he said. Hanna said the FHA, "the lender of choice for condos," has adopted somewhat looser loan standards for large condo buildings as of Oct. 1, but that help should have come by now.

Comparing June sales to May:
* Units closed were up 37%, from 766 in May to 1,050 in June
* Dollar volume was up 38%, from $239 million to $330 million
* Median sales price was up 1%, from $279,000 to $283,000
* Average market time was up 9%, from 148 days to 161 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

New-Construction Update: 7/6/09

2009-07-06T06:00:00.000-05:00

Clarovista

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

6238 N. Broadway, Clarovista
80 of 160 available, 1-3 BR, $100K-$270K, Delivery now
Developed by The Access Group, Marketed by Jameson

123 S. Green, Emerald
84 of 212 available, 1-2 BR, $270K-$620K, Delivery now
Developed by Senco, Marketed by Property Consultants

2523 N. Southport, 2523 N. Southport
6 of 6 available, 2-3 BR, $470K-$770K, Delivery now
Developed by NA, Marketed by Conlon

2208 W. Chicago, 2208 W. Chicago
1 of 3 available, 3 BR, $420K+, Delivery Fall
Developed by NA, Marketed by North Clybourn Group

8 E. Randolph, Joffrey Tower
11 of 208 available, 1-2 BR, $280K+, Delivery now
Developed by Smithfield, Marketed by @properties

Previous New-Construction Updates

Lawmakers Vote To License Property Managers

2009-07-05T08:45:00.004-05:00

In the Chicago Tribune, Pamela Dittmer McKuen summarizes recently passed legislation that affects condo associations:

Association managers soon will need a license to practice their trade. The Community Association Manager Licensing and Disciplinary Act, originally known as SB-1579, passed both houses of the Illinois General Assembly on May 30. Many of the details have yet to be worked out, but the bill creates a regulatory board and denies licensure to anyone convicted of a felony.

Other association-related legislation that passed:

Bills HB-688 and SB-267 allow municipalities to get court permission to reclaim uncompleted and deteriorating condominium projects that are a danger or nuisance to the community. The properties can be turned over to a receiver for management, rehabilitation, completion, sale or dissolution.

HB-155: When a condo owner sells a unit, the association can't exercise its right of first refusal or option to purchase on the basis of the type of financing used by the buyer.

SB-1390 amends the General Not-For-Profit Act to allow the use of e-mail for notices and other informal communications.

All of those bills await the signature of Gov. Pat Quinn to become law.

For details, see the complete article.

New-Construction Update: 6/29/09

2009-06-29T06:00:00.000-05:00

3763 N. Wilton

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

3763 N. Wilton, 3763 N. Wilton
7 of 10 available, 2-3 BR, $390K-$690K, Delivery now
Developed by Ronan Construction, Marketed by NA

1464 S. Michigan, Marquee
NA of 214 available, 1-3 BR, $220K-$940K, Delivery now
Developed by Sedgwick Properties, Marketed by Jameson

2408 W. Rice, Lumiere
5 of 12 available, 3 BR, $340K-$430K, Delivery now
Developed by DenMax Corp, Marketed by @properties

860 W. Blackhawk, SoNo
NA of 275 available, 1-3 BR, $240K-$470K, Delivery now
Developed and Marketed by Smithfield Development

1621 S. Carpenter, Chantico South
5 of 9 available, 2-3 BR, $240K-$430K, Delivery now
Developed by Lipe Property, Marketed by Jameson

Previous New-Construction Updates

New-Construction Update: 6/22/09

2009-06-22T06:00:00.000-05:00

1720 S. Michigan

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1720 S. Michigan, 1720 S. Michigan
20 of 498 available, 1-3 BR, $190K-$390K, Delivery now
Developed and Marketed by CMK Companies

2523 N. Southport, 2523 N. Southport
6 of 6 available, 2-3 BR, $490K-$770K, Delivery now
Developed by Pat O’Donnell and Pat Gibbons, Marketed by Conlon Real Estate

1624 W. Division, Vision
NA of 33 available, 2-3 BR, $440K-$590K, Delivery October '09
Developed by RDM Development, Marketed by Jameson

60 E. Monroe, Legacy at Millennium Park
50 of 355 available, 1-3 BR, $480K-$4.2M, Delivery fall '09
Developed and Marketed by Mesa Development

1555 Wabash, 1555 S. Wabash
85 of 176 available, 1-3 BR, $200K-$500K, Delivery now
Developed and Marketed by New West Realty

Previous New-Construction Updates

Buyer & Seller, Beware: Appraisals in Disarray

2009-06-16T08:47:00.003-05:00

Adding to the problems of buying or selling a condo these days is increasing disarray in the appraisal industry.

For insight, including some personal experiences with valuations coming in far below the contract price and home equity lines of credit being dramatically reduced, see recent posts of @properties agent Bob Darrow on "Your Windy City Guide," Bob's blog.

South Loop Units Being Coverted To Rentals?

2009-06-16T07:40:00.004-05:00

In its June 15 edition, Crain's Chicago Business reports that Centrum Properties, the lead developer of the 12-acre Roosevelt Collection at Roosevelt Road and Wells, is "preparing to tear up contracts with condo buyers" and convert the 342-unit Lofts at Roosevelt Collection into an apartment building.

Crain's says a source familiar with the matter says the decision ultimately rests with a group of six lenders and that "the deal isn't done and might not materialize.

"Such a switch would portend a larger shift as a downtown condo glut turns into an apartment glut," the publication states.

According to Crain's, Roosevelt Collection is one of eight new condo buildings to be delivered this year in the South Loop. As other projects approach their delivery dates, it adds, "there's a good chance more will convert."

The seven other conversion candidates on Crain's list are Astoria Tower at 8 E. 9th; Coliseum Park at 1440 S. Wabash; 1600 Museum Park at 1629 S. Prairie; Museum Park Place South at 1901 S. Calumet; Terrazio at 1935 S. Wabash; Lexington Park at 2138 S. Indiana; and 1555 S. Wabash.

YTD: Dollars Down 57%, Units Drop 48%

2009-06-15T10:40:00.006-05:00

According to figures generated by MRED, the regional MLS, year-to-date sales of Chicago condos are:
* Down 57% in total dollar volume, to $914 million
* Down 48% in units closed, to 2,805
* Down 13% in median sales price, to $280,000
* Up 23% in average market time, to 156 days.

Comparing May sales to April:
* Units closed were up 19%, from 645 in April to 766 in May
* Dollar volume was up 18%, from $202 million to $239 million
* Median sales price was down 0.3%, from $280,000 to $279,000
* Average market time was down 8%, from 161 days to 148 days.

For details on month-over-month and year-over-year, click here. For previous market reports, click here.

New-Construction Update: 6/15/09

2009-06-15T06:30:00.000-05:00

340 Evergreen

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

340 W. Evergreen, 340 Evergreen
3 of 9 available, 3-4 BR, $660K-$1.2M, Delivery now
Developed by ITK2 Development, Marketed by Jameson

1415-1425 W. Belmont, Alexandria on Belmont
2 of 15 available, 2 BR, $490K-$520K, Delivery now
Developed by NA, Marketed by Coldwell Banker

5832-5836 S. Prairie, Prairie Parc
5 of 8 available, 2 BR, $160-$200K, Delivery now
Developed by NA, Marketed by Coldwell Banker

1418 N. Lasalle, 1418 N. Lasalle
2 of 4 available, 3 BR, $1.2M-$1.9M, Delivery now
Developed by NA, Marketed by Rubloff

757 N. Orleans, 757 Orleans
NA of 198 available, 0-3 BR, $240K-$760K, Delivery now
Developed and Marketed by Gammonley Group

Previous New-Construction Updates

Warning: Before You Buy in a Condo Hotel

2009-06-12T08:48:00.006-05:00

If you are ever tempted to buy a unit in a condo hotel (aka a "condotel"), including at the Trump International Hotel & Tower in Chicago, do your research first. A good place to start is this helpful article by Steve Bergsman at Inman News.

Warns Bergsman, a real-estate author based in Arizona: "This product has been on my watch list as one of the worst real estate investments ever created for the simple reason that it is really just a financing mechanism for the developer and for all practical purposes, caveat emptor, which in today's world means let the buyer be damned.

"Basically," explains Bergsman, "a condotel works like this: An investor buys a condominium in a hotel building and then allows the hotel to use the unit for guests when the owner is not in residence. The sales pitch suggests the buyer will recoup investment costs and fees through the daily rental of the condo unit by the hotel, which, by the way, rarely ever happens.

"Even if you wanted to buy into a condotel today," he concludes, "it's doubtful you could find a bank that would finance this loan. Lenders have come to view a condotel mortgage as a high-risk investment."

SoNo, 860 W. Blackhawk, Cuts Prices 16-20%

2009-06-12T08:04:00.006-05:00

Crib Chatter reports today that SoNo, the new construction high rise at 860 W. Blackhawk, is the lastest development to cut prices. According to a "tipster," prices are being cut 16-20% in a sale that starts this weekend.

Some of the new prices:
01 Tier: 1/1, 905 square feet; Now priced: $302,400 to $338,400
02 Tier: 2/2, 1416 square feet; Unit #1402 is listed on the MLS for $505,400; Now priced: $421,400 to $469,400
03 Tier: 2/2, 1416 square feet; Unit #2803 is listed on the MLS for $547,400; Now priced: $394,900 to $463,900

Parking is now available for $9,000. @properties is handling sales. For floor plans and building details, see SoNo's Web site at Sono Chicago.

New-Construction Update: 6/8/09

2009-06-08T06:00:00.002-05:00

Silver Cloud

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

5346 S. Cornell, Silver Cloud
NA of 74 available, 2 BR, $240K-$280K, Delivery NA
Developed by Creative Designs, Marketed by Sudler Sotheby's

1900 N. Central, Enclave at Galewood Crossings
23 of 54 available, 2-4 BR, $239K-$330K, Delivery now
Developed and Marketed by Red Seal Homes
To buy at auction, see details in June 4 post below

2330-2334 W. Wabansia, Wabansia Row
NA of 11 available, 4 BR, $790K-$1M, Delivery Sept '09
Developed by Origin Development, Marketed by @properties

2333 N. Bosworth, 2333 N. Bosworth
2 of 3 available, 2-3 BR, $450K-$650K, Delivery now
Developed by NA, Marketed by Coldwell Banker

150 W. Roosevelt, Lofts at Roosevelt Collection
130 of 324 available, 1-2 BR, $300K-$650K, Delivery Fall '09
Developed and Marketed by Centrum Properties

Previous New-Construction Updates

Enjoy the Views From Aqua, 225 N. Columbus

2009-06-06T13:17:00.006-05:00

Among the videos offered by Magellan Development of its Lakeshore East project are these panoramic views. They were taken from a 60th-floor balcony of Aqua, its new 82-story condo at 225 N. Columbus. Enjoy the views and the music!

29 Condos in 2 Developments Up for Auction

2009-06-04T09:06:00.003-05:00

Among the properties to be auctioned later this month by Rick Levin & Associates are 29 condos at two new developments in Chicago: Metro Place, at South Campbell and Roosevelt; and The Enclave, at Grand and Laramie.

7 p.m. Thursday, June 25:
MCL Companies' Metro Place: Six 2BR/2BA condos to be sold absolute, regardless of price. Previously priced up to $259,900. Suggested opening bids from $125,000. Details, including times of open houses.

11 a.m. Saturday, June 27:
Red Seal Homes' The Enclave at Galewood Crossings: an FHA-approved gated community. In addition to six single-family homes and 17 townhomes, 23 condos will be on the block. Six of the condos to be sold absolute, regardless of price. 2-4BR, 2-3BA. 2-flats available. Previously priced up to $359,900. Suggested opening bids from $85,000. Details, including times of open houses.

Both auctions will be conducted at the Crowne Plaza Hotel-Chicago Metro at 733 W. Madison.

Prices Reduced 25-30% at 659 W. Randolph

2009-06-01T09:14:00.006-05:00

Crib Chatter reports that over the weekend "bank-liquidation pricing," ranging from 25 to 30% off, started on the remaining available units in the new-construction high-rise RD 659, at 659 W. Randolph in the West Loop.

Sample reductions:

01 Tier: 2 bedrooms, 2 baths, 1147 square feet, parking included: Reduced from $459,000 to $341,000 (26%) and from $492,000 to $367,000 (25%)

Tier 05: 1 bedroom plus den, 2 baths, 988 square feet, parking included: Reduced from $409,000 to $293,000 (28%) and from $421,000 to $301,000 (29%)

Tier 18: 1 bedroom, 1 bath, 840 square feet, parking included: Reduced from $342,000 to $254,000 (26%) and from $369,000 to $260,000 (30%).

Chris McComas at @Properties is handling sales. According to his latest stats, 25 units have closed, but the building is 51% sold.

See pictures of the model unit here. See floor plans at the RD 659 website. See more pricing details here.

New-Construction Update: 6/1/09

2009-06-01T06:25:00.001-05:00

Superior 110

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

110 W. Superior, Superior 110
15 of 58 available, 1-3 BR, $540K-$1.6M, Delivery fall '09
Developed and Marketed by JFJ Development

240 E. Illinois, Fairbanks at Cityfront Plaza
10 of 281 available, 1-2 BR, $470K-$990K, Delivery now
Developed and Marketed by Centrum Properties

1870 N. Winnebago, Bucktown Point
2 of 15 available, 3 BR, $530K-$590K, Delivery now
Developed and Marketed by Paramount Homes

303 W. Ohio, Silver Tower
NA of 225 available, 1-3 BR, $270K-$870K, Delivery June '09
Developed and Marketed by Stonegate Development

60 E. Monroe, Legacy
48 of 355 available, 1-4 BR, $490K-$4.25M, Delivery Sept '09
Developed and Marketed by Mesa Development

Previous New-Construction Updates

Major Brokerages Close 2 Offices in Old Town

2009-05-27T20:41:00.005-05:00

Your Windy City Guide reports that two leading brokerages recently closed offices in Old Town.

Sudler Sotheby’s office at 1650 N. Wells relocated most of those agents to its office at 919 N. Michigan and a few agents to space acquired from Century 21 Sussex & Reilly at 912 W. Armitage in Lincoln Park.

Baird & Warner's office at 1510 N. Wells is relocating those agents to the larger space near Diversey on Lincoln, or to the firm's Michigan Avenue address.

Median Price Down 15% From May '08 High

2009-05-27T07:00:00.001-05:00

For April 2009, the median sales price of Chicago condos was down 15% from its all-time monthly high, recorded in May 2008.

That finding comes from statistics compiled using figures from Midwest Real Estate Data (MRED), the region's multiple listing service.

According to the MRED data, the median sales price of condos sold in April 2009 was $280,000, compared to $329,000 in May 2008. From January 2003, the earliest month for which we have figures, the median price in April 2009 was up 28%, from $218,500.

At its May 2008 peak, the median price was up 51% from our January 2003 starting point.

The monthly medians are tracked and shown in the graph and the chart below. This information will be updated each month and available in Market Overview on ChicagoCondosOnline.com.

Agents Hebson, DiVito Join Koenig & Strey

2009-05-26T14:57:00.003-05:00

Colin Hebson and Rich DiVito, two of the top-producing agents in Chicago, have left @properties to join Koenig & Strey GMAC. Along with three agents from their team, the two agents will operate out of Koenig & Strey's Lincoln Park office.

Hebson and DiVito began working together in 2006, and have brokered more than 2,000 sales. In addition, they have consistently placed in the top 1 percent of Realtors® in Chicago.

New-Construction Update: 5/25/09

2009-05-25T07:00:00.002-05:00

One Museum Park & One Museum Park West

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1211 S. Prairie, One Museum Park
63 of 289 available, 2-3 BR, $720K-$2.8M, Delivery now
Developed by Enterprise, Marketed by Coldwell Banker

1201 S. Prairie, One Museum Park West
87 of 298 available, 2-3 BR, $530K-$2.1M, Delivery Fall '09
Developed by Enterprise, Marketed by Coldwell Banker

1224 W. Van Buren, VB1224
57 of 189 available, 1-2 BR, $250K-$309K, Delivery now
Developed by New West, Marketed by @properties

155 N. Aberdeen, 155 N. Aberdeen
6 of 12 available, 2-3 BR, $550K-$900K, Delivery July
Developed by NA, Marketed by @properties

2520 S. Oakley, Oakley Pointe
5 of 21 available, 1-2 BR, $220K-$299K, Delivery now
Developed by NA, Marketed by Koenig & Strey

Previous New-Construction Updates

Fannie Mae Raises Costs of Condo Loans

2009-05-24T06:28:00.007-05:00

Mortgage rates and house prices are down, but underwriting changes that took effect in April are throwing new hurdles in the way of borrowers, according to Ken Harney in the Washington Post.

For example: On all condominium loans, Fannie Mae now has an across-the-board three-quarters of a point, no matter how high the applicant's credit score. For a once-popular "interest-only" condo loan with a 20-percent down payment and a borrower credit score of 690, Fannie imposes the following ratcheted sequence of add-ons:

One-quarter of 1 percent as an "adverse market" fee; another 1.5 percent for the below-optimal credit score; three-quarters of a percent for the interest-only payment feature; and three-quarters of a percent because the property is a condo. The total comes to 3.25 percent extra, which can be paid upfront or rolled into the rate.

For the complete article, click here.

$8,000 Cash Available to First-Time Buyers

2009-05-22T14:09:00.005-05:00

Ken Harney of the Washington Post reports:

The $8,000 federal tax credit for first-time home purchasers is about to morph into a ready-cash down payment source, thanks to a new federal policy change.

Buyers eligible for the credit who apply for mortgages insured by the Federal Housing Administration may soon also be eligible for bridge loans or cash advances--up to $8,000--that they can use for the down payment, closing costs or other loan expenses pending receipt of their tax credit check from the IRS.

Under guidance drafted by the FHA, all lenders approved to do business with the agency will be authorized to provide bridge loans at closing--secured solely by the tax credit the borrower anticipates receiving from the IRS. State and local government agencies and nonprofit organizations approved by FHA will be allowed to offer either bridge loans or second mortgages secured by the house.

Though the $8,000 tax credit carries the name "first-time homebuyer," eligibility extends to anyone who hasn't owned a principal residence during the past three years. The credit amount from the IRS is the lesser of 10 percent of the purchase price of the dwelling or $8,000.

The federal $8,000 credit covers purchases closed by Nov. 30. Unless Congress extends the credit, it will disappear Dec. 1.

Koenig & Strey Closes 2 More Offices

2009-05-21T06:32:00.003-05:00

Crain's Chicago Business reported yesterday that Koenig & Strey GMAC, one Chicago’s largest residential brokerages, has shuttered offices in the River North and Lincoln Park neighborhoods.

Both offices, at 750 N. Orleans and 1800 N. Clybourn, housed a combined total of roughly 230 employees, says Doug Ayers, president of the brokerage. Koenig has now closed three city offices this year, having earlier shut its branch in the Roscoe Village neighborhood.

Most employees from the River North and Lincoln Park offices, which closed last month, transferred to the company’s eight remaining branches in the city.

Baird & Warner and Sudler Sotheby’s International have also closed offices as home sales have plummeted three straight years and agent ranks are shrinking.

ARC: 42% of New Downtown Units Unsold

2009-05-20T12:36:00.005-05:00

YoChicago reports today on the latest statistics from Appraisal Research Counselors (ARC), which monitors the downtown condo market:

Of the 5,389 downtown condos under construction and set for delivery between this year and 2011, just 3,139, or 58 percent, are currently under contract.

Almost 4,700 new homes will be completed in the downtown area this year, less than 2,000 of which, or 42 percent, remain unsold. At least 700 more homes will be finished in 2010 and 2011, 39 percent of which still are not under contract.

For more details, see this report from the Chicago Tribune.

Skweres To Manage Wolin-Levin High-Rises

2009-05-20T06:17:00.004-05:00

Thomas A. Skweres has joined the management services team at Wolin-Levin, as managing director of its newly established High-Rise Division.

Tom previously served as an executive at Associa/Legum & Norman, The Habitat Company and Draper & Kramer.

Wolin-Levin manages more condos than any other property-management firm in Chicago. Its portfolio consists of 20,000 units in 50 properties with on-site management. The company has served Chicago for nearly 60 years and is now part of FirstService Residential, a publicly held, national company.

Two Developers Suing Buyers Who Walk Away

2009-05-19T09:22:00.008-05:00

An article in Monday's Crain's Chicago Business reports that the percentage of new condo sales that are falling apart before closing has increased from 10% to 15% last spring, to more than 25% today.

As cancellations rise, two veteran Chicago developers, Enterprise Companies and Fogelson Properties, are suing home buyers who try to walk away.

According to Crain's, the joint-venture companies have taken the unprecedented step of filing lawsuits against about 100 home buyers who didn't close on contracts on condos in the Museum Park project. Some buyers can't get financing to close. Others walk away because they think the units are worth less than they agreed to pay.

The cases, some of which have been settled, generally seek recovery of earnest money deposits and half the cost of upgrades. Industry experts say such disputes usually are settled without litigation. The developers have won about half the cases already through settlements and court rulings, says one of their lawyers.

Video: Lake Point Tower's Spectacular Views

2009-05-18T09:01:00.031-05:00

To celebrate its 40th anniversary this fall, Lake Point Tower, a 70-story condo at 505 N. Lake Shore, between Grand and Illinois, a block west of Navy Pier, has created a four-minute video and a colorful brochure that feature spectacular lake and skyline views from its 720 units.

The only residential building east of Lake Shore Drive, Lake Point Tower was built in 1968 and converted to condos in 1988. Occupants have unobstructed, panoramic views of Lake Michigan and the city skyline. On a clear day, it is possible to see four states.

Dozens of photos of the building and its views can be found on Flickr. To visit the association's Web site, click here.

For an in-depth profile of the building, with floor plans, median sales price and ownership costs per square foot for each unit type, from studio to penthouse, click here.

To watch the video, which also showcases such amenities as indoor and outdoor pools, a fitness center and a private 2.5-acre park with a duck pond, click arrow in center of image below.

Below: Views from typical corner unit, 1209, overlooking Navy Pier, and from typical center unit, 5305, looking northeast.

New-Construction Update: 5/18/09

2009-05-18T06:40:00.000-05:00

Astoria Tower

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

8 E. 9th, Astoria Tower
60 of 240 available, 1-2 BR, $230K-$1.5M, Delivery now
Developed by Provence Development, Marketed by Coldwell Banker

2411 W. Walton, Sanctuary
2 of 13 available, 2-3 BR, $410K-$440K, Delivery now
Developed by Romeo Kapudijawas, Marketed by Baird & Warner

416 W. Deming, Deming on the Green
17 of 23 available, 1-4 BR, $480K-$2.6M, Delivery 2010
Developed by Silverleaf, Marketed by Coldwell Banker

2741-2743 N. Sheffield, Rotunda
7 of 8 available, 2-4 BR, $440K-$690K, Delivery July
Developed by NA, Marketed by Rubloff

6 N. Michigan, 6 N. Michigan
40 of 104 available, 1-3+ BR, $320K-$5.5M, Delivery now
Developed by Six North Michigan, Marketed by @properties

Previous New-Construction Updates

Bob Darrow on Lincoln Park, Lakeview Markets

2009-05-15T16:08:00.005-05:00

In the above video, @properties agent Bob Darrow offers keen insights into the real-estate markets in Lincoln Park and Lakeview.

Ways To Protect Your Association's Funds

2009-05-14T16:00:00.001-05:00

In today's Chicago Journal, Jim Stoller, president of The Building Group, which manages 80 properties, lists safeguards to prevent condo association funds from being misused. Among them:

* Pay attention immediately when monthly statements are not received or present an inaccurate record of cash flow. It usually means trouble.

* Research your management company. Talk to current and past clients. If possible, find out if accurate records are provided monthly. Also ask if funds were ever misappropriated or if there was evidence that the firm received kickbacks from vendors.

Some management firms engage in less-than-ethical dealings such as accepting “referral fees” (i.e., kickbacks) from vendors or pad the association’s charges with undisclosed, add-on fees. Many firms own related companies--from painters to maintenance to insurance agencies-- and use their services instead of seeking independent, competitive bids.

* Make sure your management company has a fidelity bond to insure client’s funds. Become a “named insured” and get a copy of the certificate.

* Read and decipher the financial statements every month. Is every check and wire transfer documented; are there any missing? Are the checks payable to known association vendors and for the appropriate amounts? Are bank statements included for every association account and are they reconciled with the financial statements?

* Make sure your funds are not co-mingled with other clients. Also avoid “master programs” in which your building is grouped with others, thereby making it easier for a management company to add undetected fees and harder for an association to trace its funds.

* Reserve accounts should be controlled by the board and require multiple signatures on their checks. Excess funds should be transferred out of management-controlled operating accounts when they reach previously set amounts.

* Audits by a third party CPA should be performed annually.

Best Neighborhood Info for Condo Buyers

2009-05-14T07:25:00.015-05:00

The best source of information on communities and neighborhoods for condo buyers in Chicago is the collection of 77 Area Profiles at ChicagoCondosOnline.com, "The Ultimate Condominium Resource."

Only on ChicagoCondosOnline.com will you find the citywide rankings of all 77 community areas on such demographics as percentage of singles or professionals, median sales price, student-teacher ratios, and appreciation rates for one, three and five years.

For example, the Near North Side, No. 1 in condo sales, ranks third in college grads and professionals, fifth in median income and 71st in children under five. In appreciation (increase in median sales price) for the past one, three and five years, it ranks between 15th and 17th.

To access these profiles, which include maps that show the boundaries of neighborhoods within each area, visit ChicagoCondosOnline.com. Using a Quick Comparison Chart, you can generate side-by-side comparisons of any three areas. See sample profile below; see sample chart here. See interactive city maps with sales data for each of the 77 areas here.

Bargains: Metropolitan Tower at 17-34% Off

2009-05-12T11:41:00.004-05:00

YoChicago reports:

Prices are falling at Metropolitan Tower, the converted Straus Building at 310 S. Michigan in the South Loop.

A new splash page on the development's Web site announces new "final closeout pricing" scheme for 11 finished units that will go into effect Saturday. Additionally, two units listed by the tower's Equity Marketing sales team were reduced in price yesterday.

Eight east-facing two- and three-bedroom homes are for sale through the developer at prices ranging from the $590s to the $640s, down from the $780s to $950s.

For details and prices of individual units, click here.

'Chicago Real Estate Experts' Launched

2009-05-12T10:35:00.010-05:00

An innovative social-networking Web site called Chicago Real Estate Experts that will focus on sharing knowledge was launched today. Its purpose, according to Joe Zekas, one of its founders, is to connect home buyers and sellers with highly qualified, pre-screened local agents, appraisers, attorneys, inspectors and lenders.

Joe's firm, Data Based Ads, has more than 20 years experience working with real estate professionals through a variety of publications, including YoChicago and NewHomeNotebook.

Among its many features, Chicago Real Estate Experts will offer blogs, photos, video, public and private groups and discussion forums, local events calendars, news from a variety of sources, activity feeds and online real-time chat.

Membership in the site is open to everyone but, says Joe, "only a limited number of dues-paying professionals who meet our criteria are allowed to hold themselves out as experts. We require that they develop relationships with consumers by demonstrating and sharing their expertise rather than by directly soliciting them."

The objective criteria for agents include a minimum five years full-time experience and direct representation of a buyer or seller in at least 50 closed transactions. At least 20 of those transactions must be within the geographic area for which the person is applying to qualify as an expert.

Additional information is available at this site.

Video: Zillow's iPhone Real Estate Application

2009-05-11T14:20:00.020-05:00

For a video demonstration of the exciting new Zillow iPhone Real Estate application, which allows users to check the prices and other data of homes and condos, as you walk by them, click here.

Watching it made me want to run out and buy my first iPhone and download the application free from the App Store.

Using GPS technology built into the iPhone, the application pinpoints where you are on a map and follows you as you move. Or, you can type in any address in another neighborhood.

Among the available data: Zestimates of 80 million homes, number of bedrooms, baths, square footage, the history of the condo's value and comparable sales of nearby homes. You can also see interior MLS photos of units on the market.

What happens when you point the phone toward a high-rise condo? Switch to List View.

Can't wait to make our content, including floor plans, available this way!

Update: My first experience with the app and a neighbor's iPhone was disappointing. Standing across the street from my 70-story high-rise, I found it difficult to locate my building on the map, and initially the AT&T connection was slow. Once I hit five bars on connection, when I moved the map, the load time was slow.

My advice: Try the application on a friend's iPhone before you race to the Apple Store. My hunch is that we're still a year or two away from realizing the fantastic potential of this app. Meanwhile, Zillow needs to continue to improve the accuracy of its data.

For a New York Times review of the Zillow app and a similar one by Trulia, available on phones other than the iPhone, click here.

Video: Chicago's Best Condo Search Engine

2009-05-11T06:15:00.020-05:00

Only one search engine in Chicago allows you to search the entire inventory of unit types in 12,000 condos, most of them in downtown Chicago, including units not on the market.

It's Super Search at ChicagoCondosOnline.com, the most-comprehensive condo database in Chicago.

Super Search allows you to check any combination of 100 preferences to create, for example, a list of all buildings within three blocks of the Red line that offer a 1BR/1BA unit, have a pool, deeded indoor parking, are FHA-approved and allow dogs. (The result: only one building, at 3660 N. Lake Shore Drive.)

The search results connect you to in-depth Building Profiles, which display up to 200 data fields, including the 2008 median sales price and ownership cost per square foot for each unit type, as well as photos and floor plans. By using Quick Comparison Chart, you can compare, side-by-side, any three unit types.

To see how Super Search works, watch this video. (After nine searches without registering, consumers may register with any participating agent for one year of free access to this
subscription-based resource.)

New-Construction Update: 5/11/09

2009-05-11T06:00:00.001-05:00

Pure

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

24 S. Morgan, Pure
NA of 67 available, 1-3 BR, $160K-$500K, Delivery now
Developed by Pure 67 LLC, Marketed by Prudential Preferred

1739-1745 N. Milwaukee, 1739-1745 N. Milwaukee
8 of 8 available, 2-4 BR, $440K-$520K+, Delivery August '09
Developed by Five Star, Marketed by Conlon Real Estate

2028 W. Division, 2028 W. Division
5 of 6 available, 3 BR, $590K-$780K, Delivery 2010
Developed and Marketed by Ranquist Development

4601-4617 N. Dover, Dover Court
11 of 60 available, 1 BR, $140K-$170K, Delivery now
Developed and Marketed by Bella Properties

600 N. Fairbanks, 600 N. Fairbanks
8 of 224 available, 2 BR, $840K-$1.19M, Delivery now
Developed and Marketed by Schatz Development

Previous New-Construction Updates

Best Source for Chicago Condo Market Data

2009-05-08T18:48:00.025-05:00

For the most-comprehensive, reliable and up-to-date statistics on the Chicago condo market, visit Market Overview on ChicagoCondosOnline.com, "The Ultimate Condominium Resource."

Updated the first week of every month, this overview provides year-to-date, year-over-year and month-over-month statistics from the official source: the database of Midwest Real Estate Data (MRED), the multiple listing service for Chicago and all of northern Illinois.

The data include median sales price, new listings, actives, closings, total dollar volume, average market time and supply.

Among the unique features of Market Overview are three interactive maps showing 2008 sales and median price in all 77 of Chicago's areas (neighborhoods).

The map below, for example, shows where each area ranked in sales and median price in 2008 and links users to an in-depth profile of each area. (To see how an area ranks, place your cursor over the area and look in the box at the lower left corner.)

Sample tables from the current Market Overview:

Year Over Year (April 2009 – April 2008)

Category	April 2009	April 2008	Change
Closings	645	1,148	-44%
% Condo Closings	47%	62%	-24%
Median Sales Price	$280,000	$320,000	-13%
Avg. Days on Market	161	123	+31%
New Listings	2,825	4,464	-37%
Supply	12.4 months	9.4 months	+32%
Total sales volume	$202 mil	$441 mil	-54%

Month Over Month (April 2009 – March 2009)

Category	April 2009	March 2009	Change
Closings	645	563	+15%
% Condo Closings	47%	47%	+0%
Median Sales Price	$280,000	$280,000	+0%
Avg. Days on Market	161	157	+3%
New Listings	2,825	3,155	-10%
Supply	12.4 months	12.7 months	-2%
Total sales volume	$202 mil	$187 mil	+8%

The widget below, updated each month, shows year-to-date statistics. (To display this widget on any Web site or blog, send your request for the code to Ric14@ChicagoCondosOnline.com.)

To receive a monthly update on Chicago's condo market by e-mail: Send your request to Ric14@ChicagoCondosOnline.com.

Having Difficulty Paying Your Mortgage?

2009-05-08T18:00:00.000-05:00

From Jennifer Ames, top-producing Coldwell Banker agent, on her Live & Play in Chicago blog:

If you are having difficulty paying your mortgage, you may be eligible for relief through the new federal Making Home Affordable (MHA) program. This service can aid qualified homeowners by helping them refinance to a new loan or by modifying their existing loan.

To qualify for MHA refinancing, you must:
* Have a loan that is owned or guaranteed by Fannie Mae or Freddie Mac.
* Be current on your mortgage payments.
* Have a mortgage balance that does not exceed 105% of your home’s current value.

To qualify for MHA loan modification, you must:
* Use the home as your primary residence
* Owe no more than $729,750 on your first mortgage
* Have trouble paying your mortgage
* Have obtained your mortgage before January 1, 2009
* Have payments on your first mortgage that are more than 31% of your current gross income.

If you think you qualify for either program based on the above information and are interested in proceeding, visit the MHA website and then contact your loan officer. The MHA program ends on June 10, 2010.

For more details, see Jenny's original post here.

14,000 Condo Floor Plans Now Online, Free!

2009-05-08T17:58:00.010-05:00

Looking for a floor plan of a Chicago condo?

Instantly access any of nearly 14,000 floor plans from the online collection assembled by ChicagoCondosOnline.com, "The Ultimate Condominium Resource." The largest library of floor plans in Chicago, it includes new and existing condos, of all sizes and types, as well as tier-location guides, or floor plates, that show the location of various unit types on each floor. Sample floor plan below:

For free access to any of these 14,000 floor plans, enter the address or the name of the building in the widget below.

Bargains: 17-39% Off at 24 S. Morgan

2009-05-08T09:52:00.006-05:00

YoChicago reports today that price reductions from 17 to 39 percent are now in effect for at least eight developer-owned units at Pure, 24 S. Morgan. Reduced prices range from the $160s for a 680-square-foot 1BR/1BA unit to just over $500,000 for a 2,000-square-foot 3BR/2.5BA unit.

Bargains: $49K-$85K Off at 600 N. Fairbanks

2009-05-08T09:25:00.005-05:00

The eight remaining developer-owned units at 600 N. Fairbanks, located between Ohio and Ontario streets, are now available at discounts ranging from $49,000 to $85,000, according to a report today on YoChicago. Reduced prices range from roughly $840,000 for a 2BR/2BA unit to $1.2 million for a 2BR/2.5BA unit.

New Guidelines for Buyers

2009-05-07T12:01:00.006-05:00

Among the tips offered by reporter Mary Ellen Podmolik in today's Chicago Tribune is this one for condo buyers:

"Potential buyers need to be aware not only of additional loan fees instituted last month by Fannie Mae and Freddie Mac, but they also need to find out about the financial health of the developer and the homeowners association. Shoppers need to learn whether units in the building are in pre-foreclosure or foreclosure because that could affect future home values and financing."

For the entire article, click here.

MRED: Dollars Down 59%, Units Drop 51%

2009-05-07T09:00:00.004-05:00

According to figures released today by MRED, the regional MLS, year-to-date sales of Chicago condos are:
* Down 59% in total dollar volume, from $1.6 billion to $668 million
* Down 51% in units closed, from 4,128 to 2,012
* Down 11% in median sales price, to $281,000
* Up 24% in average market time, to 158 days.

Comparing April sales to March:
* Units closed were up 15%, from 563 to 645
* Dollar volume was up 8%, from $187 million to $202 million
* Median sales price was unchanged, at $280,000
* Average market time was up 3%, from 157 days to 161 days.

For details on month-over-month and year-over-year, click here.
For previous market reports, click here.

Is Your Management Co. Taking Kickbacks?

2009-05-06T06:28:00.004-05:00

An article by David Roeder in today's Chicago Sun-Times examines the practice by some property-management companies of taking money from contractors they hire to work on condo buildings. Highlights:

"If you live in a high-rise condo, the chances are good the management company that runs it is getting paid by more than just your association. The managers also might be taking money from contractors they hire to work on your building.

"Call it a procurement fee, a kickback, or pay-to-play for the private sector. But it's a common practice coming under scrutiny. The Streeterville Organization of Active Residents, a community group whose members are mostly condo owners, has asked a committee to look at the practice and advise condo associations on how to address it. SOAR President Gail Spreen said the group is making no assumptions that anything illegal is going on, especially since some procurement fees are written into management contracts.

"But others are scornful. 'It's theft,' said Tim Sack, vice president of plumbing operations TMS Mechanical Inc. in McHenry, a firm that works at many downtown high-rises. 'To me, it's stealing from the people you are working for.' Sack said he turns down invitations to kick back part of the bill on each job. The money would secure his place on a management company's 'preferred vendor' list.

"Industry insiders said the payments often range from 10 percent to 15 percent.

"Either way, the principle might grate on members of condo boards who have to explain why monthly assessments are so high. If a contractor is dealing in kickbacks, shouldn't they instead just reduce the bill for the job?"

For the entire article, which includes responses from Sudler, Wolin-Levin and Draper & Kramer--and names two companies (Building Group and Habitat Co.) that sources say do not engage in the payments--click here.

New-Construction Update: 5/4/09

2009-05-04T05:40:00.000-05:00

Winnemac Terrace

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1216 W. Winnemac, Winnemac Terrace
4 of 6 available, 2-3 BR, $300K-$430K, Delivery now
Developed by NA, Marketed by @properties

5230 N. Kenmore, Provenance
17 of 20 available, 1-3 BR, $210K-$510K, Delivery now
Developed by Phenix Sun, Marketed by Rubloff

207 E. 31st, Signature Residences
7 of NA available, 1-3 BR, $150K-380K, Delivery now
Developed and Marketed by 31st & Indiana Development

2930 N. Sheridan, Twenty Nine Thirty Sheridan Tower
NA of 252 available, 1-2 BR, $210K-$340K, Delivery now
Developed by Kroupa Development, Marketed by @properties

3241 W. Palmer, Palmer
7 of 7 available, 3 BR, $290K-$390K, Delivery now
Developed by NA, Marketed by Architectural Investments

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Video: $8,000 Tax Credit for First-Time Buyers

2009-04-30T14:25:00.005-05:00

In this YouTube video, the tax economist for the National Association of Home Builders explains how first-time homebuyers can receive an $8,000 tax credit (refund) when buying any home as a primary residence.

Free Directory of 216 Doormen

2009-04-28T20:56:00.004-05:00

Verified phone numbers of door stations at 216 Chicago condos are now available in a Directory of Doormen, compiled by ChicagoCondosOnline.com.

For your free copy, e-mail Ric14@ChicagoCondosOnline.com. If you are an agent, once you receive the directory, please respond with the phone number of at least one door station not listed, for inclusion in the next edition.

New-Construction Update: 4/27/09

2009-04-27T05:10:00.000-05:00

Oakley Pointe

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2520 S. Oakley, Oakley Pointe
9 of 21 available, 2 BR, $220K-$290K, Delivery now
Developed by NA, Marketed by Koenig & Strey

1200 W. Roosevelt, Roosevelt Square
19 of 420 available, 1-3 BR, $320K-$690K, Delivery now
Developed and Marketed by Related Midwest and Quests

1615 S. Miller, Miller Place
4 of 6 available, 2 BR, $270K, Delivery now
Developed by NA, Marketed by @properties

2491-2513 N. Milwaukee, Logan Station
20 of 60 available, 1-3 BR, $200K-$400K, Delivery June
Developed and Marketed by Paramount Homes

1621 S. Carpenter, Chantico South
5 of 9 available, 1-2 BR, $190K-$370K, Delivery now
Developed by Lipe, Marketed by Jameson

Previous New-Construction Updates

Bargains: County to Auction 3 Condos May 15

2009-04-23T18:25:00.003-05:00

Three Chicago condos will be sold by the county to the highest bidders on Friday, May 15.

They are:
* Unit 710, 6118 N. Sheridan, 1BR/1BA, appraised at $76,000
* Unit 4A, 6141 W. Higgins, 2BR/1.5BA, appraised at $179,000
* Unit 105, 4215 N. Keystone, 1BR/1BA, appraised at $145,000

The auction will take place at 10 a.m. in Room 569 of the County Building, 118 N. Clark.

For details, including viewing dates, contact the Real Estate Department at the Office of the Public Administrator at (312) 603-0100 or visit cookcountygov.com.

New-Construction Update: 4/20/09

2009-04-20T07:00:00.000-05:00

Zen

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

225 S. Sangamon, Zen
4 of 78 available, 1-2 BR, $260K-$390K, Delivery now
Developed and Marketed by Oculus Development

118 N. Halsted, 118 N. Halsted
4 of 9 available, 3-4 BR, $490K-$620K, Delivery now
Developed and Marketed by RMR Partners

50 E. Chestnut, 50 E. Chestnut
11 of 34 available, 3 BR, $2.87M-$3.56M, Delivery now
Developed and Marketed by Jameson Real Estate

2150 W. North, 2150 W. North
3 of 12 available, 2-3 BR, $490K-$560K, Delivery now
Developed by NA, Marketed by Prime Properties Realty

925 N. Larrabee, Sky Life
5 of 6 available, 3 BR, $690K-$790K, Delivery now
Developed by NA, Marketed by North Clybourn Group

Previous New-Construction Updates

Developers Offering Rent-to-Own Options

2009-04-19T10:26:00.009-05:00

According to Celeste Busk in today's Chicago Sun-Times, cash-strapped home buyers have an option to rent-to-own at many Chicago condo developments. Highlights:

One popular reason for renting to own is that most agreements don't require a hefty down payment or upfront costs. Terms vary per property and oftentimes are specifically customized by the financial situation of the renter.

On the Near South Side, New West Realty has launched a rent-to-own program at Eastgate Village, a 300-unit development at 26th Street and Martin Luther King Drive. The 10-acre village features a mix of 3-story townhomes and walk-up condominium buildings.

The program calls for 75 percent of the prospective buyer's monthly rent to be held in escrow as down payment cash to purchase the residence at the end of the year.

The 1-bedroom, 2-bedroom and 3-bedroom condos are priced from the upper $200,000s to the $500,000 bracket. Eight walk-up condos are targeted for the program.

For example, the Adler 62A floor plan is priced at $279,900. Under the program, the buyer of the 2-bedroom condo would lease the unit for one year at a monthly rent of $1,650. With 75 percent of the rent -- $1,237.50 -- escrowed each month in the down-payment account, the buyer would have accumulated $14,850 in cash by the end of the year.

Details at (312) 683-0660 or eastgatevillagechicago.com.

Another lease-to-own program is run by Builders Center of Chicago, which has offices on the North and South Sides. Depending on the property, clients may pay a small upfront fee, and up to 47 percent of the rent will go toward ownership.

Builders Center has a variety of 1- to 3-bedroom condos and town houses priced from $155,000 to $400,000. One property is a 10-unit building at 4234 S. Ellis. Another is a 25-unit condo conversion at 1412 W. Arthur in Rogers Park.

Details at (773) 751-5151 or road2ownership.com.

Emerald Buyers Get $35K Parking Space Free

2009-04-19T10:08:00.004-05:00

According to the Chicago Tribune, buyers who purchase a one-bedroom residence at Emerald, a 212-unit condo at Green and Monroe Streets, by May 15 will receive free deeded parking, a $35,000 value. One-bedroom units are priced from $270,000.

Details at 312-226-0555, or emeraldchicago.com.

New-Construction Update: 4/13/09

2009-04-13T06:45:00.000-05:00

Landmark Square

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

3323 S. Prairie, Landmark Square
4 of 12 available, 2-4 BR, $270K-$370K, Delivery now
Developed by Ferro Dipiazza, Marketed by Coldwell Banker

2041 W. Roscoe, 2041 W. Roscoe
3 of 3 available, 2-4 BR, $570K-$1.6M, Delivery June
Developed by NA, Marketed by Baird & Warner

950 W. Leland, 950 W. Leland
30 of 60 available, 1-2 BR, $180K-$290K, Delivery now
Developed by Avalon, Marketed by Baird & Warner

3701 N Kenneth, Kenneth Court
8 of 72 available, 2 BR, $190K-$210K, Delivery now
Developed by NA, Marketed by Koenig & Strey GMAC

2353 W. Belden, 2353 W. Belden
3 of 5 available, 3 BR, $430K-$490K, Delivery now
Developed by NA, Marketed by Koenig & Strey GMAC

Previous New-Construction Updates

Advisory Council Proposal Ready for Review

2009-04-12T07:04:00.006-05:00

In an article in today's Chicago Tribune, Pamela Dittmer McKuen outlines recommendations made by the Condominium Advisory Council of Illinois, which is nearly finished with its year-long assignment to identify the most vexing issues facing condominium owners and associations, and figure out how to fix them.

A draft proposal is in writing, ready for a final round of commentary before it is submitted to state lawmakers. Committee member Rep. Harry Osterman (D-Chicago) is seeking comment until April 21. To obtain a copy of the draft proposal, call his office at 773-784-2002 or e-mail hjo17@aol.com.

The proposal contains dozens of recommendations. Some are semantic and others require significant change. Two issues are critical: the adverse effect of foreclosures on associations and protecting owners from dishonest, underfinanced or inexperienced developers, said Osterman.

"We heard a lot about the financial hardship foreclosures put on associations, whether they are big or small," he said. "We want to help them recoup some additional costs from those sales."

The proposal also calls for developers to put money in escrow until after the project has been completed.

Other recommendations:

• An ombudsman's office will be created to investigate complaints and provide educational materials for owners and buyers. A mediation panel will hear disputes between willing and aggrieved parties; the decisions of the panel are binding.

• Property managers must register with the Department of Professional Regulation and complete at least 20 hours of continuing education every three years.

• Owners must purchase insurance for their personal property and the interior of their units.

• Smoking will be banned in common areas.

Bargains: From April 15-29, $15,000 Off

2009-04-12T06:47:00.003-05:00

According to today's Chicago Tribune, The Partnership for New Communities is offering a $15,000 grant from April 15-29 for condo buyers at four Chicago developments.

The money can be used toward the down payment and is in addition to the federal tax credit of up to $8,000 available to first-time buyers (those who have not owned a home in the past three years).

The incentive is available at Oakwood Shores and Park Boulevard on the Near South Side, Parkside of Old Town on the North Side, and at Roosevelt Square on the Near West Side.

For more information, visit findyourplaceinchicago.org.

MRED: Closings Drop 54%, Dollars Down 60%

2009-04-06T09:09:00.018-05:00

According to figures released today by Midwest Real Estate Data (MRED), our regional Multiple Listing Service, unit sales of Chicago condos are down 54% year to date, while total dollar volume is down 60%. Median sales price is down 9%.

From January 1 through March 31, the number of units closed in the city total 1,349 in 2009 compared to 2,920 in 2008. The dollar volume for those units dropped to $462 million so far this year compared to $1.158 billion last year.

Comments Dave Hanna, president of the Chicago Association of Realtors:

"Multiple forces at work here. Lowest percentage of total sales that are 'Distressed property' (foreclosures and short sales) by property type: Condominiums. Most active category of sales, all housing types: Distressed properties. Investors are looking to: Distressed property.

"Add in the challenges of financing with FHA (no loans to associations of four units or less and no loans to associations with the Right of First refusal), Fannie and Freddie (arcane new lending requirements tied to occupancy and delinquency in assessments strangling new-construction projects and recently sold buildings) and it is not a surprise to see the numbers for condos drop as homebuyers look elsewhere for a place to live with more options for financing."

For condos closed year to date, the median sales price is $285,000, down 9% from 2008. Average market time: 155 days, up 21%.

Comparing March sales of Chicago condos to February sales, one finds a brighter picture, influenced by seasonal upticks:
* Units closed increased by 47%, from 384 to 563
* Dollar volume was up 44%, from $130 million to $187 million
* Median sales price increased by 1%, from $278,000 to $280,000.

New-Construction Update: 4/6/09

2009-04-06T06:30:00.000-05:00

Luxhaven

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1733 W. Cornelia, Luxhaven
8 of 8 available, 1-3 BR, $330K-$720K, Delivery 2009
Developed by Trianon, Marketed by C21 Sussex & Reilly

3255 N. Paulina, 3255 N. Paulina
1 of 9 available, 2 BR, $560K, Delivery now
Developed by NA, Marketed by Jameson

323 W. Webster, Park Webster
4 of 4 available, 2-3 BR, $870K-$1.2M, Delivery now
Developed by Mod Two, Marketed by Sudler Sotheby's

3553-3559 W. Montrose, The Delano
6 of 16 available, 2-4 BR, $270K-$480K, Delivery now
Developed by Ultimate, Marketed by Sergio & Banks

340 W. Evergreen, 340 Evergreen
4 of 9 available, 3-4 BR, $680K-$1.3M, Delivery now
Developed by ITK2 Development, Marketed by Jameson

Previous New-Construction Updates

Estimating Taxes on New Construction

2009-04-03T16:53:00.005-05:00

On his excellent blog, YourWindyCityGuide.com, @properties agent Bob Darrow offers some tips on how to estimate the property taxes on a unit you buy in new construction. Excerpts:

When you buy a new construction house, townhouse or condo, or maybe in a new condominium conversion of an existing building, you will not know what the property taxes are. You will have to guess. The reason: the tax assessment has not been calculated for the new type of property.

In popular north-side neighborhoods, a rule of thumb will be 2% of the purchase price. Odds are, your bank is going to use the 2% figure to decide whether you can afford your new home. And the bank is going to start using the 2% figure for your tax escrow.

In reality, your tax bills will most likely be lower. In the Lakeview neighborhood, you can expect your taxes to come in at around 1.6% of purchase price. In Lincoln Park, around 1.75% of purchase price.

As in life, however, there are no guarantees.

Calculator Compares Cost of Any Two Cities

2009-03-30T07:50:00.005-05:00

Thinking of moving from one city to another? Or just curious to see how far your salary would go in another city?

To compare the overall costs of living in any two U.S. cities, use this calculator, available on CNNMoney.com.

One example: If your salary in Chicago is $50,000, you'd have to make nearly $98,000 to live comparably in New York's Manhattan. Your housing costs would be 217% more.

New-Construction Update: 3/30/09

2009-03-30T07:40:00.000-05:00

1600 Museum Park

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

1629 S. Prairie, 1600 Museum Park
139 of 268 available, 1-3 BR, $280K-$710K, Delivery now
Developed by Enterprise, Marketed by Coldwell Banker

2849-2851 N. Ashland, Ashland Manor
5 of 5 available, 1-3 BR, $320K-$1.09M, Delivery now
Developed by NA, Marketed by Prudential Preferred

815 N. Ashland, 815 N. Ashland
3 of 6 available, 3 BR, $450K-$540K, Delivery now
Developed by NA, Marketed by North Clybourn Group

1820-1842 W. Irving Park, Eco North
16 of 16 available, 2 BR, $390K-$450K, Delivery now
Developed by JCJ Development, Marketed by Baird & Warner

1400 S. Michigan, Michigan Avenue Tower II
27 of 269 available, 1-2 BR, $250K-$480K, Delivery now
Developed by Russland Capital, Marketed by Frankel & Giles

Previous New-Construction Updates

Wanted: List of FHA-Approved Condos

2009-03-25T09:07:00.014-05:00

Arlene Goltz, an agent at Prospect Equities, asked if our sister site, ChicagoCondosOnline.com, lists all condos in Chicago that are FHA approved. It does now, but the list provided to us by the FHA is outdated and incomplete. For an Excel spreadsheet we created from that list, send an e-mail to Ric14@ChicagoCondosOnline.com.

Arlene, who has researched the topic, pointed us to a search engine on the HUD Web site that generates a list of 1,500 FHA-approved condos in the metro area (only 404 of them in the city). She estimates that the HUD list contains no more than 10 percent of all those approved. We asked the FHA for a complete, updated list, but were referred back to the Web site.

Says Arlene: "FHA spot approval [of a unit in a building not already approved] requires 51% owner occupied, no litigation, no right of first refusal. The no-litigation is starting to crop up everywhere. It doesn’t matter if it's covered by insurance; FHA says no pending litigation."

Here's a link to an FHA Spot Loan Approval Checklist, from Guaranteed Rate. It also lists: "There are no special assessments pending."

Additional info can be found on a blog post by Peter Thompson, a mortgage lender in Downers Grove.

If you can add to this topic, please post your comment.

New-Construction Update: 3/23/09

2009-03-23T10:12:00.003-05:00

The Silver District

Every Monday, with help from our friends at YoChicago.com, we present vital data on five condos under construction.

To view Building Profile on ChicagoCondosOnline.com, click address. To visit developer’s Web site, click name. To use Chicago's best condo search engine to review in-depth profiles of 900+ new-construction properties and find the unit types that meet any combination of 100 preferences, click here.

2800 W. North, The Silver District
20 of 20 available, 2 BR, $300K-$410K, Delivery now
Developed by DIM, Marketed by North Clybourn Group

451 W. Huron, 451 W. Huron
9 of 135 available, 2 BR, $390K-$590K, Delivery now
Developed by NA, Marketed by Coldwell Banker

1901 S. Calumet, Museum Park Place South
159 of 276 available, 1-3 BR, $290K-$600K, Delivery August
Developed and Marketed by Enterprise Companies

160 E. Illinois, Avenue East
9 of 133 available, 1-2 BR, $390K-$1.08M, Delivery now
Developed by RHA, Marketed by Equity Marketing

4720 N. Kimball, Kimball Station
59 of 59 available, 1-3 BR, $180K-$370K, Delivery now
Developed by Diversey LLC, Marketed by @properties

Previous New-Construction Updates