Weekly Updates on Hold

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

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

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

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

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