Chicago Condos Online

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.