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Chicago Condos---Market Overview
When it comes to the condo culture in the USA, the city of Chicago was believed to play a pioneering role of sort. In no other US cities, you will find so many high rise condos. Despite the sub-prime crisis, Chicago condos market has remained stable. The proof? The industry continued to reflect steady growth with increasing average prices. New condo projects were unveiled across the city. However, if you plan to invest in Chicago condos right now, you should find out and put your money in the hottest condo location in the city. Downtown Chicago and the northern fringes of the city are two areas that seem to hold maximum promise right now.
The present Chicago condos market can clearly be categorized as buyers’ market. Let’s explain why? During the boom period, a number of brand new condo projects took off. Many vacant lofts and apartment houses were converted to condos to meet with the boom time demands. Both the existing and new condos are currently attracting buyers; but it is a clear preference toward new units that is shaping a new Chicago condos market. Huge numbers of fresh residential developments are under construction and they are expected to add thousand more units to the existing market. This good supply of Chicago condos will put the buyers in an advantageous position and now it will be possible for the buyers to strike a favorable deal.
Most of these projects are to be found downtown or in the close vicinity. Certain parts of the city are going through the process of complete makeover with a number of stylishly designed sky scrappers hitting the scene. For example, the case of New East Side, which happens to be a small strip lying between the Chicago River, Lake Shore Drive, Millennium Park and Michigan Avenue. A large-scale residential development called Lakeshore East, which comprises 14 residential towers, is under construction in this part of the Loop. It is slated for completion in 2010.
Another two luxury Chicago condo projects that have attracted worldwide attention are Trump Hotel & Tower and the Chicago Spire. While the Donald Trump creation is located in the upscale River North neighborhood, just across the river from the Loop, Chicago Spire is closer to Lake Michigan.
While Trump Tower is a 96-story building offering nearly 500 luxury residences, Chicago Spire is going to be a 150-story residential building offering 1,200 units. The property is scheduled for completion by 2012.
The High end Chicago condos market is being fuelled by the baby boomers on the one hand and the young thirty home hunters on the other hand. Although age-wise they are in the two extreme ends of the spectrum, when it comes to the choice of the home, their requirements are more or less same. Both of them are in the need of high quality, low maintenance homes. With these two significant parts of the population entering the buyer's market in a big way, the Chicago condos market surely has a bright future ahead. So if you are planning to make some real estate investment right now, Chicago condos can be safe bet for you.
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