Has The Chicago Real Estate Boom Ended For Condos

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Has The Chicago Condo Real Estate Boom Ended


If you are planning to buy one of the many Chicago condos there are a few things you should know in the first place. First of all it isn't hard. Secondly, Chicago has one of the biggest real estate markets in the United States of America.

Although this market might overwhelm some people with the difficulties in choosing and finding the Chicago condos that best fit your needs. The best thing you should first do is sit back and examine every option for a considerable period of time. Do not rush yourself into the first good deal you find. In Chicago, you don't have to look too much to find good Chicago condos because the condo will find you first.

Today, Chicago is considered a modern city with its' new condominium towers but it hasn't always been this way. Most postwar buildings in Chicago are old and don't stand out to much. The residential building boom started in the early 1990s' and stretched in area outside of the initial city limits, but even these did not distinguished themselves to much as being modern or very attractive looking. The first really modern Chicago condos complexes were started in February 2002, when Mayor Richard M. Daley took measures and raised the aspect problem of Chicago.

But even so, not every new residential condos complex in Chicago meets the high standards as are expected. Today, even though the sales are down by 21 percent compared to the second quarter of 2005, Chicago condos prices rose by 7 percent compared to 2005. Although this is considered the end of the housing boom, Chicago condos are still on an upswing even if it is purely aesthetical.

On of the first building companies that responded to the modernization trend in 2002 is Miller/Hull. Their first project, finished in 2006 is the only modern building that used a steel-frame structure. Although it has an industrial aroma to it, The Miller/Hull was characterized by architects as an “irreducible living machine”.

Another new Chicago condos complex has been built on 550 North St. Clair by Brinistool and Lynch company architects. The keyword of this building is open, modern layouts. All of the condos here use interior glazing and eschew traditional hung doors for sliding panels. The building costs about $42 million dollars and is due for completion in the summer of 2007.

An already built modern Chicago condos complex is built at 30 West Oak. Built by Booth/Hansen Associates this modern Chicago condos complex was finished in October 2006 and houses 46 condos. This building consists of two opposing volumes: a lightly canted concrete structure to the north and another structure that curves alongside it made out of glass lozenge to the south. The large modern Chicago condos occupy the glazed volume while private, smaller rooms fill the concrete one.

With still more modern buildings projects yet to be completed, Chicago promises to be the most modern city in the United States of America. As the current market statistics show that the Chicago market prices tend to fall, if you are looking for a condo to live in you will surely have enough options to choose from. Measuring from the smallest Chicago condos located in the older condo complexes to the new modern condos in the new Chicago condos, the prices vary significantly and you can be sure to find one that your budged can afford.


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