From time to Chicago, was formed August 12, 1833 with a small population of 350, the city has experienced continued growth beyond the dreams and expectations of the original planners. With its prime location along two major currents of Lake Michigan and the Chicago River, is a magnet for businesses and individuals attracted by the diversity of the city and resources. These factors, among others, fueling a record number of new condominium projects in construction or under consideration in 2009.
Sales of new condominiums and townhouses in Chicago has declined in recent quarters, but it has not slowed the pace of market manufacturers eager for new housing projects. According to statistics compiled by the assessment of research advisers in Chicago, sales of newly built condos has declined in each quarter of 2006, an average decline of 16% over the previous year. But despite these figures, more than 30 new buildings or conversions are both in the marketing or construction phase, particularly in the coveted Millennium Park, Museum Park and South Loop area.
This source of demand relative to a strong relationship has fostered competition between real estate developers in Chicago. Overall, the financers of construction loans from LaSalle Bank and Lehman Brothers need at least 50% of condominium units are sold before funding is granted. Developers have realized the need to offer potential homebuyers a product that attracts not only price, quality craftsmanship and location, but responds to the changing lifestyles of residents. Without a pre-sale, a significant percentage of town homes and condominiums planned will never rise above the review board.
Marketing techniques have become an essential tool for the well to obtain these figures are pre-construction Chicago developers. The Internet has become the largest real estate agent, builders to reach the floor plans, photos of the sample and quotes with pre-registration. Interior decorating facilities are still available to those who buy early. This proved a boon for sales, with only the state of New York, manufacturers must register their plans before providing any public information and pre-sales. The townhouses and condominiums in Chicago can be marketed to a much larger section of the population and ease of purchase of the house without having to drive any distance is a great comfort to today’s technology Bent for new buyers.
Companies large developing more specialized in turning to the desires and needs of buyers for the provision of services normally associated with lodging in a five star hotel. American Invesco, equity DK, Davis Group and Lennar Homes are some of the mega builders are successful with this strategy.
The success of the last project builder Centrum Properties in Chicago are the Lofts at Roosevelt and Fairbanks CityFront. Terrapin Properties, based in the city, specializes in mixed-use developments, including the point at 710 S. Clark Burnham. Smithfield Properties two projects, the Park and Eric Kingsbury on the Park, were in demand, so that the units of luxury condominiums that sold before construction begins.
Development Officers / Walsh Construction is building a legacy in the Millennium Park, a beautiful spot overlooking the lake, surrounded by green acres. referred to the increased units allow residents a spectacular view of Chicago skyline, waterways and parks nearby and developers ensure that they never be blocked. Potential residents are attracted by the prospect of living with easy access to outdoor recreation while being close to the center.
Another factor fueling the popularity of condos in Chicago and services to residents of the townhouses. Most of these buildings have year-suite, spa, pool concierge service, and a host of other services in addition to high quality furniture in each unit. terraces and private balconies, laundry service and covered parking are also included with most condos. Emphasis is placed on the service life of residents and create a feeling of comfort, not only the construction of a condominium.
Condos and conversions in the South Loop area are selling at a rapid pace as well. This part of Chicago has long been known for its charming neighborhoods, unique shops and small coffee houses to large stores like Macy’s. The growth of new businesses and the availability of luxury homes at affordable prices and supported strong sales in this locality.
Lexington Park, developed by the group leader, is a “green” building to LEED certification in the neighborhood of the South Loop. Belgravia Group project at 565 Quincy is another property near the loop.
Final figures for 2007 will tell the rest of the market history of condos in Chicago. But if current trends continue, the last sale will probably be formed by new home builders have proved they know what buyers want, excellent location, competitive prices and a comfortable lounge. http://www. BestChicagoCondos. com for insider scoop on Chicago condos and condo developers.
Keith Frank has been written about luxury condos in Chicago for several years. Live in the Gold Coast neighborhood with his wife.
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