Chicago Estate

Real estate discription

What pops into your head when you think of the city of Chicago? It can evoke images of the Sears Tower and Hancock Center, perhaps double the corn along the river or the old school Wrigley Field marquee. Whatever you bring, the reality is the identity of Chicago can not be defined. Not by a building, or a baseball team beloved. Not even by the picturesque landscape at the lake that is so unique to this city in the Midwest. Instead, the character of Chicago is located with its neighborhoods and the distinctive culture created by its residents. This is your guide to a city that cannot be explored street by street, one neighborhood at a time.

There are over 180 different Chicago neighborhoods, each with its own special touch to the lifestyle of Chicago. Eating to demographics, schools, shops, this guide breaks down what each community has to offer. Discover the historical sites and architectural icons from family restaurants and pubs filled with regulars.

Chicago real estate market goes through a difficult time. Sales of new and resale single-family homes are down, and demand for condos in many areas of the city fell.However, there are new opportunities for buyers ready to make the jump into the market.

April 2008, sales of new homes and resale single family fell 23 percent from the same period last year on total sales of only 546 units. The sales decline is even more pronounced in April 2006 when 949 homes were sold throughout the city. Meanwhile, prices continued to decline in both the upper and lower end of the market around the city. Prices in the southern half of the city were greater than 25 percent in April, while half the easiest North Chicago has seen prices fall by 28 percent over the same month last year.

On the supply side of the market, Chicago led the country in the number of new homes and resale single-family to come on the market in April, according to a report by May 8 ZipRealty.com. The city has increased by 5.9 percent in the supply of housing from the previous month, more than any of the 29 metropolitan areas included in the report. The supply of high housing market and falling demand could mean even lower prices for purchasers of Chicago in the coming months.

The market for condos in Chicago is also facing a difficult time, especially for low-cost units around the city. According to data collected from the MLS for the month of April, sales of new and used condominiums throughout the city fell an impressive 31 percent from the same month last year. However, despite the dramatic decline in demand for condos around Chicago, prices rose 21 percent, fueled by strong demand for million dollar condos around downtown.

Buyers are picking up the high prices of condominiums at an increasing rate. A total of 18 units were sold for over $ 1 million in the loop, in April, against only one unit sold in that price range in April 2007. This increased demand for dollar million units is driving the increase in the average selling price.

Condominium building will be more news on the market in downtown Chicago this year than ever before. According to data from research advisors evaluation, a total of 5984 new units on the market this year, adding to the large number of unsold condominiums on the market in the city.

Buyers should keep an eye on market conditions around the city. Specific markets such as those found further away from the city center are hiding deals on condos and single family homes. Negotiate for a price that reflects current market conditions in Chicago.