Chicago condominiums were not always as popular as they are now. These days they are highly in demand by all different kinds of people, from the young and just starting out, to the elderly and well-to-do. A well-stocked condominium is a winner over all the hassles of seeing to an independent home with a garden.
In the past, luxury Chicago area condos including things like indoor parking, a pool, exercise equipment, doorkeepers, security features and so forth were found exclusively along the Gold Coast, downtown and near the lakefront. They commanded high prices and higher rents.
The convenience and amenities offered by condos has pumped up demand for more condo-style housing all across Chicago. Hence, now new condos are being built all over Chicago. Many old apartment blocks are more and more being renovated to become condominiums. Today you can find condominiums in the neighborhood you prefer but plus you will find a broad spectrum of prices to choose from.
Condo units are also in great demand from local students. Renting a home or living in a dorm has become so expensive that parents find that owning a condominium makes better economic sense. After the child finishes his schooling in about 4 to 5 years the conod will sell at a higher price. Also, tax breaks that the parents receive makes condo owenership more attractive.
To conform to the requirements of the high end Chicago condo market, investors are coming up with innovative ways to use developable space by combining luxe condominiums with hotel suites and housing for seniors.
Elysian Development has already started work on an interesting new project on Chicago's Gold Coast. It is coming up on East Walton Street between State and Rush. Prices for hotel units were from $490,000 to $890,00. Sticker prices of the condos (3000 to 11,000 square feet) will begin at $2 million. Facilities will include eateries, meeting facilities, large halls for events and an enormous fitness facility. The primary building has an anticipated completion date of by autumn of 2006 and the real estate project accomplished by Fall 2007.
For instance, it used to be that a new condo community having both townhouses and condos - the complex at Westhaven Park - commenced. It is being constructed on the site of the old Henry Horner public housing campus, located between Hermitage and Oakley Avenues and between Lake and Washington Streets.
Construction of the project's first condos, in a 9-floor, 113-unit mid-rise, started out in January of this year. 79 of them are being sold as condos. Of these, seventy-two units will sell at market prices of $147,500 to $230,000 (for 750- to 1,040-square-foot one-bedroom units) and $200,000 to $278,000 (for the 1,051 to 1,318-square-foot two-bedrooms units).
The remainder will be priced a little lower at $121,000 and higher for the smallest one-bedroom, an then $182,000 for the greatest two-bedroom homes, the developers estimate. Potential buyers for these condos are from the towns just outside of Chicago and a variety of different Chicago neighborhoods. Some four units are sold every month.
Later this spring, sixty additional condominium units will be built on the Westhaven Park project site. They will be known as the Westhaven Citiflats, and 48 units will sell for $175,000 for 1,035-square-foot one-bedrooms; $248,000 for 1,290-square-foot two-bedrooms; and $306,000 for 1,948-square-foot three-bedroom units.
Twelve units will start at $118,000 for one-bedrooms to $138,450 for two-bedrooms. Early 2006 will witness the first condos finished.
The chicago condominium market is active and flourishing. Condo units have become a favorite housing choice for many parts of society and the rising demand is being matched by developers embracing innovative concepts and making innovative use of idle space in select placements. For many of these complexes, all units have already been sold - before construction even gets under way.