Chicago condos have been known to be considered to be fit only for the retired and the wealthy. But increasingly, they are ever more sought after by people such as those who are early on in their careers, bachelors, college students and new home owners. A condo with lots of great features beats all the hassles of taking care of a larger home with a lawn.
Before, luxury Chicago area condos equipped with pluses such as a dedicated parking spot, a pool, exercise equipment, cleaning services, doorkeepers, security systems et cetera were confined to the area around the Gold Coast and downtown Chicago and near the lakefront. They were extremely expensive.
But the convenience, features and facilities available in condos has pumped up demand for more condo-style housing in every part of the Chicago area. Thus, these days you will find condos cropping up all over Chicago and the surrounding regions. Many existing buildings are frequently being converted into condos. Now you can buy condominiums wherever you want and also there will be a broad spectrum of prices from which to decide.
As an example, it was only a few months ago a new condominium building having condos as well as townhouses - the Westhaven Park project - began. It is being constructed where one used to find the Henry Horner public housing development, located between Hermitage and Oakley Avenues and between Lake and Washington Streets.
Creation of the project's first condos, in a 9-level, 113-unit mid-rise, was begun in January 2005. 79 of the units are being sold as condos. Of the 79, seventy-two units should sell in the vicinity 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-bedroom units).
Others will go on the market at $121,000 and up for the littlest one-bedroom, up to $182,000 for the largest two-bedroom ones, the developers estimate. Potential buyers for these condos come from the surrounding towns and all other parts of the city. Approximately 4 are being sold every month.
Later this spring, another 60 condos are expected to be started as part of the Westhaven Park community. The condos will be the Westhaven Citiflats, and 48 of the units will be offered at market prices of $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 condos.
A dozen units will be priced from $118,000 for one-bedrooms to $138,450 for two-bedrooms. Early 2006 will realize the completion of the first of these units.
Condo units are also popular among students at the many local colleges. Apartment leasing or paying for student dormitory housing is now so expensive that parents feel that owning a home is more economically advantageous. Once the child has finished his or her education some four years later the price of the unit has typically appreciated. Plus, deductions on taxes make it worthwhile to buy instead of rent.
To match the demands of the high end Chicago condo market, developers are coming up with innovative ways to use available space by combining deluxe housing with hotel suites and housing for the elderly.
Elysian Development commenced work on this sort of development on Chicago's Gold Coast. It is being constructed on East Walton Street between State and Rush. The hotels units were sold from $490,000 to $890,00.
Asking prices of the condos in the range of 3000 to 11,000 square feet will begin at $2 million. Creature comforts will include eateries, meeting facilities, ballrooms and a large exercise center. The main building should be completed by autumn of 2006 and the real estate project completed by Fall 2007.
The Chicago condos market is healthy and thriving. Condominiums are now a preferable housing option for many parts of society and the increasing demand is being satisfied by developers following innovative new ideas and taking advantage of idle space in prime placements. For many of these construction projects, space in the developments is sold out - prior to the development even being built.