It seems everybody is looking to live in a condominium in Chicago.  Developers are building them in droves and people are coming back from the suburbs to enjoy the city.

However, condo living comes with responsibilities and headaches that many people who have lived in their own home have never experienced.

The idea of condos is combined responsibility for building costs.  You will be responsible to pay for your share of trash service, the doorman’s salary, a fresh coat of paint, and repairs to the roof.

However, what you may not be prepared for is expensive renovations that many in the building may consider unnecessary.  That new carpet in the hallway may push up your assessment by a lot more than you think.

Living in a condo also comes with certain limitations.  You can’t own whatever pet you want, can’t have parties at any time of night, and smokers are often left outside to light up.

It is important to carefully read the condominium declaration and bylaws that state each rule for residents and guests.

Living in a condo can be a great experience, but one that some people may find too many restrictions.  Reading the declaration and bylaws is just as important as finding the right price when looking for a New Chicago Condo.

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Downtown Chicago continues to see new development of condominiums and lofts in a real estate market that has many investors spooked.

Downtown Chicago seems to be holding strong as condo vacancy rates remain low and sales prices are steady.  According to the Chicago Association of Realtors, the downtown Chicago condo market has seen almost no change over 2006 prices.

The average sales price for a condo in the Chicago Loop during the second quarter of 2007 was $363,256, down under 1 percent from the same period during 2006.

The newest condo development announced for downtown Chicago is for a 31-story high-rise that will offer 280 luxury condos.

The West Loop property is located next to the Main Post Office on 519 S. Clinton.

The development, spearheaded by George Bonomo, is currently under review by neighborhood officials.

Downtown Chicago Condo development continues at a frenetic pace, with many luxury developments going up all over downtown.  The Chicago Spire, The Trump International Tower, and the Mandarin Oriental are all offering luxury units in mixed-use space.

These towers also promise to change the face of the Chicago skyline.  Keep up with the latest Chicago, IL Real Estate Report and stay on top of the market.

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Buyers around Chicago are looking for new condominiums that offer green construction and energy saving technologies.  The Fountain View Lincoln Square is a new condo development planned for Lincoln Avenue and Giddings Plaza that will offer energy efficient condominiums.

The building is LEED registered.  LEED, or Leadership in Energy and Environmental Design, certifies properties around the country that have proven to save energy, use green construction materials, save water, and care for both the internal and external environment. 

The Fountain View Lincoln Square offers preconstruction prices on 18 two and three bedroom condominiums in the heart of Lincoln Square.  Prices start at under $500,000.  The Fountain View is currently the only LEED certified green building in Lincoln Square.

Lincoln Square is one of the hottest neighborhoods in the city.  According to the Chicago Association of Realtors, the number of homes sold in the neighborhood rose 6% in the second quarter over 2006 numbers.  The average sales price for condominiums has also increased by 17% over last year. 

Residents of Lincoln Park have easy access to downtown Chicago via public transportation as well as many other neighborhoods around the city.  The neighborhood is home to many of the best restaurants and shops in Chicago. 

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