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.

Technorati Tags: Chicago Preconstruction Condos, Chicago Real Estate News, New Chicago Developments

This entry was posted on Wednesday, August 29th, 2007 at 12:03 pm and is filed under Real Estate Agents(t) . You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.