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Chicago Condos

Chicago Condos were once the domain of the retired and the wealthy. But now they are highly in demand among young professionals, bachelors, students and new home owners. An amenity packed condo beats the hassle of maintaining an independent home with a garden.

A few years back, top quality, high-rise Chicago condos with amenities like indoor parking, swimming pools, gyms, cleaning services, doormen, security features and more could only be found along the Gold Coast, downtown and on the lakefront areas of Chicago. They commanded high prices and higher rents.

But the convenience, features and facilities offered by condos has spurred the demand for newer and more housing of this type all over Chicago. As a result, today you will find condos cropping up in many parts of Chicago and its suburbs. Many old apartment blocks are regularly being converted into condominiums. Now you can buy a condo not only at a location of your choice but also you get a broad spectrum of prices to choose from.

New Chicago Condominium Communities

For example, just a couple of months back a new housing project featuring a combination of condominiums and townhouses - the Westhaven Park housing project - was started. It is being constructed on the former Henry Horner public housing complex, located between Hermitage and Oakley Avenues and between Lake and Washington Streets.

Construction of the project's first condos, in a nine-story, 113-unit mid-rise, began in January this year. 79 of these units are being sold as condos. Of these 72 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 rest will be priced affordably from $121,000 upwards for the smallest one-bedroom, up to $182,000 for the largest two-bedroom ones, say the developers. Potential buyers for these condos come from the suburbs and neighborhoods all over the city. Units are being sold at the rate of 4 per month.

In May, another 60 condos will be constructed on the Westhaven Park project site. These units are called the Westhaven Citiflats, and 48 units of these 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 units.

Twelve units will be priced from $118,000 for one-bedrooms to $138,450 for two-bedrooms. Early 2006 will see the completion of the first of these units.

Chicago Condos Adapt To the Demands of the Market

Condos are also in great demand among the student community. Renting a home or paying for student dormitory housing has become so expensive that parents find investing in a condo makes better economic sense. Once the child has finished his/her education in about 4-5 years the price of the condo has generally increased. Also, tax breaks that the parents get makes the condo a worthwhile investment.

To meet the demands of the higher end Chicago condo market, housing developers are making innovative use of available space by combining luxury condominiums with hotel suites and senior housing.

Elysian Development has already started work on a unique project of this kind on Chicago's Gold Coast. It is coming up on East Walton Street between State and Rush. The hotels units were sold from $490,000 to $890,00.

Prices of the condos each measuring between 3000 to 11,000 square foot will start at $2 million. Facilities will include restuarants, meeting rooms, ballrooms and a huge exercise facility. The main building is expected to be finished by fall of 2006 and the project completed by Fall, 2007.

The Chicago condos market is healthy and growing. Condos have become preferred housing option for many sections of society and the increasing demand is being met by developers adopting innovative ideas and taking advantage of unutilized space in prime locations. In a lot of these construction projects, space in the developments is sold out - even before construction begins.

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