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Articles for ‘Condos/Townhomes’

How Much Does an Elmhurst Condo Cost? Check out Crescent Court

Friday, August 8th, 2014 by Sari Levy

Elmhurst Condos, Crescent Court

Elmhurst  Condo

Located in the heart of downtown Elmhurst and built in 2005, Crescent Court is an Elmhurst condo complex with about 120 units.  Located on York Street within walking distance to the train and the various shops and restaurants, it is one of the more desirable Elmhurst Condo choices.  Units range in size from 945 square feet to just over 2,400.

You can expect to pay upwards of $250.00 per square foot or more if the unit is highly finished. In the last year 10 units have sold between both buildings. Compared to other Elmhurst Condos, the price per square foot is fairly high.

On August 4th, 145 S York Unit 510 sold for $380,000. Listed by Coldwell Banker as the Berteau model with 2 beds and 2 baths and located on the buildings top floor, it boasted:


A similar Elmhurst Condo in Crescent Court unit #310 is currently being listed by @ Properties and is priced at $349,000.  It boasts bamboo floors, a private balcony and 2 parking spots.

Check out more Elmhurst Condos for sale.

Hamptons of Hinsdale: Luxury Condos and Townhomes for Sale

Monday, October 24th, 2011 by Sari Levy

Looking to live in Utopia?  Then you might want to check out the Hamptons of Hinsdale.  Located near the intersection of 59th and Washington Streets in Hinsdale, the Hamptons plans to offer over 100 luxury units, both townhomes and condos set in a serene park like location with ponds and open space.  The infrastructure and site improvement work is virtually complete. The first four-unit town home building is complete (pictured below) and a 23-unit condominium building is also under construction. Foundation work and underground garages have been completed for two additional condominium buildings.



In 2002, Wextrust Development purchased the property for $18 million. Wextrust planned to construct 12 buildings on the Hinsdale site.  In the original plan, seven buildings would contain 23 luxury townhomes and five larger structures would house 93 condominium apartments. Prices were to range from $339,000 to $697,900 for the condos and $695,000 to $940,000 for the townhouses. But work on the project halted that year when Wextrust CEO and COO were indicted by a federal grand jury for involvement in a $255 million Ponzi scheme.

After sitting on the market for sometime, The Hamptons was purchased by a subsidiary of Oak Brook-based Inland Opportunity earlier this year from Citizen’s Financial Bank.  According to The Hamptons website, The Hamptons is “Well-funded, carefully planned and on schedule for completion in the near future.” Next Generation Development out of Wheaton will handle construction, sales and marketing.” The Hamptons sales trailer is now on-site along Grant  Street, well as the rear entry near Washington & Kennedy.

Located on a 12.5 acre parcel of land, The Hamptons offers 26 Villa Townhomes and 93 Condominiums set among landscaped grounds, featuring shingle-style architecture, open space with gazebos and a tranquil pond. The Hamptons is situated in the highly desirable Elementary school district 181 and in Hinsdale Central High School District.

Marketed as “affordable, intelligent living”, there are four town home designs that span 2,473 to 2,817 square feet and 9 condo floor plans are available, ranging from 1,262 to2,239 square feet.  In a small change from the original plan there will be four condo buildings and six villa buildings.  Below is a table showing the units being offered with links to more information for the units available now.

Unit Sq. Ft. Beds Baths Starting Price Type
Biltmore 1,262   1   1.5 $290,000       Condo
Chelsea 1,466   2   2 $355,000       Condo
Rushfield 1,673   2   2 $390,000       Condo
Felsted 1,702   2   2 $425,000       Condo
Lennox 1,740   2   2.5 $440,000       Condo
Kelmscott 1,807   2   2.5 $485,000       Condo
Oxford 1,833   2   2.5 $505,000       Condo
Shelbourne 2,000   2   2.5 $530,000       Condo
Wentworth 2,239   2   2.5 $550,000       Condo
Broadmoor 2,473   2   2.5 $598,000     T/home
Cotswold 2,647   3   2.5 $647,000     T/home
Prescott 2,689   3   2.5 $658,000     T/home
Nantucket 2,818   2   2.5 $698,000     T/home

The grand opening took place the weekend of September 9th.  There are two units listed for sale in the MLS as available now, the Broadmoor and the Cotswold.  Both are listed substanially higher than the starting prices listed on the table above -with the Broadmoor being listed at $689,900, and the Cotswold for $697,000.  Also, not in the MLS but listed as available on the Hamptons site is the Prescott for $722,000. As of October 20, 2011, one unit has sold, and that was for a Prescott unit back in 2008 for $1,036,058.  Bet that guy is anxious for some neighbors who are going to pay about 30% less than he did.  Ouch.

Hinsdale Condo Market Conditions

Currently, there are a total of 68 units on the market in all of Hinsdale priced from $60k to $1mm.  In the last 12 months,  in the Hinsdale Market, 16 condo/townhome units have sold ranging in price from $142,500 – $950,000.  Simple math indicates that there is already a 4 1/4 years supply of inventory.  With The Hamptons adding an additional 112 units, the time triples.  It will be very interesting to see what sort of demand the Hamptons is able to create.

Elmhurst Condo and Townhome Market Stable

Monday, October 3rd, 2011 by Sari Levy

Comparing the one year period of time ending on September 24, 2011 and the same period of time the prior year, the volume of sales has been pretty consistent, with 52 sales of condos/townhomes in Elmhurst this year and 54 at the same time last year.  Sales of distressed properties (foreclosures and short sales) have increased from 15% of all units sold to 21% of units sold.

Prices for condos and townhomes that sold this year range from $15,000 – $609,000 and last year at this time, the range was similar, but note the floor decreased dramatically from last years $55,000 – $ 615,000. There were three properties that sold under $55k this year.

The average price per square foot has decreased from $176 to $158, even though the mix of properties sold were built in 2000 or later went from 30% of the units sold to 46% of the units sold.

So what can you get for under $225k in the Elmhurst condo market? Located at 136 N Haven is a vintage one bedroom, one bath 828 square foot condo located a short walk from the train listed at $219k. For $215,000 you can get a 1,486 square foot new construction 2 bed, 2 bath condo and it comes with heated garage space located in the Essex Place condos which are located just a stones’ throw from the new Elmhurst Hospital campus at 175 Brush Hill.

For the big spenders who like the biggest and brightest of everything, there are six new construction townhomes located on First Avenue in Elmhurst within walking distance to downtown and the train. Several models with three bedrooms and 3 ½ baths are for sale priced between $565k and $625k. Check out 359 W First to see the most expensive townhome option available in Elmhurst.

Overall Elmhurst Market Conditions

Elmhurst Condo/Townhome Months of Inventory

As of September 1, there was about an 18 month supply of condo inventory on the market, which is the lowest it’s been in the last 2 years at this time. The time a condo/townhome stays on the market has remained consistent at about 200 days, though we’re moving into the slow selling season, which should present some buying opportunities as sellers compete for fewer buyers.

Comparing Assessments – Part III

Thursday, February 4th, 2010 by Gary Lucido

As part of my ongoing rant about the high condo assessments in Chicago I’d like to revisit a topic I covered a while ago – what is the appropriate tradeoff between price and assessments? In that previous post I got into some fairly esoteric finance details about discounted cash flows and perpetuities that may have made the decision process seem a bit unreal. However, in discussions with a current client, I came up with a more concrete analysis that looks at what the impact of different assessments might be for a typical buyer with a finite time horizon.

In the example below I look at a theoretical high income buyer facing a choice between two condos, with one condo having assessments that are $100/month higher than the other. Given that the buyer is only going to live there for 5 years, the question is how much more can the buyer spend on the condo with lower assessments and still have the same monthly expenses, if the mortgage rate is 5%. In addition, are there any other economic considerations?

Unit A Unit B
Price $ 500,000 $ 541,311
Mortgage Rate 5.00%
Monthly P&I $ 2,684 $ 2,906
5 Year Average Monthly Interest $ 2,006 $ 2,172
Tax Bracket 36%
Initial Assessment $ 600 $ 500
5 Year Average Assessment $ 637 $ 530
After Tax Annual Cost $ 23,047 $ 23,047
5 Year Appreciation @ 3% $ 79,637 $ 86,217
Appreciation Benefit $ 6,580

I factored in the buyer’s tax bracket because of the deductibility of mortgage interest. The impact of the deductibility is to make mortgages more attractive relative to assessments for high income buyers than for lower income buyers. I made a few simplifying assumptions as well: that assessments and the value of the condos would go up with the rate of inflation, assumed to be 3% per year and, that for purposes of this analysis, we could just look at an average of the monthly interest and assessments.

The conclusion is that you could spend an additional $41,000 on the condo with the lower assessments, have the same monthly after tax monthly expenses, and end up with an additional $6,580 of appreciation at the end of 5 years. In other words, think long and hard before signing up for a condo with high assessments.

Chicago Case Shiller Index For Condominiums vs. Houses

Sunday, January 31st, 2010 by Gary Lucido

Earlier this week I received a lot of flack on Cribchatter for focusing exclusively on the Chicago Case Shiller index for Single Family Homes when Chicago’s housing stock is largely condos. Case Shiller provides a separate index for condominiums, though it only goes back to January 1995, while the Single Family home index goes back to January 1987. “G” pointed out that the condo data suggests that condominium prices have not bottomed in Chicago.

So I promised to take a more in-depth look at the data. Herewith is the condo index superimposed upon the single family home data, along with the trend line for single family homes.

Case Shiller Index Chicago

I should first point out that these indices are normalized to 100 for January 2000, so they arbitrarily cross at that date. What you see from this graph is that condo prices have tracked pretty closely with single family prices until the bubble really took off, at which time single families went a bit higher. Subsequently, single family home prices dropped much more than condo prices until today when the single family index is below that for condos. Both indices hit a low point in April of 2009, after which they began to recover, recently they declined a bit more. Based upon this “G” suggested that the condo index has a really good chance of hitting a new bottom.

In order to gain perspective on that claim I tried a couple of different analyses. First, I looked at the historic ratio of the two indices – the single family home index divided by the condo index. Since in the long run the two classes of housing should appreciate at the same rate one would expect the ratio to fluctuate around a constant value.

The only “normal” period is from 1995 – 1998 (pre-bubble), when the ratio of the indices averaged 1.027. That’s a pretty short period in which to attempt to determine a normal ratio. After that you can see how the ratio peaked at 1.05 as single family home prices grew faster than condos and then dropped to almost .9 as they crashed faster than condos. However, even if we expect the ratio to climb back above 1 there are two ways for that to happen: either single family home prices can climb or condo prices can fall further. Given that the single family home price index is well below the trend line I would expect the former.

The other perspective I tried was to develop a trend line for condo prices. Since we don’t have much history I borrowed the single family trend line and adjusted it for the average ratio of the two indices from 1995 – 1998.

Based upon this trendline it looks like condo prices in Chicago have returned to trend. Of course, that doesn’t mean that condo prices can’t fall below trend but I can’t believe they can fall much further. While single family homes overshot on the downside, they were falling from a bit higher level than condo prices. I would also expect the two classes of housing to be subject to the same economic factors – i.e. they peaked around the same time and they both hit a low point in April. Perhaps they are climbing out of this quagmire together.

We should know a lot more in the next few months.

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