Magellan Development Group would like to update the Lakeshore East community, regarding the hotel at Aqua.  Last week it was reported that the Aqua had finalized a deal with Kimpton Hotels. While Kimpton Hotels would be a welcome additional to the Lakeshore East community, this report was premature. The Aqua does not have an agreement with any hotel at this time. In fact, Aqua is in active discussions with a number of hotel entities and is hopeful a deal can be announced shortly. We will continue to keep the community updated and look forward to announcing a transaction when it is appropriate.

You are invited to learn more about the first-time homebuyer credit.

NOW IS THE TIME TO BUY

Please join us for an educational seminar where Scott Sissel, Realtor, JD, CPA and LLM in Taxation will discuss the first-time homebuyer credit, outline all of the tax incentives to owning a home and provide a general overview of the current housing market in downtown Chicago. In addition, Matt Cochran of Perl Mortgage will discuss key questions to ask when you’re buying a home, explain the mortgage process and share the secret to getting the best rate. Representatives from Lakeshore East will be available to discuss our RentBUY™ program, a smart way to earn money towards homeownership.
April 22, 2009 at 6:30pm
The Lakeshore East Sales Gallery
430 E. Waterside Drive Chicago, IL
Complimentary Parking Available

Lakeshore East is a 28-acre master planned community situated where the Chicago River meets Lake Michigan. Condominium and townhome opportunities available now include Aqua, The Parkhomes, 340 on the Park, The Chandler, The Regatta and The Lancaster. Rental opportunities include Aqua, The Tides and The Shoreham at Lakeshore East.

Magellan Development is the proud developer of Lakeshore East
www.LakeshoreEast.com and www. Magellansells.com

Please RSVP to Vanessa Casciano at
vcasciano@magellandevelopment.com or 312-469-8159

LOCAL MARKETS

The Bright Side…
For many buyers, condos continue to be a great investment and a sound decision. 

Sales Numbers
According to the Multiple Listing Service, 4,217 condos were sold citywide during the third quarter of 2008, down from 6,043 units sold during the same period in 2007. But despite this dip, the average sales price managed to rise more than 8 percent. The average sales price of condos and lofts sold during the third quarter of 2008 rose to $375,699, a 7.8 percent increase from the same period last year.

The rise in the average sales price was due to the dramatic drop in the city’s most affordable units combined with steady sales of million dollar units. Demand for the most expensive units in the area was setady. Sales of units priced at more than $1 million were down by less than 5 percent.

Condo Prices
While housing sales have been in a downturn for the year, local markets are showing stability. According to the Illinois Association of Realtors (IAR), this spring, condos in Cook County sold for 9.6 percent more than they had during the same season in 2007. In fact, condo prices in Chicago were up 5.1 percent in the second quarter. So while there may be an excess of condos for sale, they are the rare part of the market showing positive growth.

First-Time Buyers
Because mortgage guidelines have tightened, the number of first-time buyers has drastically decreased. This has the greatest impact on lower priced inventory. However, the federal housing stimulus package may bring back this market by giving these buyers a $7500 tax credit. Essentially, the credit is an interest-free loan and could give buyers the much-needed boost to make home ownership a reality.

Think Locally
National numbers have reflected a general downturn in recent months, but it’s important to evaluate local markets on a neighborhood level.  Talk to your Realtor about areas on the rise, and consult with your loan advisor to discuss new loan products and lending guidelines.  Even though our economy is in a period of recovery, remember that many Chicago area condos are affordable, available, and a solid financial investment.

For information, please contact your PERL Mortgage Advisor.
www.perlmortgage.com