Lower vacancy rates and higher rents have led one Evanston developer to change the plans on a major condo project currently underway downtown.

Roszak/ADC is the developer behind the Sienna. Plans originally called for four mid-rise condo buildings, two of which are already finished. When the developer took another look at the project, conditions in the Evanston real estate market had changed. As a result, the project will now include a 70-unit apartment building and a 111-room hotel.

The changes made to the Sienna project are just one example of how developers are meeting the challenges of a slump in residential sales around the greater Chicago region. As vacancy rates for Class A apartments drop below five percent in Evanston and Chicago, rents continue to rise. Many developers are taking note of this shift and phasing out condos for more lucrative apartments.

Rising numbers of tourists and business travelers visiting the Chicago region has resulted in a boom in hotels. Roszak/ADC is in negotiations with Starwood Hotels & Resorts Worldwide, Inc to bring the company’s Aloft chain to the Sienna.

Browse through the best Evanston Illinois Condos and find the home of your dreams today.

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Need another reason to consider life on the North Shore? Two of our communities made the TOP 10! in Business Week’s survey of the best places to raise kids in the U.S.

Deerfield came in at Number Three, and Wilmette placed seventh in the annual survey, which determines rankings based on school test scores, crime, recreational and cultural opportunities and the cost of living. How awesome is that? Even if you don’t live in one of those ‘burbs, we all benefit from living in the same area - after all, it’s not as if the rest of us don’t have access to the same assets, such as our great lakefront, awesome local theater, youth sports and excellent park district programming.

In fact, it was the North Shore’s recreational and cultural opportunities that helped Deerfield and Wilmette shoot to the top - they came in 2nd and 3rd, respectively, in those categories. What dragged us down? The cost of living, where we placed…ahem…49th and 50th. Ouch. The price we pay, I guess, for those opportunities, right?

I just think it’s worth crowing about - especially when you look at the list in its entirety. Many of the locales are darn close to flat-out rural, with a number of small towns in Nebraska making the list. And I’m not sure what’s up with Buffalo ‘burbs, but a lot of them made the list. (My grandmother lives in a Buffalo ‘burb, and there’s not a coffeeshop in sight, unless you count Tim Horton’s, where the coffee is so hot I swear Satan would spit it out.)

So - if you live on the North Shore, celebrate! And if you don’t, why not? Check out our Deerfield and Wilmette real estate pages!

Technorati Tags: North Shore Chicago real estate, BusinessWeek, BusinessWeek survey, best places to raise kids, Deerfield, Wilmette

Prices for condominiums in Lake Forest fell by six percent during the third quarter, the second consecutive year that prices have dropped in the area.

According to the most recent report from the Chicago Association of Realtors, the average sales price for condos during the third quarter stood at $436,863, nearly $80,000 less than just two years ago.

The market has also seen a large drop in condos for sale in Lake Forest. Many condo owners may be waiting for prices to rise before selling. According to the C.A.R. report, the turnover time in the area dropped to 43 days in the area. This is a 64 percent drop from last year.

However, the decline in the average turnover time didn’t come about as a result of higher sales in the neighborhood. Only 11 condominiums were sold during the third quarter, the second consecutive year that sales have declined in the area.

Buyers may continue to see lower prices if demand for condos in the area doesn’t pick up in the short term. Browse through some of the best new North Shore Chicago Condos today and find the right home for you and your family.

Technorati Tags: Lake Forest Condos, Lake Forest Real Estate, Chicago Real Estate News