Sales of condos on Chicago’s North Shore plunged again in June. According to data from the MLS, sales of new and re-sale condominiums were off by 36.5 percent from the same month last year, while prices showed a modest increase of 4 percent in June.

A total of 146 condominiums were sold during June, down from 230 units sold during the same month in 2007. The drop in sales was even more pronounced when compared to June 2006. A total of 280 condos were sold during that month, representing a nearly 50 percent decline in demand in the region.

The drop in demand for the lowest price condominiums was evident during the month. A total of just 58 units were sold for less than $250,000 around the North Shore in June 2008, down from 88 units sold during the same month in 2007.

However, buyers continued to take advantage of the highest priced units on the market. While sales were down, the average sales price continued to rise during the month. Prices were up by 4.2 percent in June.

The drop in demand for the lowest priced condominiums around the area could mean great deals for buyers looking for affordable North Shore Chicago Condos For Sale.

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Construction is almost underway on a new luxury condominium development that is planned for Northfield. The development, which will be called Isabella, will be located at 1884 Old Willow. It will offer just six condominiums, all priced over one million.

The property was purchased in 2006 for a price of $1.2 million, and demolition of the home has just begun. The most affordable condominium currently available at Isabella is a three-bedroom and 2.5-bath unit that is listed at $1.2 million. Two units will offer three bedrooms and three baths, and are priced at $1.245 million. The most expensive two units at Isabella are on the upper floor, and are priced at nearly $1.3 million.

Sales of these luxury condominiums began two months ago, and no units have been sold as of yet. However, with amenities, such as a designer kitchen, oversized terraces, and stone finishings, these won’t last long. Residents will also enjoy two parking spaces in the underground heated garage, a private fitness center, and plenty of extra storage space.

The Isabella will be completed in 2009, and will be one of the most luxurious new developments available on the market on the North Shore. Check out many other North Shore Chicago Condos For Sale today.

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Sales of condominiums and lofts around the North Shore declined at an increasing rate in May. After showing year over year declines of more than 36 percent in April, sales in the region fell by more than 42 percent in May.

According to data collected from the MLS for the region, a total of just 104 condominiums were sold during the month around the North Shore statistical area, down from 180 units sold a year ago. The decline in demand is even more pronounced when compared to May 2006, which was the peak of the real estate market in the region. A total of 262 condominiums were sold during May 2006 around the North Shore.

While strong demand for million dollar condominiums is the news of the moment in downtown Chicago, the North Shore is seeing a drop in demand for the most expensive units. A total of just 9 condominiums priced over $500,000 were sold during May, down from 21 units sold in that price range a year ago.

Demand for the most affordable North Shore Chicago Condos has also suffered, with just 37 units priced under $250,000 sold during May, down from 71units sold in that price range during May 2007.

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