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Friday March 12, 2010
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Evanston Condos for Sale

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Evanston Condo/Townhome Overview

March 12, 2010 There are 582 Condominiums and townhomes listed for sale on the MLS in Evanston – a increase of about 80 homes in the last 6 weeks. Prices range from $89,900 for a one bath studio unit to $2.8 million for a four bedroom, 3.5 bath penthouse in downtown Evanston.

Pricing per square foot ranges from $300 - $793 in the heart of downtown Evanston to $95 - $250 for outlying neighborhoods. Compared to Chicago real estate, the price per square foot is more affordable. In many of the established neighborhoods where attached garages are non-existent, parking is relegated to surface streets, where residents are required to purchase a sticker. In newer developments, however, parking is sometimes included. For example, part of the Winthrop Club development includes covered parking with deeded spaces for your condo.

Resale Condos

There are more than 400 condominiums and townhomes on the market. This is the biggest market for North Shore Chicago Condos. You’ll find a wide variety of styles to choose from, with an increasing emphasis on rehabbed buildings in the heart of Evanston. Prices range from the low $100,000s for moderately-sized units that have not been completely rehabbed to near-new construction in luxury developments for more than $1 million. There is a large inventory of condominiums in the $200s price range. Here’s just a sample:

New Condominiums

Evanston boasts a number of new developments that have units available for immediate occupancy. Today, there are 133 new condominiums listed for sale in Evanston, averaging in square footage price from $209 - $518. These properties range from:

Pre-Construction Developments

Pre-construction condominiums are those which a developer or builder is advertising for sale prior to breaking ground or beginning a new phase of a current development. In Evanston, there are still a number of condominium opportunities either in the pre-construction phase, partially completed or ready to move in.

2100 Greenwood Lofts: This live / work lofts development is located in the former Main Steel building, adjacent to a major shopping area including restaurants and grocery stores, a bike and walking trail and public transportation. This complex is is still under construction, with the hopes to have move ins by mid October. With pre-construction pricing starting a $335,000, these 27 unit Live/Work Condominium Lofts are available for purchase, rent and rent-to-own in a variety of floor plans and sizes with units ranging from 980 square feet to over 2700 square feet.

Church Street Village: Located at 1613-1691 Church Street, 40 brand-new, all-brick two and three bedroom town homes from $367,500 are slated for delivery late summer of this year. Church Street Village is a “green” community – one of the first residential communities in the country to offer geo-thermal energy systems, Energy Star appliances, double insulated windows, non-V.O.C. (Volatile Organic Compound) paint and the option for non-V.O.C. carpeting, as well as exploring environmentally safe alternatives to insulation which includes made from recycled blue jeans!

Winthrop Club: Winthrop holds up strong as Evanston's condominium contender. To date, this 96 unit luxury high-rise has 36 units sold. According to listing agent, Neil Friedman, the goal is get to 51% sold (a mix of one, two and three bedrooms) and get FHA financing -- making it more attractive for future buyers-- to get the financing they need to -- with as little money down as possible. To date, Winthrop's plan is to woo buyers in with open houses, not pricing incentives. This exclusive set of Evanston condos boasts views of Lake Michigan and the Chicago skyline,state-of-the-art facilities, including private meeting room and fitness center with pool and sun deck, a 24-hour doorman and virtual concierge service, with prices beginning in the $300,000s.

Grand Bend at Green Bay: It's more like Grand Bail, not Grand Bend. This condo project fell flat and currently, Northbrook Bank & Trust is "seeking foreclosure on the 38 unsold units..." according to ChicagoRealEstateDaily.com. The developer, Ferris Homes, Inc. apparently failed to make construction loan payments and now NB&T is suing for $13.5 million. This property is located at 51228 Emerson St., where Green Bay Rd. meets Downtown Evanston. The building features curved architecture that was thoughtfully planned to blend with the surrounding Evanston street scape.

Sherman Plaza: With both new construction and pre-construction units available, this tower complex, the tallest in downtown Evanston, will hold 253 luxury residences when complete. A 24-hour doorman, health club and green roof are just a few of the amenities available to residents.

Sienna: So long to Sienna too. In May 2009, the property was taken of the market. Developer, Tom Roszak did not return calls. The seven companies he had a stake in filed for Chapter 7 petitions. Sienna, a large 120 unit development only completed two of the four phases. Rozak had dreams of building a hotel and rentals for the remaining two phases but that vision has not yet been realized. The two left over lots on Oak are on the open market for $9.5 million. Location: 2615 Prairie Ave.

Eastwood Evanston: With pre-construction pricing in the $300,000s, this Central Street development just west of Northwestern University's campus is on the site of the former Evanston Theater. There are 47 planned 1-, 2- and 3-bedroom residences in one of Evanston's hottest retail districts.

Main Street Station Condos: Located at the intersection of Main and Chicago, Main Street Station offers luxury 1- and 2-bedroom residences ranging from 950 square feet to more than 2,400 square feet combinations.

The Kedzie 525: Located at 525 Kedzie Avenue, this development will offer 2- and 2-plus bedroom residences with tree-top city and lake views. A fitness center, indoor heated parking and private balconies.

Prairie Central: So long to Sienna too. In May 2009, the property was taken of the market. Developer, Tom Roszak did not return calls. The seven companies he had a stake in filed for Chapter 7 petitions. Sienna, a large 120 unit development only completed two of the four phases. Rozak had dreams of building a hotel and rentals for the remaining two phases but that vision has not yet been realized. The two left over lots on Oak are on the open market for $9.5 million. Location: 2615 Prairie Ave.