Newport Condos in Kenwood
Newport Condos - Kenwood Chicago
The Newport Condos complex in Kenwood Chicago is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.
Real estate values at the Newport Condos were hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.
But it appears that prices have gained some stability.
If you are a buyer, this is a great time to pick up a condo in an excellent location with awesome lake views. This is a full amenity building. The building was constructed in 1963. It sits near 48th and Lake Shore Drive. Each tower has 27 floors. All together, there are 728 condos at this complex.
REAL ESTATE VALUES
During the 12 month period ending MAY 12 2015, a total of 28 condos were sold.
Selling prices ranged from $30,000 all the way up to $579,000. The median selling
price was $74,250.
One potential downside with this building is the high assessments. It is not uncommon for 2bed/2bath unit owners to pay $700 per month for assessments. The assessments usually include Heat, Air Conditioning, Water, Gas, Common Insurance, Doorman, TV/Cable, Exterior Maintenance,
But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
On top of that, this is one of the few FHA Approved Condo buildings in the Kenwood / Hyde Park area.
If you are thinking about buying, selling, or renting in the Newport Condos Complex,
please contact me. I would be happy to assist you!
Until the next time,
Mark Killion
Kale Realty
542 W. Roosevelt Rd
Chicago, IL 60607
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
