Chicago Relocation

Chicagos Condo market update

September 13, 2008

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What’s new in downtown Chicago’s condo market?  Well, not a lot of sales.   Appraisal Research Counselors recently reported a whopping 73% drop in new home sales for the first half of this year.  And what saved those numbers from being even worse?  The 150 story (proposed) Spire, which contributed over half the sales.

By all accounts this trend will continue into next year, and a full recovery may not come until 2010’s spring market.  That’s great news for buyers relocating into Chicago.  Especially those looking for luxury at a bargain, the deals are out there, since supply outpaces demand at an unprecedented pace.  It seems one of the few things helping the supply/demand flow are some of the recent transformations of buildings from condos to apartments, which took the off the roles of the unsold, and put the on the roles of the unrented!!

And what does this mean for sellers in Chicago?  Pricing is crucial.  If you don’t grab your market in the first 30 days, you’ll be chasing it.  And the road to a sale is a long one when you’re chasing a falling market.


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