Chicago Relocation

2010 recovery for Chicago?

October 12, 2008

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The optimists say 2009, the pessimists say 2013…..A moderate just came out with 2010.  The National Multi Housing Council recently released numbers estimating approx 825,000 vacant SFHs and 125,000 vacant condos (in EXCESS of normal vacancy levels) in the US today.  That’s an EXTRA 950,000 units to be absorbed.  Unfortunately, that’s not the worst of it, this doesn’t factor in an add’l 2,000,000 in OCCUPIED homes on the market.

From a relocation point of view, what does that mean for Chicago real estate?  No surprise, it means longer days on market and the need for more competitive pricing.  Although Chicago is doing relatively well, transferees are (by definition) coming from/going to somewhere else.  So when they’re coming from somewhere else there will be a lot of pressure for them to delay until they have  secured a buyer at origination, or received a corporate buyout for their property.

Well, Arthur Rubloff was an optimist (as our ads point out) – Who wouldn’t be if they opened a real estate company in 1930 during the great depression!?  Chicago’s relatively stable real estate market will help see us all through this situation as we take blows from the financial markets; credit markets; and areas harder hit by the housing meltdown.

Good thing we’re known as the city of broad shoulders!