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CHICAGO CONDO MARKET; FINALLY GOOD NEWS, MORE COMING?

17 Jan
Finally a hint of good news for Chicago real estate!  Crain’s is reporting, new condominium high-rise buildings, may be hitting the market in 2011 & 2012.  This is no surprise to me, since there should be a very limited amount of new inventory by then.  Even with the current supply on the market right now, those condo’s may be considered “old product”, in the next couple of years.

In the upcoming years, I believe new construction condo’s may come with a premium, since there should be a minimal amount available.  Real estate is all about “supply and demand”, so if their is a limited amount of product at that time, it should drive the prices up. It will also be interesting to see how developer’s will change their marketing strategies.  This may be necessary, since during the market downturn, many buyers had to fight for the return of earnest money, after buildings lost financing.  I cannot see someone putting 5% – 10% down, and waiting for 3-4 years for a new home any longer.  Buyer’s may be hesisitant, so a new plan may be needed to address this issue, in advance of marketing new buildings.

I am happy to hear more buildings may be coming on-line, it is my favorite kind of condo to sell.  And many may have a love for living in a brand new home, the same as I do!  Let’s just hope, they don’t convert them to rentals.

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Posted by on January 17, 2011 in REAL ESTATE

 

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