Today’s Chicago Tribune Business Section has a good article on the downtown condo market titled, “Record condo numbers to saturate downtown.”
According to the article, nearly 6,000 condos are expected to come on the market this year. That compares with less than 4,800 last year.
But don’t expect lower prices. Instead developers will probably offer better upgrades.
In a related article, “Chicago home sale prices down 6%“, the Tribune reported that median metropolitan Chicago condo prices for existing units rose 7% from a year ago.
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I’ve been interested in property in the Chicago area for a little while now. I think now is a great time to purchase. It’s interesting that the condo developers are competing on upgrades rather than price. That’s a good thing I would imagine since we’re generally lacking buyers so prices are being driven down. PropertyMaps has a great Google Maps mashup that allows you to see all Chicago real estate and condos with details and pictures. It has been pretty useful.