Downtown Chicago New Condo Market Still Strong

by Fran Bailey, Baird and Warner Realtor on October 11, 2006 · 1 comment

in Condos, Loop, Near North Side, Near South Side, New Homes For Sale

If you’re looking for more information on Chicago’s downtown new condo market, YoChicago.Com has an article by Don DeBat covering the market from top to bottom,”Chicago market defies housing bubble but ultra-luxury sales are slowing down“.

At the top is the ultra-luxury market defined at $700/sf on up. So a 1,000 sf. condo in this segment of the market will cost a minimum of $700,000. If you’re lucky enough to be able to afford this kind of housing, it’s a great time to buy. “Demand continues to be very thin…”, according to Gail Lissner, vice president of Appraisal Research.

The other end of the downtown new condo market starts around $300/sf. So a 1,000 sf. condo in this segment of the market will cost a minimum of $300,000.

Overall downtown Chicago new condo sales were down 24% in the first half of 2006, but “year-to-date sales are higher than in any year except 2005.”

Similar Posts:

{ 1 comment… read it below or add one }

Diane Scholten October 11, 2006 at 8:33 pm

Okay, I have enought of “the Irish land lust” as my friend Ellen O’Brien calls it to think why would you spend a million bucks and not have a piece of earth attached to it. But that’s the beauty of the real estate business, yes? That we’re all so unique & there’s something out there for everyone (including 700K for 1000 feet up in the air!).

Leave a Comment

Previous post: Understand the Contingencies When Negotiating an Offer

Next post: Lake Michigan Water for Prospect Heights?