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.”
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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!).