Last week at Baird & Warner’s “Out of the Office” networking event in Chicago for gay pride month, I talked with my friend, Scott, who’s been thinking of buying a condo in or near the Loop for a few years now. He asked me if I thought now was a good time to buy.
There are a lot of good reasons to buy a condo in the Loop area now. Prices are lower. Interest rates are low. There’s an $8K first time home buyer tax credit good through November 30th. Condo buyers in downtown Chicago will also have far more selection and negotiating power this year than next since relatively few new condos will be coming on market next year in those areas. See my post “Regional Economic Forecast 2009 Highlights 3 of 3” for a chart showing the drop in new condos from this year to next.
At the same time, you also need to be careful where you buy since some newer condo developments are in financial trouble. Just this morning Crain’s Chicago Business reported that the 342-unit Lofts at Roosevelt Collection in the South Loop was considering converting the development to apartments since so many units remain unsold. Owners at some condo developments where sales have already closed may be facing higher monthly assessments since the expenses for the common elements must be covered by fewer sold condos.
Remember, sales reps and listing agents work for the sellers, not you! Get a professional on your side. Call me before you start looking at condos!
Similar Posts:
- It’s Tough Competing with your Developer
- 2 Bedroom Condo Prices Up in the Loop, NNS, NWS & NSS, But Sales Down
- West Loop’s 565 Quincy Condos
- Chicago Tribune reports on oversupply of downtown apartment rentals
- Call Me Well Before You Visit A New Home Sales Office!
