The inventory of downtown Chicago condos for sale dropped to 2,893 in October, down 36.3% from October 2010. It’s also the lowest monthly inventory in the past 2 years.

The inventory of 2 bedroom condos for sale in Chicago’s Loop dropped to 246 in September, the lowest monthly inventory in the past 2 years. The previous 2 year low was in February at 267.

The inventory of luxury 3 bedroom condos (including townhouses and co-ops) for sale in Streeterville reached a 3 year low in September. At the same time the inventory of lower priced Streeterville 3 bedroom condos for sale continues to rise.

Rents are rising. Property prices are down. Even better, mortgage rates are down even more! Last week the Chicago Tribune reported that the rate on a 30 year mortgage dropped below 4.0% for the first time. If you’ve never owned a rental property before, but are thinking of buying one, you should first talk with a mortgage consultant. Here are 3 tips on what to expect.

The recent sale of a single family home in Lakeview to Rose O’Donnell has gotten a lot of press. What is also noteworthy is the number of single family homes that sold in Lakeview in the 3rd Quarter which was up 35.7% over 2010’s 3rd Quarter.