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05-12-2008, 07:15 PM
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Downtown condo sales drop by 83%!!!
According to this weeks edition of "Crains", in the first qtr. of 2008, downtown condo sales DROPPED by 83% compared to this time last year(WOW!!!) This year/1st qtr. 201 units were sold,last year/1st qtr. 1207 units were sold.
 
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05-12-2008, 07:16 PM
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Methinks some developers are gonna lose their shirts...
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05-12-2008, 07:21 PM
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Yup, that's R.E. develpoment and speculation for ya. Many developers are in a rush to convert their porjets into rentals. One thing I have learned in my short 34 years on earth is, Booms DO NOT last forever. Waaay to many get so emotional during a boom, they forget that someday it will end!
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05-12-2008, 07:28 PM
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We actually had a lengthy thread on this subject over here: The Chicago Boom
I do recall saying in that thread that, in short, the huge downtown building boom seemed a little ill-advised.
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05-12-2008, 07:47 PM
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Drover, thanks for the link. I'll check it out.
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05-12-2008, 07:55 PM
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what does Crains classify as "downtown"?
That's a pretty shocking figure. I know Chicago real estate is very neighborhood specific.
Do you happen to know the geographic boundaries the Crains story referenced? Didn't know if they were referring to the entire "city" or just the Loop area. I looked on Crains website and found the story using their search feature. However, it won't let me view it since I don't hold a subscription. By the wording of their headline, which I could see, it does use the term "downtown". They must mean "loop" which isn't as surprising (especially if includes the overbuilt south loop).
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05-12-2008, 07:58 PM
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I'm guessing they're referring to the area from Printer's Row to Streeterville, where tons of high-rise condo buildings are sprouting out of the ground for no apparent reason, as if someone planted high-rise seeds or something.
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05-12-2008, 08:04 PM
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On the front page it says "Downtown area.......R.E. market"
No other info was given. Quote:
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05-13-2008, 07:58 AM
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It makes sense. If I wanted to shell out $600,000 to millions of dollars for a downtown condo, I'd probably wait to make that investment until the waters looked safer. It will be interesting to see how many foreigners that Irish Spire developer can dupe into buying Streeterville condos at more than $1000/square foot...
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05-13-2008, 10:04 AM
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Are their fewer condos available this year than last?
That might make a difference.
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