chicago-condos & Chicago Real Estate Administrator on 21 Nov 2006 07:08 am

Chicago Condos: Sales Down in Third Quarter

The Chicago condo market has seen an influx of recent condominium developments. New Chicago real estate increases daily as new plans are calculated to convert apartments to condominiums, build new buildings, and also hotel condos are becoming quite prevalent. This has cause an every increasing peak in Chicago condos for sale, which needless to say gives buyers more and more options, so increases the time that buyers are taking to make a solid decision.

Yesterday, Chicagobusiness.com posted:

New condo sales down again in 3Q
Sales of new condos and townhouses downtown fell 35% to 1,324 in the third quarter compared to the year-earlier period. Sales dropped 11.5% from the second quarter, the second straight quarterly decline, according to a new report by Appraisal Research Counselors. Sales of condos newly converted from apartments or other types of space — a small slice of the market — rose 80%, but sales of new-construction condos dropped 38% from the second quarter. Appraisal Research predicts a record 6,500 new-construction condos will begin marketing this year, compared with 4,700 last year. [Eddie Baeb]

This could be discouraging to condo developers and those trying to sell their Chicago condos as well. However, supply and demand are the name of the game. Currently there is a limitless supply for buyers which makes the demand for Chicago condos decrease. Though this seems like it could end disasterously, still condos are being constructed and planned new-construction condos are abundant. Why? Developers realize that the demand for high-quality housing and vaction homes will remain in tact as long as they provide condo buyers with the best of the best.

Luxury Chicago condos are becoming a trendsetter and areas like California have yet to catch on. So currently the efforts are localized. Developers however continue on at a steady pace and with good reason. Chicago is one of the major metropolitan areas of the nation. Though Chicagoans may not be clawing down doors to purchase new-construction condos, and condo conversions, the consistent need for vacation and secondary homes has grown in the past few years.

With that, my belief is that Developers and investors are planning for the future, as buyers await the next best buy those who know about any market know, buy low, sell high, but also buy “in” when there are less buyers and you technically are buying low. And with all the rebates and promotional cutbacks, Chicago condos are still a great investment.

Rarely will you see a starving or homeless real estate agent. Why? Because they know the value of real estate and Chicago real estate is one of the most valueable investments in the country.

Buyers “Buy”, Sellers “Sell”, and in the end great deals are made. Interested in knowing more about the Chicago condos available to you? Find Chicago condos by neighborhood, area, type, all on Chicagocondodirectory.com.

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