chicago-condos Stephen on 21 Sep 2007 07:37 am

Conversions of Chicago buildings down

Recent data from the Chicago Association of Realtors shows that the number of multi-unit dwellings sold across the city has dropped significantly.

According to the report, the number of multi-unit homes sold dropped to its lowest level since 1992.  A total of 786 multi-unit dwellings were sold during the second quarter of 2007, down almost 50 percent from the same period last year.

Problems in the condominium market in Chicago have made condo conversions a risky proposition in the city.  Developers are taking a wait and see approach.

Owners of multi-unit dwellings around the city are also waiting longer to find a buyer.  It now takes an average of 98 days to find a buyer for this type of property in Chicago, up 5 percent from the second quarter of 2007.

These types of condo conversions coming from older stock of multi-unit buildings around the city cater to first time buyers.  However, the pace of construction of luxury condominiums in the city continues to be strong.

Several major developments are underway in the city, including the Trump International Tower and Hotel, Chicago Spire, Mandarin Oriental, and many others in downtown Chicago.

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