chicago-condos & Chicago Real Estate pcherry on 29 Jan 2009 04:02 pm

New Home Sales Drop At Record Rate In December

January 29, 2009 -According to date released from the Commerce Department, sales of new homes fell to their slowest rate even in December 2008. There was a 14.7% drop, which was the worst recorded in over 20 years. Interestingly, sales of existing homes actually rose in December ‘08, up 6.5% from November ‘08 due to buyers purchasing foreclosed homes at slashed prices.

A report published by MSNBC stated that the currently inventory of unsold new homes in the U.S. would take over a year to deplete at their rate of sale right now, in part because of the influx of foreclosed homes and condos. Not good news for developers of Chicago real estate.

“Builders just can’t cut back fast enough, so prices remain under downward pressure,” the chief U.S. economist for High Frequency Economics, Ian Shepherdson, was quoted as saying in the report.

That sobering news aside, there are still some buyers able to put down money on luxury Condos In Chicago. Chicago Magazine profiled two recent January ‘09 sales at the 74 story Water Tower Residences on 180 East Pearson Street. A three bedroom, three bath condo on floor 41 sold for $2.1 million and a similar condo in size and layout on the 37th floor sold for $2.125 million. And there are at least two more condos in the building listed for sale if you’re interested; a $3.35 million unit on floor 43 and a $4.55 million duplex on floor 52.

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