chicago-condos & Chicago Real Estate pcherry on 26 Nov 2010 02:48 pm

Third Quarter Chicago Condo Sales Down

November 26, 2010 - The third quarter sales numbers for downtown Chicago condos and Chicago townhomes this year didn’t quite add up to the number of sales in the second quarter of this year. According to the data gathered by Appraisal Research Counselors and published in a Crain’s article, there were only 111 downtown units that went under contract for Q3 of 2010. There were 150 units sold in the previous quarter (Q2 of 2010). The number of downtown Chicago condos and townhomes that sold during the third quarter of 2009 was just 56 though.

ARC predicts that Chicago real estate developers should be on track to make about 600 sales by the end of this year. The article says that number is comparable to the number of downtown sales for the past couple of years.

Basically the only condos that are going under contract are ones that have seen price reductions or ones that have gone to auction. First time buyers are still the biggest segment of sales right now.

However, the article goes on to state that ARC numbers indicate that there are 3,402 unsold Chicago condos as of the end of the third quarter of 2010, which is much smaller than the 7,689 units that were unsold at the end of Q3 in 2007. Developers have learned to roll with the market and have pulled around 1,041 Chicago condos and townhomes off the market last year and yanked another 1,420 units this year. Those developments and condos either were converted to rental projects or scrapped altogether.

But even with so many units never making it to market, buyers can still find some great pricing deals on Downtown Chicago Condos right now.

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