New Chicago Condo Sales In Near Free Fall…

Crains’ Chicago reported today that Condominum and Townhome sales in Chicago have fallen for the last seven straight quarters, and now it’s apparent that sales are in near free fall. Condo sales fell off the chart to only 1,207 units  from January thru April 2007- 2,243 units were sold in the same period last year. This is the lowest 1st quarter total sales since 2003.

Chicago Condo developers have about 7,416 unsold units today. About 45% of these units are in the development stage, pre-construction phase, and may never get built given the current slack sales pace.

Chicago Condo Buyers…Beware
Don’t let anyone fool you about the true nature of today’s Chicago condo market. If you’re looking at pre-construction you absolutely must check out the credibility of the developers and the percentage of Condos that are currently sold. Don’t fall for the hype of  “Pre Construction Prices.” I think that many developers are very very nervous today because usually, a developer must pre sell at least 50% of the building to get bank financing.

This entry was posted on Monday, May 14th, 2007 at 6:56 pm and is filed under Market Update.