January 7, 2009 – The latest numbers released from Appraisal Research Counselors tallying the total Chicago condo units set to be delivered in 2009 are just about 4,532. That’s down some from the 4,900 in 2008. But the biggest drop will hit in 2010, when only 656 are set to be delivered. A big slice of that pie will go to the Ritz-Carlton Residences that are scheduled to be ready by 2010, according to a recent article in Chicago Magazine.

The tightening of credit for both Chicago real estate developers as well as potential condo buyers caused developers to scale back plans, especially in the second half of 2008. A total of 13 downtown condominium projects were shelved, according to ARC. That translated into about 2,078 planned condo units that never made it to market. The magazine points out that the sole survivor of that massive pullback was Burnham Pointe, and that’s because the development was already well into construction and it was resold and revamped into a rental building.

Of those 2,078 canceled condos, there were 645 under contract. The best case scenario and usual procedure is for developers to return deposits. But there are rare instances when buyers have lost money. Of the projects that were cancelled, the article states that the largest was Park 1000, which would have contained 346 units in 40 stories. Perhaps one of the most expensive was Canyon Ranch, a 67 story tower that tried to market its units as part of a “wellness lifestyle.”

The 656 condos expected to deliver in 2010 are Downtown Chicago Condos located in three developments. Those are the aforementioned Ritz-Carlton, Ten East Delaware and Walton on the Park.

[tags]Ritz-Carlton Residences, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Wednesday, January 7th, 2009 at 4:08 pm and is filed under Mortgage Information.