Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

NEW CHICAGO CONDO’S MAY BECOME EXTINCT, WAIT AND YOU MAY BE OUT OF LUCK

Many are holding off on the purchase of a new home, hoping the bottom will sink further.  But with the huge amount of new construction condominiums converting to rentals in the city, or being totally scrapped, makes waiting a huge risk.

While developers of downtown projects reported only 174 sales in the first quarter, down from 256 a year earlier, there was still an improvement over the fourth quarter of last year.  At that time, developers reported a net loss of 19 sales, due to contract cancellations.  Many buyers just walked away from their contracts, after the pricing dipped.

However, during the first part of the year, the excess supply of available condos is improving.  Developers in the downtown market were down to 2,031 unsold condos at the end of the first quarter, which is down from 4,182 last year and 8,222 in first-quarter 2008.  What’s even better news for developers, is that the unsold condo inventory is now actually at its lowest level since at least 1997.  This is according to Appraisal Research who began tracking figures at that time.

With the rents continuing to climb and expected increases of 10% by the end of they year, this is still a buyers market.  Those who desire to purchase new construction have incredible opportunities to save, and may find themselves with limited selection if they wait.  The fact that so many developments were canceled or converted to rentals, likely will cause new product to be sold at a premium sometime in the near future.  So if you are one of the buyers on the fence, you may want to begin searching for a home now, or you may be out of luck.

INTERESTED IN FINDING CHICAGO HOMES WITH INCREDIBLE INCENTIVES, VISIT BRITTARIVERAVENTURE TODAY!  OLD IRVING CONDO NOW AVAILABLE!

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May 24, 2011 - Posted by | REAL ESTATE NEWS

2 Comments »

  1. Probably this blog’s best blog around

    Comment by jet skis | October 7, 2011 | Reply

  2. May be the greatest blog to date..

    Comment by fremdgehen | November 25, 2011 | Reply


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