You are likely talking about this Trib article:

http://www.chicagotribune.com/classified/realestate/advice/chi-local-scene_chomes_0320mar20,0,2533065.column

I have several thoughts concerning your question:

1. The bulk of the article was about the South Loop, which is nationally known for its over development. It also quoted a West Loop development that was assuming they were going to have to drop prices. Those are two of the areas where developers simply wouldn’t stop. Prices dropping on brand new condos another 30% in those areas…of course it’s a possibility.

2. Developers with buildings less than 50% sold and construction loans coming due are under tremendous pressure to get the units sold, no matter the cost, and get the building turned over to the association.

3. Condos are being turned into rentals. Burnham Pointe, a high rise in the South Loop, started life as a condo development. If you go to their web site (http://www.burnhampointe.com/) you will see they are now an upscale rental building. We will likely see this happen more and more. Given the current difficulty getting loans, this makes some sense.

3. The part of the Trib article that people didn’t talk about much was what the sales manager from the Emerald, a West Loop development, had to say, “People don’t even believe it when you’re doing well.” They don’t foresee dropping prices. However, selling the units is just part of the equation…the loans have to fund.

I’m not saying prices won’t continue to drop. What I’m saying is there is evidence that in more areas of the city than people think, for more types of properties than people think, prices are not dropping as much as the general press makes it sound. If you’re a buyer, you might be disappointed that prices in the neighborhood you want to buy in are NOT 30% lower.