Supply Glut and Tough Lending Practices Make for Tough Chicago Condo Market

September 25, 2009

Daily Real Estate Updates

sudler-sothebys-logo25 September 2009 ? With a mixed bag a housing numbers released yesterday, the Chicago condominium market appears to continue to face challenges while the single family market continues to gain momentum. There still continues to be a glut of condo inventory with increasingly difficult lending guidelines facing buyers. Lenders are scrutinizing the financial health of condominium associations and owner occupancy levels. Listings appear to be going under contract when sellers position the pricing of their homes at or less then the last comparable closings. Buyers seem to be looking a price adjustments more than new inventory. More than ever sellers need to take into consideration the financial quality of the buyer and not just look at price.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain's Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea's commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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