Enough Downtown Chicago Condos to Satistfy Demand for Six Year

November 16, 2009

Daily Real Estate Updates

Sudler Sothebys Logo? width=?10216 November 2009 ? Based on sales numbers for the last two years, the inventory level for new construction units in Downtown Chicago is at a six year level. This factor has postponed several new developments and has also resulted in many new buildings being converted to rental properties. Sales could be accelerated if developers drop their prices, give better incentives, or offer financing. Because of the declining market, many buyers who purchased condos pre-construction are strategically renegotiating their contracts prior to closing. The challenges for those buyers are mounting since they cannot qualify for FHA mortgages conventional financing until 50% of the units have closed.

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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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  1. New Construction Condominiums will be unheard of in Downtown Chicago | The Chicago 77 - February 23, 2010

    […] will no longer be new construction competition therefore there will be a stronger re-sale market within the city. This is good news […]