16 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.Email This Post To a Friend.
Enough Downtown Chicago Condos to Satistfy Demand for Six Year
November 16, 2009
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