23 February 2010 ?

After an abysmal year, 2009 proved to be the worst year in Chicago condo sales history. With that said, new construction condominiums will be hard to find in 2012. No new construction buildings have been proposed to the City now or for the future.

According to The Chicago Tribune, “This year, six new buildings will be completed and ready for occupancy downtown, bringing 1,200 units to the marketplace. That compares with a record 3,600 new units finished in 2009, according to Appraisal Research Counselors’ year-end report.
But in 2011, only two high-end properties, the 86-unit Ritz-Carlton Residences and the 198-unit Lincoln Park 2520, both Lucien Lagrange-designed projects, are scheduled to deliver. As of right now, there are no condominium developments scheduled to be completed in 2012 and beyond.
The firm’s survey covers an area bordered by North Avenue, Cermak Road, the Chicago River/Ashland Avenue and Lake Michigan. How do those numbers compare to what the area has already seen? On average during the past 19-years, 2,400 for-sale units have been added to the market each year.”

There will no longer be new construction competition therefore there will be a stronger re-sale market within the city. This is good news for those that currently own. Now is the time to buy to take advantage of the buyer’s market as well as to take advantage of the re-sale market down the road.