Chicago Condo Market Getting Back On Its Feet?
For the past several years, there has been a significant decline in sales and interest for the developers of condo communities in the grater Chicago area. This hasn’t slowed down the development of Chicago New Construction Condos, but it has made the real estate developers more aggressive than usual. It seems that each new Chicago condo development is more over the top than the last, all this isn’t necessarily a bad thing for those willing to pay increasingly outrageous prices for luxury amenities. However, according to the Appraisal Research Counselors of Chicago, this decline itself has started declining since late 2004, mostly related to the construction of two new communities by American Invsco developers. These communities, on North Wabash and North Lincoln Park West, have almost 1,500 condo units together, and are selling so well that they are actually affecting the total numbers, although they are not the only contributors.
Twenty five percent of the available units are already gone for the community on Wabash, which is, according to its developers, basically a more cost effective option for buyers to choose when they can’t afford what’s offered in places like Trump Tower, but still want the same pleasures. It’s selling ability is aided by its location on the other side of the street from Trump Tower.
