South Loop has been the hottest market in Chicago condos in the last few years. Many developers have started to build during the building boom of mid 2000's will see many of the units come to market in 2009. But one of the biggest problem is the over supply of condo units cause by the financial meltdown of 2008. You can be sure inventories of unsold available condos will be the greatest in history of Chicago real estate.
The excess inventories in Chicago condos have created some affordable opportunities that many who were priced out of the market due to the building boom. A total of 2,000 new condos will come to market in 2009 in South Loop, a 66 percent above 2008. In this down market it will be hard for the market to digest over 2,000 new units coming to once hot market.
With over 43 percent of available unsold condos in downtown Chicago, many Chicago condos will see pressure in the pricing as homeowners try sell the competing with condo developers. Many who have signed contracts will begin to back out of the pre-construction purchase contracts further pushing inventories and prices down.
If you are a long term investor, you should take a look at Chicago condos. With the possibilities of Summer Olympics coming to Chicago, these prime real estate just south of downtown loop might be a gem for investors who want to take some risk in the short term. The games will be held in close vicinity to homes along the lake front.
Some advantage of today's market is the $7,500 tax credit for first time home buyer. Also with the 30 year interest rate hovering around 5 percent and 15 year fixed mortgage below 5 percent timing might just be right to purchase one.
So, if your looking at any areas in Chicago for condos, whether it is downtown or South Loop you sure will find some value since the bubble bust of housing market. But one thing for sure, Chicago market will rebound with the rebound of economy, you do not want to be sitting on the sideline for too long.
The excess inventories in Chicago condos have created some affordable opportunities that many who were priced out of the market due to the building boom. A total of 2,000 new condos will come to market in 2009 in South Loop, a 66 percent above 2008. In this down market it will be hard for the market to digest over 2,000 new units coming to once hot market.
With over 43 percent of available unsold condos in downtown Chicago, many Chicago condos will see pressure in the pricing as homeowners try sell the competing with condo developers. Many who have signed contracts will begin to back out of the pre-construction purchase contracts further pushing inventories and prices down.
If you are a long term investor, you should take a look at Chicago condos. With the possibilities of Summer Olympics coming to Chicago, these prime real estate just south of downtown loop might be a gem for investors who want to take some risk in the short term. The games will be held in close vicinity to homes along the lake front.
Some advantage of today's market is the $7,500 tax credit for first time home buyer. Also with the 30 year interest rate hovering around 5 percent and 15 year fixed mortgage below 5 percent timing might just be right to purchase one.
So, if your looking at any areas in Chicago for condos, whether it is downtown or South Loop you sure will find some value since the bubble bust of housing market. But one thing for sure, Chicago market will rebound with the rebound of economy, you do not want to be sitting on the sideline for too long.
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For reason why you should buy Chicago condos, please review Chicago Condominiums, and Chicago Condos
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