Chicago Condo Market
The Chicago condo market has seen its ups and downs over the last few years. In 2005 over 60,000 condos closed in the Chicago market. In 2008 a little over 30,000 closed, less than half the amount. Today we see the wholesale buyer. The buyer that’s looking for a deal. The condo buyer has been educated by the public and they know that deals are everywhere.
How many condos exist in the Chicago condo market? There are over 400,000 total condos in Chicago. They are third leading location. Miami/Ft. Lauderdale has the most at 537,000+ followed by Los Angeles at 522,000+, then Chicago. New York and Boston are fourth and fifth.
Chicago has several thousand condos on the market right now for sale. There are over 35,000 condos for sale right now in all of Chicago. The Chicago condo market seems to have come to a bottom in terms of the least amount of units sold in a year. We’re seeing a up tick on condo closings that may appear to mark the low point for condo closings annually in Chicago. We’ll know by the end of 2009 if we’re right.
Until then, we see buyers coming out of the woodwork for condo deals. And they’re everywhere. The foreclosure market has hit the Chicago are hard causing so much under market valued property that it’s taken down the price of all the other real estate product. Condo foreclosures do not seem to be letting up anytime soon. They’re projecting another record year in 2009.
What does that mean for the Chicago condo market? Another stellar year of deals. Its now all about buying. Only a few short years ago, it was all about the sellers. Boy, we’re they cashing in. Today it’s the sellers that have to deal and the buyers are raking in the dough! If you’re interested on further statistics on the Chicago condo market, you can reach a condo specialist at OwnACondo.com by dialing 866.696.2266. They’ll be able to answer all your condo questions.
Today, the Chicago condo market seems to be churning with deals. Tomorrow, who knows?
