Market for Chicago Condos
It has been a dismal 2008 for Chicago condos, but it doesn't look like it is going to get any better, especially for South Loop, once a hot sizzling market during the building frenzy of 2005 and 2006. What made this neighborhood so hot during the building boom is its proximity to the lake and the museum campus for all the cultural attractions.
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.
This year many condo sellers and condo developers will see price declined as the over supply and new condos coming to marked drive down the prices. You can find deals and other incentives that were never offered before, you will definitely see greater value than any time before. Many buyers that have signed the purchase agreements couple of years ago will unload or back out of their contracts.
One should keep in mind that if the Olympics will come to Chicago in 2016, the prices of Chicago condos will certainly increase. Some long term view investors will benefit from the price appreciation. Even though 2016 is still far away, the South Loop will host many of the games of the Summer Olympic.
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.
One thing for sure, this down market in housing will rebound. If your sitting on the sidelines looking for right time, this might be it.
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.
This year many condo sellers and condo developers will see price declined as the over supply and new condos coming to marked drive down the prices. You can find deals and other incentives that were never offered before, you will definitely see greater value than any time before. Many buyers that have signed the purchase agreements couple of years ago will unload or back out of their contracts.
One should keep in mind that if the Olympics will come to Chicago in 2016, the prices of Chicago condos will certainly increase. Some long term view investors will benefit from the price appreciation. Even though 2016 is still far away, the South Loop will host many of the games of the Summer Olympic.
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.
One thing for sure, this down market in housing will rebound. If your sitting on the sidelines looking for right time, this might be it.
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