Condo Sales Still Anemic in Chicago

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy
https://activerain.com/droplet/nPY

It seems that the change in season did not bring in a change in buyer's activity for condominiums in downtown Chicago. 

Last week, I briefly chatted with Gail Lissner of Appraisal Research Counselors regarding Chicago activity and she noted that it wasn't any better than the prior quarter and activity was less than the same period last year.

Quick summary: if you are looking to buy a condo right now in the downtown area, you will not be overwhelmed by hoardes of people camping outside the doors waiting to get in at 8am the next morning.  Quite the contrary, it may be more like a scene from the old west, tumbleweeds rolling down the street and the eerie sound of the wind blowing due to so little activity.  So, YES, it is a BUYER'S market when it comes to downtown condos.

For those that would like more detailed information, Gail and her firm publish a quarterly report on the Chicago condo market with building by building analysis.

If you are not inclined to go that route, then you can follow this simple guide....if the condo market wasn't good in the second or third quarter of 2011, then for sure, the fourth quarter is going to be similar or worse (unless a condo building decides to go forward with a Black Friday sale)

Michael Hobbs, PahRoo Appraisal & Consultancy

 

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Michael Hobbs

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