Downtown Chicago condominium market coming off the bottom?

By
Real Estate Agent with Wayne M Martin

The big question is the downtown condominium market coming off the bottom? Some think so and there is evidence to back up the claim. Who would have predicted?

The market for the month of March was the best for actual sales since a year ago. And interest is up as mortgage rates remain low. Consider these buyers gamblers or optimists, it does not matter, activity is up.

Some new construction continues to struggle, but resales in the Fulton Market, River North, Streeterville, Gold Coast, Lincoln Park and Lakeview are definitely moving quicker than pre-pandemic.

For those seeking a deal, now is the time as soon the market may be more balanced. Enjoy your day.

Comments (12)

Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Very interesting, Wayne!  Are people ready to move back into downtown Chicago??? 

Apr 17, 2021 10:08 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Wayne - there was a period in the 1980s that I was a frequent visitor to Chicagoland and it became one of my favorite places to visit.  Not so much for the weather but the friendliness I experienced there, the many different neighborhoods and the overall fun vibe made it a nice place. 

 

Real estate markets are constantly changing with all sorts of nuances thrown in - buying/selling can seem like a gamble for some.  Here's to wise decisions and to good opportunities.  They seem to exist in every market.  

Apr 17, 2021 10:31 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wayne,

This is good news for downtown areas.  There are always pendulum swings some large and some minute.  Happy Saturday.  A

Apr 17, 2021 10:33 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Wayne, I remember at the time I worked in Downtown Chicago there weren't much condos, except on Michigan Ave. Nowadays, Downtown Chicago is a great place to live. Have a great day!

Apr 17, 2021 10:51 AM
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hmmm...My cousin lives in North Chicago. She's talked about selling. I wonder if this would be an opportune time, Wayne

Apr 17, 2021 04:21 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Wayne when I sold my Condo a couple months ago was a sign, usually everything in LA moves to the rest of the country... Endre

Apr 17, 2021 11:09 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Wayne - that is certainly very interesting.  I wonder what will happen in NYC.

Apr 18, 2021 04:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

What great news for the Chicago condo market, Wayne! Let's hope this is now the start of something big!

Apr 18, 2021 05:56 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Great news  for the Chicago market. Have been hearing there is now a trend to moving back to urban areas.

Apr 18, 2021 08:51 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

In spite of all that we hear about people fleeing the big cities for distant work locations and bigger living spaces during the pandemic, there will always be those who prefer city living.

Apr 19, 2021 08:35 AM
Barbara Michaluk
Weichert Realtors | Silver Spring, MD Phone Direct 240-506-2434 - Silver Spring, MD
Leisure World Specialist / Full Service REALTOR

Hi Wayne, I expect more people will be comfortable moving to urban areas now that so many are getting vaccines.  Hope you have a great week!

Apr 26, 2021 06:53 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Wayne Martin ,

Well that is good news for those living there. I've had clients that have been trying to sell their cono for the last 6 years and couldn't sell close to what they paid for it..maybe there is hope now!

May 02, 2021 11:39 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?