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.
In 2009 developers will bring over 2,000 new units to South Loop which is 66 percent above 2008. Even with many incentives and lower prices, the pure number of units will be hard to digest in this down market. Definitely you will find some bargains with many developers having over supply of inventories.
Chicago condos will see price pressure in 2009 with many seller's unloading available condos at well below the pre-construction price. This is going to be a buyer's market which Chicago hasn't seen in long time.
But if you are investor thinking about the 2016 Olympics coming to Chicago, you probably want to invest in one of these Chicago condos. The South Loop area will be where many of the Olympic festivities will be held, but 2016 is still far away.
Another reason you might want to take a look is the low interest rate currently being offer by many financial institutions. The interest for mortgage have been lowest in recent years. The 30 year and 15 year fixed mortgage is around 5 percent.
Many housing experts have predicted that the market for housing will rebound sooner or later. Whether it is South Loop area or busy downtown area, right now be just the right time to purchase before the real estate market rebounds.
In 2009 developers will bring over 2,000 new units to South Loop which is 66 percent above 2008. Even with many incentives and lower prices, the pure number of units will be hard to digest in this down market. Definitely you will find some bargains with many developers having over supply of inventories.
Chicago condos will see price pressure in 2009 with many seller's unloading available condos at well below the pre-construction price. This is going to be a buyer's market which Chicago hasn't seen in long time.
But if you are investor thinking about the 2016 Olympics coming to Chicago, you probably want to invest in one of these Chicago condos. The South Loop area will be where many of the Olympic festivities will be held, but 2016 is still far away.
Another reason you might want to take a look is the low interest rate currently being offer by many financial institutions. The interest for mortgage have been lowest in recent years. The 30 year and 15 year fixed mortgage is around 5 percent.
Many housing experts have predicted that the market for housing will rebound sooner or later. Whether it is South Loop area or busy downtown area, right now be just the right time to purchase before the real estate market rebounds.
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For reason why you should buy Chicago condos, please review Chicago Condominiums, and Chicago Condos
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