South Loop Chicago Condos
South Loop has been the hottest market in Chicago condos in the last few years. Many developers have started to build during the building boom of mid 2000's will see many of the units come to market in 2009. But one of the biggest problem is the over supply of condo units cause by the financial meltdown of 2008. You can be sure inventories of unsold available condos will be the greatest in history of Chicago real estate.
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.
If you are a long term investor, you should take a look at Chicago condos. With the possibilities of Summer Olympics coming to Chicago, these prime real estate just south of downtown loop might be a gem for investors who want to take some risk in the short term. The games will be held in close vicinity to homes along the lake front.
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.
So, if your looking at any areas in Chicago for condos, whether it is downtown or South Loop you sure will find some value since the bubble bust of housing market. But one thing for sure, Chicago market will rebound with the rebound of economy, you do not want to be sitting on the sideline for too long.
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.
If you are a long term investor, you should take a look at Chicago condos. With the possibilities of Summer Olympics coming to Chicago, these prime real estate just south of downtown loop might be a gem for investors who want to take some risk in the short term. The games will be held in close vicinity to homes along the lake front.
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.
So, if your looking at any areas in Chicago for condos, whether it is downtown or South Loop you sure will find some value since the bubble bust of housing market. But one thing for sure, Chicago market will rebound with the rebound of economy, you do not want to be sitting on the sideline for too long.
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For reason why you should buy Chicago condos, please review Chicago Condominiums, and Chicago Condos
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