Market for Chicago Condos

By J. Kim

2008 has been a very difficult market for Chicago condos, for South Loop area of downtown, 2009 doesn't look any better. In fact 2009 might be more difficult market than anytime before. As one of the cities hottest real estate market during the mid 2000's, the lake and the museum campus made it sought after by condo buyers.

In 2009, over 2,000 new units will come to market as developers couple of years ago started building many of these in the South Loop area. They are offering many price reductions and incentives to get the buyer's to purchase a Chicago condo. But it is going to be a challenging market for seller's with many of buyer's backing out of the purchase agreement bringing many more condos to the market.

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.

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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