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.
With over 43 percent of available unsold condos in downtown Chicago, many Chicago condos will see pressure in the pricing as homeowners try sell the competing with condo developers. Many who have signed contracts will begin to back out of the pre-construction purchase contracts further pushing inventories and prices down.
One should keep in mind that if the Olympics will come to Chicago in 2016, the prices of Chicago condos will certainly increase. Some long term view investors will benefit from the price appreciation. Even though 2016 is still far away, the South Loop will host many of the games of the Summer Olympic.
If your a new first time home buyer, this might just be the right time. With the federal government offering $7,500 tax credit for the first time home buyers you will save money. Also with the interest rate low as 5 percent for 15 year fixed mortgage, the conditions can never be better.
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.
With over 43 percent of available unsold condos in downtown Chicago, many Chicago condos will see pressure in the pricing as homeowners try sell the competing with condo developers. Many who have signed contracts will begin to back out of the pre-construction purchase contracts further pushing inventories and prices down.
One should keep in mind that if the Olympics will come to Chicago in 2016, the prices of Chicago condos will certainly increase. Some long term view investors will benefit from the price appreciation. Even though 2016 is still far away, the South Loop will host many of the games of the Summer Olympic.
If your a new first time home buyer, this might just be the right time. With the federal government offering $7,500 tax credit for the first time home buyers you will save money. Also with the interest rate low as 5 percent for 15 year fixed mortgage, the conditions can never be better.
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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