It’s not a surprise that the third quarter numbers out on Chicago’s downtown condo market show sales have slowed dramatically. Crain’s reports that condo and townhomes sales fell 34% to 869 units compared to a year ago. According to a report by the Appraisal Research Counselors: “Prospective buyers are currently uncomfortable about the market, feel […]
Crain’s is reporting that Chicago area home prices dropped only 0.2% in August compared with July according to the S&P/Case Shiller Home Price Index. This is better than the 0.7% fall in the top 20 major metropolitan markets during the same time period. The worst market was Tampa with a 10% drop. Detroit was #2 […]
The Illinois Association of Realtors just released the September numbers. Sales were down statewide and also for the Chicagoland area. From the press release: The median home price for the Chicagoland Primary Metropolitan Statistical Area (PMSA) was $257,500 in September, up 5.1 percent from $245,000 in September 2006. The average home sale price for Chicagoland […]
Both Crain’s and the Chicago Tribune are reporting that Neumann Homes, the fourth largest home developer in the Chicago area, is about to file for bankruptcy protection. They rank 59th nationally among the homebuilders. The company has already laid off most of its employees. From Crain’s: The “significant downturn in the Detroit, Chicago and Denver […]
I’ve been saying for awhile that sales are slowing in the red hot luxury market (just as the Spire is to begin marketing the most expensive units ever sold in Chicago.) The Donald still has 200 units for sale in his building. The Legacy still has dozens of units. Same with Waterview Tower. Now, some […]
As the Spire dominates the Chicago housing market news, getting lost in the shuffle is the struggle other developers are having selling their top product. David Roeder, housing columnist for the Sun-Times, wrote today about a lawsuit between Prism Development, developer of the Ritz-Carlton condos at 664 N. Michigan Avenue, and the Metropolitan Water Reclamation District over the use […]