Much of the nation’s housing market has gained momentum over the past year due in part to a diminishing inventory ramping up buyer demand and boosting competition, creating a seller’s market. In Chicago, that trend has been exemplified by the area’s condo market.
According to a recent report from Crain’s Chicago Business, downtown Chicago condo sales are up by more than half this year compared to last and that increase has put a serious dent in the inventory of unsold units. This has led to developers pondering their next move for the next major city condo project to satisfy hungry condo buyers.
Everyone is still waiting to see exactly who steps up and gets underway with the next huge condo development.
“The reason to be first is while you're out there . . . there's no competition,” David Carlins, president of Magellan Development Group LLC, based in Chicago, told the news source. He added that he's watching the market closely but has no immediate plans to start a condo tower. “That gives you a huge competitive advantage.”
The downtown Chicago condo market has benefited from an overall uptick in the local and national economy, with employment rates trending upward and major employers migrating to Chicago, the time has never been better to develop the next major condo project.
The demand could be there as the news source cites Tracy Cross & Associates, which found new condo sales climbed 50 percent for the first half of 2013, when compared to the same period of time in 2012. That equals 385 units sold so far this year.
Plans are already underway to supplement the diminishing condo inventory with new units for sale. The news source cites someone familiar with CMK Cos. and its project to construct a 150-unit condo building close to the Museum Campus.
Regardless of the rising sales, there are plenty of Chicago condos available for purchase in a number of attractive locations around the city. Contact me today to learn more about your Chicago condo options.