Building Team Blog
Rob Cassidy (“ClimateGrouch”) is editorial director of Building Design+Construction. A city planner, he is the author of several books, including “Livable Cities,” and was a co-founder of the Friends of the Chicago River.
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Condo sales market

September 21, 2010

Just how bad is the condo market? Some figures from a desperation ad from one Chicago developer: Studios were $237K, now from $189K - 20% off. 1BRs were $354K, now from $271K - a 23% cut. Plus a 4.25% rate on a 30-year mortgage, with as little as $5K down. Were these properties overpriced to begin with? Possibly. But with condo inventory so high in many markets, don't be surprised to see these and similar offerings with this message: "Great apartment rentals - no money down."

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