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."