How bad is the condo market? Check these numbers

September 21, 2010 |
Rob Cassidy

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."

Rob Cassidy | BD+C Editors

Robert Cassidy is Executive Editor of Building Design+Construction and the Editor of Multifamily 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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