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."
After decades when experts predicted that robots would become more prevalent on construction sites, it would appear that the industry has finally reached that point where necessity, aspiration, and investment are colliding.