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."
More from Author
Rob Cassidy | Mar 30, 2020
Your turn: Has COVID-19 spelled the death knell for open-plan offices?
COVID-19 has designers worrying if open-plan offices are safe for workers.
Rob Cassidy | Mar 25, 2020
Coronavirus pandemic's impact on U.S. construction, notably the multifamily sector - 04-30-20 update
Coronavirus pandemic's impact on U.S. construction, notably the multifamily sector - 04-30-20 update
Rob Cassidy | Nov 20, 2019
Word of the Year: "climate emergency," says the Oxford English Dictionary
The Oxford Word of the Year 2019 is climate emergency.
Rob Cassidy | Nov 8, 2019
The Peloton Wars, Part III - More alternatives for apartment building owners
ProForm Studio Bike Pro review.
Rob Cassidy | Nov 1, 2019
Do car-free downtown zones work? Oslo, yes; Chicago, no
Two recent reports (October 2019) explore whether car-free downtowns really work, based on experience in Oslo, Norway, and Chicago.
Rob Cassidy | Oct 9, 2019
Multifamily developers vs. Peloton: Round 2... Fight!
Readers and experts offer alternatives to Peloton bicycles for their apartment and condo projects.
Rob Cassidy | Sep 4, 2019
Peloton to multifamily communities: Drop dead
Peloton will no longer sell its bikes to apartment communities.
