Our local market expert for the Gold Coast, Streeterville and River North neighborhoods, Sandy Adler, reports a growth in inventory as sellers continue to wait out the slow market.
She says sellers will continue to feel pressure to lower prices, as the active buyer pool in this area is increasingly constrained by a tightened credit market.
On top of that, investors who used to buy a condo with the intent of a quick turnaround are facing challenges.
They will either need to hold on longer than anticipated when it was purchased pre-construction at top of market, expect less or no profit, or rent.
Adler does say that homes that are priced to fit the market are selling well.
The obvious upside is that there a lots of diverse, attractive homes for qualified buyers to choose from.
And the downtown Chicago market will remain an exciting place to live and work for many years to come.
For more information on this area, contact Sandy Adler at:
www.chicagosbestproperties.com .
