If you bought 4 years ago the chances of turning a profit are slim to none. I am seeing phenomenal deals on a weekly basis in the River North area- especially for small 2 bedroom units. There was so much speculative buying when the market was white-hot that now a lot of people are holding onto properties and I'm seeing a ton of vacant inventory just sitting.

I think a lot of people jumped the gun in terms of deciding to purchase in RN rather than look in other areas and I think prices are certainly less insulated here than they are for the more established part of the near north area- the Gold Coast. Many of the huge high rises are struggling and I am seeing a noticeable jump in foreclosures here too.

My advice- sell your condo for what you can get for it and then turn around and upgrade for $.80 on the dollar compared to what you would have paid when you bought what you have now. The area- like the rest of Chicago- will make it through this crisis but there just simply hasn't been a buyer's market like this is a long time so take advantage!

River North is very popular right now and yes, buyers seek propery in the RN area.

While it's true that prices have adjusted downward in many Chicago areas, as Nick said, many sellers who feel they didn't meet their 'bottom line' with their sale are finding they are able to upgrade in ways they probably would not have been able to 2 years ago, so the 'loss' ends up being a gain.

4 years is plenty to see return even in a slower market. I have found that most are selling for a little less then they normally would and then making it up on the buy side with a good deal.
Just saw a foreclosure at 300 W. Grand listed at $209,000- It had 15 offers on it in one day and sold for over asking price.

As with anything else... it depends.. but 4 years is a reasonable time to expect a return. RN prices have adjusted down slightly but all in all it's pretty good.