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Julie Duncan, Real Estate Pro in Bloomington, IL

How is the condo market in downtown Chicago? I have someone that might be moving...and asked me this

Asked by Julie Duncan, Bloomington, IL Tue May 27, 2008

question. And since I'm "not in the loop" thought I would ask a Chicago expert.

Help the community by answering this question:


Yes, it is all localized, some older buildings with solid sales histories are doing fine, while I would not buy a condo in some new condos at any price. Bottom line, their is a tremendous amount of condos for sale but buyer beware.
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0 votes Thank Flag Link Thu Jan 29, 2009
down town market is like any market just make sure that it will be long term i love downtown i do most of my business there most importantly its the area or the market its the building your getting into make sure they have great reserves great management and always ask if there is special assessments are coming and ask if you are talking about long term projects and if there are make sure they have the funding i specialize in condos. and remember the older the more work it needs to be done if you have any more questions about it let me know
0 votes Thank Flag Link Wed Jan 28, 2009
We all know that this market can be very localized. If you are not familiar with the city, you may want to consider referring to an agent who is. Their knowledge of the neighborhoods could be a huge benefit to your clients in defining the localized sales numbers.
0 votes Thank Flag Link Tue Nov 25, 2008
Dear Julie,

For buyers I'd say the "downtown" (or any other) market for that matter is great for purchase right now. However I'd counsel whomever asked you to think about how long they are going to hold onto the property. If they are considering any type of short term (and I'd mark short term as anything under five years at this point), then they might want to consider rental (at least for the 1st year or so) rather than purchasing right away.


Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
773-418-0640 (mobile) 312-577-0985 (fax)
0 votes Thank Flag Link Mon Nov 24, 2008
Hi Julie,
It definitely depends on where "downtown" you are talking about? Some people consider even Lakeview or Bucktown to be considered "downtown". There are still neighborhoods that are up in # of sales, but down in price from last year. In my opinion, if you are looking to buy, anywhere in the downtown Chicago area is going to be a great buy, great deal etc. Seller's who have to sell (as I'm sure you know) are panicing and want to make a deal.
However, one caveat that I would add is that if your buyer is looking to move/buy and then might need to sell within 2 years, I would make sure that they don't buy in a newly constructed building that would provide a significant number of units for him/her to compete with when they go to sell.
I would be happy to assist your buyer should they decide to move providing a referral fee of course to you!
let me know how I can help,
Sierra Bloom - - 773-520-2615
0 votes Thank Flag Link Tue May 27, 2008
It depends on where downtown you mean- generally there is a glut of unsold inventory that will only increase over the next few years. The South Loop is one area that is particularly in bad shape with an oversupply of units and abundance of investors owning too many units. Millenium Park area (the New East side) is a great location but incredibly expensive. We need more specific info on price range and area to really answer this one. But generally speaking condo sales are flat downtown and will continue to be risky (I am sure others may disagree).
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0 votes Thank Flag Link Tue May 27, 2008
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