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.
Broker Associate, Sudler Sothebyâ€™s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
773-418-0640 (mobile) 312-577-0985 (fax)
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 - email@example.com - 773-520-2615