Thursday, February 14, 2008

Chicago Trib says "Housing Misery to Linger" - not so much in the city

A couple excerpts from the Tribune's article on the state of the Chicago condo market for 2008.

Most analysts now agree that if Chicago had one construction market that would be considered in a bubble, it was the condo market," the report said. It used the word "dive" to describe condo construction starts this year.

And also

A trio of economists told the nation's beleaguered home builders Wednesday that housing probably will continue its slide through much of 2008, until a painful but necessary drop in new- and existing-home prices -- 15 percent or more in some parts of the country -- helps find a turning point.

A reality check:

I took a client out looking at condominiums yesterday - Wednesday, 2/13. I pulled the selected condos from the MLS database on Tuesday morning - demostrating that I was not holding old data. I called ten listing agents to request showings. Four of the ten agents reported that their listings were already sold.

At the end of our tour, we decided on a modest one bedroom condo located near the lake in southern Lincoln Park, and by the time we were able to deliver our offer to the listing agent, there were two other offers on the property. This does not sound like a stressed-out market. Many agents also commented that the last seven days felt like it did back in 2002.

More anecdotal evidence:

At the ever-popular Buena Flats Condominiums, I have received six offers on the condominiums in the last 10 days. Not all good, mind you, but there ARE buyers out there in the marketplace.