Eric Rojas provides some info on the current state of the South Loop condo market:
|Views from a client's condo in South Loop. |
Photo Eric Rojas, Broker, Kale Realty
South Loop condo sales numbers have climbed way up for the last five years. It has been pretty dramatic from 2009 when all new construction condo buildings stopped to the present time. In fact, South Loop condo sales in 2012 were up 94% over 2011. Crazy!
There were of course reasons for this increase. Demand started to catch up with the lack of inventory due to the complete halt in building. Prices were relatively cheap in the improving market. Interest rates were low (and still are). The original "investors" in these buildings were foreclosed or forced to short sell at great prices (if you would take on the risk).
Since that time condo associations have stabilized. The health of a condo association is the X factor in your decision to buy in one building or another. As buildings took control and amended by-laws and rules to be more owner friendly and prudent buyers felt more secure in making the investment. Sales happened and prices began to rise again.