According to Chicago Real Estate Daily:
Developers closed 159 condo sales downtown in the third quarter, up slightly from 151 sales in the second quarter and 154 a year earlier, according to Chicago-based consulting firm Appraisal Research Counselors.
Sales have not taken off like they have for existing condos simply because there aren’t a lot of new condos on the market, the residual effect of a severe residential slump that choked off development. The downtown market had just 518 unsold new condos at the end of the quarter, the lowest supply since at least 1997, according to Appraisal Research.
In 2008, when the glut was at its worst, there were more than 7,000 unsold new units.
Appraisal Research cited 235 Van Buren as the leading seller in the downtown market, with 41 sales during the third quarter.
235 Van Buren‘s appeals for buyers include its expansive views, award-winning architecture, Loop location, well-stocked on-site convenience store, and an amenities-lite approach to maintaining affordable monthly assessments.
Remaining units at the development include one-bedrooms priced from $239,900, 2-bedrooms from $289,900 and penthouse-level units starting at $349,900.
Note: 235 Van Buren is one of our advertisers.