Active condo conversion market in Chicago in 2005

Everyone’s going condo. At least that was the big story for 2005. Last year, some 3,832 apartment units went condo in the downtown area, making it one of the biggest years ever in the condo conversion market.

That’s good news for first-home buyers because condo conversions are often priced more cheaply than new construction. But it’s bad news for renters because it means a 15 percent reduction in the city’s rental stock and there is already high demand for apartments in Chicago.

(Visited 30 times, 1 visits today)