Almost 5,400 condos and townhomes were under construction in the downtown market as of July, with delivery dates set for anytime between this year and 2011. According to Appraisal Research Counselors‘ latest Downtown Chicago Residential Benchmark Report, 2,100 (or 39 percent) of those homes were still not under contract.
Most of the homes under construction will be finished this year; of those, about 1,824 are still for sale. Looking ahead to 2010, 620 homes are set to deliver, and 230 of them are still on the market.
In 2011, just 86 homes — the condos at the Ritz-Carlton Residences (rendering detail above) at 664 N Michigan Ave — will be completed. More than half of those homes are still for sale.
Total unsold inventory in the downtown market is down 28 percent from the second quarter of 2008, but the level of completed unsold homes in the market is up 142 percent, “putting strong pressure on developers who are attempting to sellout their completed units,” the report says.
Related posts:
• Appraisal Research: 42 percent of new downtown condos remain unsold (May 20)