Appraisal Research: 42 percent of new downtown condos remain unsold

Of the 5,389 downtown condominiums under construction and set for delivery between this year and 2011, just 3,139, or 58 percent, are currently under contract, according to the latest Appraisal Research Counselors Downtown Benchmark Report.

Almost 4,700 new homes will be completed in the downtown area this year, less than 2,000 of which, or 42 percent, remain unsold. At least 700 more homes will be finished in 2010 and 2011, 39 percent of which still are not under contract.

Until another downtown project breaks ground, the only downtown development set to reach completion after Jan. 1, 2011, is the 40-story, 86-unit Ritz-Carlton Residences, under construction at 664 N Michigan Ave on the Magnificent Mile.

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