Has condo pricing gone off the rails again?

by Joe Zekas on 8/20/14

Lately I’ve been seeing nearly identical new condominiums – in some cases from the same developer – selling for similar prices in locations that I consider to differ widely in value.

It’s possible, of course, that I’m misjudging the appeal and underlying value of the locations I’m comparing. I don’t think that’s the case. It’s more likely, in my opinion, that buyers are paying speculative prices based on a shortage of new construction homes.

When Chicago real estate goes into one of its periodic and inevitable down cycles, the price of condos in less desirable locations will plunge, while the stronger locations will decline relatively less in price.

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{ 2 comments… read them below or add one }

Jeff August 20, 2014 at 10:16 AM

Joe,

could you please cite some examples of this happening?

Thanks

Reply

Joe Zekas August 21, 2014 at 9:41 PM

Jeff,

I’m going to wimp out on providing examples.

Reply

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