After a brief look at the model at Kingsbury Park Residences, I sat with Sharon Rizzo of Rizzo Realty Group to talk about what some view as a “glut” of new construction in Chicago. Sharon’s a real estate veteran who has overseen the sales program for many of Chicago’s large condo developments.
Rather than looking at “the market” as a whole I examine what I consider a more realistic scenario. The buyer who wants a newly-renovated timber loft building in the quieter part of River North close to Erie Park currently has only option: the 40-unit Park Kingsbury. If that buyer wants a corner 2-bedroom 2-bath with a view of the park, the options narrow to 2 or 3 units. And, since the building won’t have indoor parking for every unit, that buyer has to act while it’s still available.
As my hypothetical buyer suffers analysis paralysis, waiting for the market to bottom and the “glut” to shrink, the odds that s/he’ll get what s/he wants diminish.