Quote of the day: the "looming cloud" over Chicago's new-construction market

“In the city of Chicago, there’s a looming cloud out there. And the looming cloud is, as buildings deliver, how much of those buildings will actually have been sold? Some will deliver at 100 percent. Some will have deliveries where they’re 90 percent sold. Some will be 80 percent sold. We don’t know the impact of that inventory hangover. Or its impact on the market as a whole. It’s a big question. We just don’t know. My suspicion is that…since the builder and developer’s profit is very closely aligned with the last 10 percent, that there may be some turmoil in the market.”

– Tracy Cross, of Schaumburg-based Tracy Cross & Associates, Inc, in a recent conversation with Yo

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