News & trendsMarket conditions

What happens if Chicago’s hot apartment market turns cold?

by Joe Zekas on 6/24/13

Veteran condo developers and marketers Santo Rizzo and Chip Cornelius talk about a scenario that may play out if Chicago’s apartment boom becomes hyper-competitive and results in falling rents.

The likelihood, they say, is that many of the new buildings will convert to condominiums. They view current conditions in the condo market, i.e. tight supply and heavy demand, as favorable for conversions. As an instance of the supply / demand imbalance Cornelius says, half-jokingly, “if we had 200 two-bedroom condominiums in the West Loop right now, at a decent price, we could sell those over a weekend.”

Note: Cornelius and Rizzo recently teamed up at Chicagoland Realty Services, one of our sponsors.

Share:
  • Facebook
  • Google Buzz
  • Digg
  • LinkedIn
  • StumbleUpon
  • del.icio.us
  • Google Bookmarks
  • Live
  • Posterous
  • Reddit
  • Technorati
  • Tumblr
  • email

No related posts.

{ 5 comments… read them below or add one }

the urban politician June 30, 2013 at 12:35 PM

If this were true, then why have no major condo projects broken ground downtown?

In addition, there have been no announcements to convert any of the major apartment projects under way into condos either.

Reply

Joe Zekas June 30, 2013 at 12:51 PM

tup,

Chip and Santo are talking about future market conditions, not current ones.

You may see an announcement of a new condo tower in the next few weeks.

Reply

the urban politician July 1, 2013 at 12:08 PM

Ahhh, Joe, always dropping little hints…

Reply

Antonio Davis July 10, 2013 at 8:33 PM

Reading from overseas but I don’t see these conditions lasting. Seems overbuilt for the size of the city.

Reply

Pedro July 11, 2013 at 9:59 AM

Antonio, you may need to brush up on your reading skills.

Reply

Leave a Comment

Previous Post:

Next Post: