Reports of a housing bubble in the downtown Chicago market may have been greatly exaggerated compared with other housing markets nationwide, according to columnist Don Debat in the October edition of New Homes magazine.
“Downtown condominium sales slowed from the record levels of 2005 to a “strong, extremely active market” in the second quarter of 2006, according to housing analyst Appraisal Research Counselors’ latest Residential Benchmark Report.
“Appraisal Research reported that a total of 3,739 new-construction condos were sold during the first half of 2006, down 24 percent from 4,898 during the same period in 2005, in the area bounded by North Avenue, Ashland Avenue, Cermak Road and Lake Michigan. Despite the second-quarter downturn — to 1,496 units from 2,243 units in the first quarter — year-to-date sales are higher than in any year except 2005.”
Read more in Debat’s column.