Five days in, everyone seems to have found the story for 2009. Crain’s published a story this morning about the imminent completion of more than 2,100 condos in the South Loop, more than 40 percent of which remain unsold. This afternoon, it followed up with a video version of that story (fast-forward to the 40-second mark) that includes some remarks from Gail Lissner of Appraisal Research Counselors.
In it, Lissner gets straight to the point about what we can expect beyond 2009:
What we’re seeing in 2010 is there is no more new development taking place. There will be zero units delivered in the South Loop in 2010, so anyone who is looking for new construction will really need to be buying one of these units that was delivered in 2009, because there is no more pipeline at this point.