Chicago condos are shrinking

It’s getting more expensive to build a condo these days, we’re told. Construction costs have gone up because of a worldwide shortage of things like copper and drywall.

And from a buyer’s perspective, interest rates don’t look too flash either, so many people can’t quite afford to buy a place that they might have been able to purchase only six months ago by financing at a lower rate.

So what’s the solution? Build less house, apparently.
We’re told that is the trend to watch for in 2006, particularly in the first-home buyer market.

The homes won’t be like the closet-sized condos you get in New York and Hong Kong, but they will be smaller than usual.

How long before we’re forking out for high-end shoeboxes?

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