I guess the mood overall has been a lot more positive lately. There was a lot of activity in August and the first of September — I’m not sure if the fall market’s already gone, but it does seem slower now than it did a few weeks ago.
In terms of the pricing of the market, there’s been six or seven developments out there that have drastically reduced their prices, and I think that’s setting the market again. R+D659, Catalpa Gardens, SoNo, Clarovista –- at one time these were around $350, $450 a square foot, but now they’re down to $250 or $300. I’m not quite sure if this is really the bottoming out of this market, but it is better than when people had absolutely no idea where things were going.
– One local Realtor’s observations on the Chicago market as fall begins. Check back regularly for more on- and off-the-record reflections, ruminations, and rumors from builders, buyers, agents, and anyone else we come across.