Quote of the day: Existing homes struggling versus demand for new construction

“The real tale of the two condo markets in the Chicago center city is told in the pricing problems that existing units are having. In the past six months, there were 3,338 condo units that sold in the six neighborhood markets that comprise the center city. These sold units were only 57 percent of all of the units that were listed on the market at the time. In other words, 43 percent of the units for sale did not sell.”

Peter Fugiel, of Century 21 S.G.R. Inc., in his essay “What current market stats are indicating about the six neighborhoods that make up the new center city.”

Fugiel’s “new center city” comprises Diversey Avenue to 16th Street and the lakefront to Ashland Avenue.

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