Wednesday, May 18, 2005
Condo Conversion Hot in Chicago
Chicago apartments are still being turned into condos at a furious pace.
Low Chicago mortgage rates have induced many former renters to purchase homes, leaving the rental market soft and landlords searching for tenants. One solution: convert your apartment building into a condo block. Or sell to a developer who will.
Developers have been buying in at very high rates, which leaves some folks worried that the supply of Chicago condos on the market will rise beyond demand. If so, many investors may default on their loans if they can't find buyers.
It is estimated that upwards of 25% of Chicago condos are being purchased by speculators and investors. Other markets are even more dominated by investors, with speculators comprising up to 60% of condo sales in Florida.
Low Chicago mortgage rates have induced many former renters to purchase homes, leaving the rental market soft and landlords searching for tenants. One solution: convert your apartment building into a condo block. Or sell to a developer who will.
Developers have been buying in at very high rates, which leaves some folks worried that the supply of Chicago condos on the market will rise beyond demand. If so, many investors may default on their loans if they can't find buyers.
It is estimated that upwards of 25% of Chicago condos are being purchased by speculators and investors. Other markets are even more dominated by investors, with speculators comprising up to 60% of condo sales in Florida.
