Appraisal Research Counselors vice president John R. Jaeger acknowledges some previously announced projects are being pulled back. However, he told the Chicago Real Estate Council recently, "The market has potential for very long sustainability."
Still, there are questions. "In Chicago, we've got a massive amout of ordinary condos being built," Walton Street Capital Principal Neil Bluhm told last week's National Association of Industrial and Office Properties. "If I could figure out a way to short condos, I'd make a lot of money."
Fifield Realty Corp. is not pursuing any condo projects now. "We think there's enough supply," says company founder Steve Fifield.
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