CHICAGO-Condominium resale prices in downtown Chicago rose more than 9% last year and all indications are that values will continue to soar higher in 2014.
Resale prices at 65 condo buildings downtown rose 9.3% in 2013, putting them only 6% below the market's peak in 2008, according to a year-end report by Appraisal Research Counselors.
Sales volume in the condo sector last year was 8% higher than numbers posted in 2012, according to the Chicago Tribune.
"We're hearing from brokers there's a shortage of product," said Gail Lissner, a vice president at Appraisal Research Counselors. "Definitely we are in recovery mode."
New condo projects are faring well. For example, Trump International Hotel & Tower had only 15 of the 486 condo units unsold at year's end. See story in the Chicago Tribune.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
