October 18, 2007

Sales of Multi-Unit Homes at 15-year low in Chicago

Category: Luxury Condos. Posted by Mike at 4:14 pm.

Sales of multi-unit buildings have hit a 15-year low according to the most recent report from the Chicago Association of Realtors.

During the recent boom in real estate, both large companies and individual developers were buying the buildings and renovating them into new condominiums.

However, as condo sales have slowed in the city, so has developers’ thirst for this type of investment.

According to the third quarter report from the Chicago Association of Realtors, a total of 648 buildings were sold in the city during the third quarter, a more than 50 percent decrease over last year.

It is also the lowest total sales for this type of building seen in the city since 1991, when 585 buildings were sold during the third quarter.

Owners who want to sell their property may have already missed the boat in the city, depending on the location of the building.

Turnover times are increasing and the average sales price is showing  signs of weakness.

If you are selling a multi-unit building in Chicago, it will now take you 101 days to find a buyer, up from 78 just a year ago.

The average sales price increased just under $800 during the third quarter, the smalles increase since prices started rising nine years ago.

Sellers may have to wait until the next rally in the Chicago Real Estate market to find a buyer at the right price for their property.

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