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Incentives from Developers Making Chicago Condos Market More Attractive
With the year, 2009 winding to 3rd quarter, the picture of Chicago condos market is not drastically different from the neighboring markets. With demands for luxury condos dropping over the past year, the prices of the average sales price fell by almost 3% and average sales price touched $537,429 in October.
The picture is more or less same for all upscale Chicago neighborhoods such as Loop, Gold Coast or Streeterville. Another trend involves a 5% drop in the Chicago condos inventories. With the owners waiting for better days to return, the inventory went on to pull back in October. Currently, 14,374 Chicago condos are listed on the market. But on the other side of the coin, current pace of sales has started to show an upward movement. This is believed to lead to an emerging buyer's market. At this stage, the Chicago condos market is reported to have a market supply of more than 6 months.
While this is good news for the buyers, for developers, it indicates a tough time ahead. Even some prominent builders made front page news due to their rows with lenders. So they have decided to walk the path of compromise. A significant number of developers are offering incentives and discount prices for a number of their completed units. One Museum Park and Library Tower are good examples of this trend. Buyers were invited to avail the discounts on weekend sales at these two condos.
Other Chicago condos are also offering different types of incentives. CA23 is luring the buyers with an offer of $30,000 credit for furnishing their units. While The Marquee is offering their buyers to live for free until 2009, the developers of the Emerson are currently offering $7,500 credit to heir buyers.
The incentives are not being offered by the developers alone. Rise in the interest rate, job losses due to recession and a general economic slump are forcing many pre-construction condo owners to sale off their units at much lower prices than what they have paid to the developers.
If you have always dreamt of buying a luxury condo property in a happening city, then this could be your most opportune moment to fulfill your dream. Downtown or suburbs, there are many luxury Chicago condos to choose from across the city. From the traditional favorites such as Chicago Spire and Sears Towers to new age eco friendly construction the Emerald, there are many high quality Chicago condos that can be bought for discounted prices under current market conditions. The new buyers are advised to rush and grab the deal before the developers stop offering such attractive incentives.
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