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Business Real Estate South Loop Chicago Condos
| South Loop Chicago Condos |
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| Written by J. Kim |
| Saturday, 21 February 2009 08:26 |
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South Loop has been the hottest market in Chicago condos in the last few years. Many developers have started to build during the building boom of mid 2000's will see many of the units come to market in 2009. But one of the biggest problem is the over supply of condo units cause by the financial meltdown of 2008. You can be sure inventories of unsold available condos will be the greatest in history of Chicago real estate. In 2009, over 2,000 new units will come to market as developers couple of years ago started building many of these in the South Loop area. They are offering many price reductions and incentives to get the buyer's to purchase a Chicago condo. But it is going to be a challenging market for seller's with many of buyer's backing out of the purchase agreement bringing many more condos to the market. Chicago condos will see price pressure in 2009 with many seller's unloading available condos at well below the pre-construction price. This is going to be a buyer's market which Chicago hasn't seen in long time. But if you are investor thinking about the 2016 Olympics coming to Chicago, you probably want to invest in one of these Chicago condos. The South Loop area will be where many of the Olympic festivities will be held, but 2016 is still far away. If your a new first time home buyer, this might just be the right time. With the federal government offering $7,500 tax credit for the first time home buyers you will save money. Also with the interest rate low as 5 percent for 15 year fixed mortgage, the conditions can never be better. Many housing experts have predicted that the market for housing will rebound sooner or later. Whether it is South Loop area or busy downtown area, right now be just the right time to purchase before the real estate market rebounds. About the Author: For reason why you should consider Chicago condos, please review Chicago Condominiums, and Chicago Condos Kindly provided by MoneyHunter.org You are welcome to use this article on your own website, if you include the link just before this text. |
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