Article: Downtown condo sales decline 24%: Market still seen as solid, analyst says.

Byline: Sharon Stangenes

Aug. 15--Downtown Chicago condominium sales fell about 24 percent in the first six months of 2006 from a year earlier, a drop an analyst compared to downshifting from "110 miles an hour to about 70 miles a hour." Buyers signed contracts or reservations for 3,739 Chicago condominiums through June, a decline from 4,898 in the same period of 2005, a record year, according to Appraisal Research Counselors.

"I think the market has slowed down a little bit, but we don't think the market has stopped," said Ron DeVries, a vice president of the Chicago consulting firm. "Last year the market was fantastic. We think the market is still solid." ...

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