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Article: South Loop cool-down seen in '09; Growing glut threatens home valuations in once-hot condo market.(News)
- Article from:
- Crain's Chicago Business
- Article date:
- January 5, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ALBY GALLUN
The downtown Chicago condo market is bad all over, but it's worse in the neighborhood that was hottest during the building boom: the South Loop.
Builders will complete 2,147 condos in the South Loop this year, a 66% increase over 2008 and nearly half the total for all of downtown Chicago, according to Appraisal Research Counselors, a Chicago-based real estate consulting firm. But with 932, or 43%, of the new South Loop condos unsold, the neighborhood now accounts for more than half the unsold units expected to hit the downtown market this year.
The growing glut means that the already depressed South Loop condo market is ...