As I was quickly scanning through the Chicago Real Estate section of the Sunday edition of the Tribune, I wasn’t looking for anything specific, however, one thing did become fairly obvious after only a few minutes: the new construction market is still suffering-significantly. Without intentionally singling out one specific ad-type, I couldn’t help but notice that the majority of these colorful attention-grabbers all had a similar theme with the same wording -- “Massive “or “Dramatic Price Reductions.” One ad even had the headline “Prices That StillDon’t Suck,” leading us to believe that their already low and decreased pricing has been dropped once again. There’s little doubt this is a great time to take advantage of some of the lowest real estate prices we’ve ever seen; but it’s very troubling to think how much money developers and investors are expected to lose on some of these high-profile projects. Below is a simple representation of how significant some of these price cuts actually are:
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !