Ask local real estate professionals where the hot spots are in the market right now and their immediate response is the same.
It’s not a pause while builders, real estate agents and appraisers think about it. It’s not an answer preceded by an explanation of market forces.
They answer with a laugh, and a loud one at that.
Lance Ramella, principal at Meyers Builders Advisors, summed up the sentiment of most who work in a residential real estate industry whose flagging fortunes have been well-documented.
“I wouldn’t call any market, in Chicago and anywhere else in the country right now, hot right now,” Ramella said. “Some markets are just better than others and it’s a relative term. Being better than horrible, that’s where we’re at.”
Finding those bright spots in the market requires going back to the basics that were used to differentiate the good markets from the not-so-good before heady times took over. Those basics are location, price and amenities.
Between this year and next, about 10,000 condominium units will come on the downtown market, creating a glut of inventory. Still, Gail Lissner, vice president of Appraisal Research Counselors, favors properties that are either close to North Michigan Avenue or are near the lake and with a view, properties loosely bounded by the Chicago River on the west, Randolph Street on the north and Roosevelt Road on the south.
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