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Mixed Bill of Health for Downtown Condo Market

CHICAGO-Appraisal Research Counselors vice presidents acknowledge some previously announced projects are being pulled back in the wake of the economic slowdown, but see "potential for very long sustainability.

By Mark Ruda | Updated on October 29, 2001

CHICAGO-Despite lingering questions about a potential glut of condominium product that began cropping up before Sept. 11, the Downtown market should continue to be strong through 2004, according to two experts. An additional 13,619 units are likely to be added to the market by then, says Appraisal Research Counselors, although there is the potential for as many as 23,863 units according to plans in the works.

Appraisal Research Counselors vice president John R. Jaeger acknowledges some previously announced projects are being pulled back. However, he told the Chicago Real Estate Council recently, “The market has potential for very long sustainability.”

Still, there are questions. “In Chicago, we’ve got a massive amout of ordinary condos being built,” Walton Street Capital Principal Neil Bluhm told last week’s National Association of Industrial and Office Properties. “If I could figure out a way to short condos, I’d make a lot of money.”

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