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Downtown Condo Conversions on Record Pace

CHICAGO-The Downtown multifamily market saw just 652 rental units converted to condominiums last year, according to Appraisal Research Counselors, but could see as many as 3,893 become part of that trend by the end of the year.

By Mark Ruda | Updated on August 29, 2005

(To read more on the multifamily market, click here.)

CHICAGO-The Downtown multifamily market is seeing a record year for condominium conversions, with the pace triple the level typically seen, according to Appraisal Research Counselors. The firm’s “Residential Benchmark Report” puts the number of converted units so far this year at nearly 3,000, with nearly half of them sold, and projects the total to hit 3,893 by the end of the year.

The Downtown area saw just 652 rental units converted to condominiums last year, according to the firm, with the average being about 1,000 since 1991. The previous high-water mark was the 1,881 units converted in 2001, Appraisal Research Counselors says.

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