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Converters Driving Multifamily Sales Records

CHICAGO-With condominium converters paying prices per unit nearly three times the market average, sales prices per unit have hit $71,000, while the Downtown area could see $1.3 billion in volume this year by itself.

By Mark Ruda | Updated on September 01, 2005

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

CHICAGO-Multifamily sales volume in the Downtown area is expected to exceed $1.3 billion, shattering last year’s $510 million record, Appraisal Research Counselors is predicting. Meanwhile, prices per unit across the wider city and suburban market have inched up to another high, according to Marcus & Millichap Real Estate Investment Brokerage Co.

Appraisal Research Counselors’ “Residential Benchmark Report” has tracked $380 million in sales so far this year, but notes another $880 million in potential deals are either pending or on the market. Between 1998 and 2004, an average year has seen about $350 million in sales.

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