Is Condo Market in Chicago losing steam?

All the signs of slow-down in the Chicago Condo Market are there. Lower sales and slower off-take of inventory in several of luxury condo projects, near foreclosure of several high-profile projects averted by timely intervention of banks through loans, sales of condo units at prices lower than anticipated - all point in the same direction.

But this has not stopped condo and apartment conversions from continuing at the same pace as before. This has given buyers more options and choices. Chicago condo real estate market is facing a glut in terms of supply of condos. Chicago could see 8,533 more units coming up this year. Many of the speculators and investors are trying to get out of the market and that is also adding to the glut.

Experts feel that Chicago may be the trendsetter in terms of what is going to happen in the rest of the country.