Record Condo Conversions In Chicago
Chicago’s hot residential market is invaded by condo conversion. Condo conversion is reaching new heights and there is an estimated 4000-condo conversion taking place this year. There is a four times increase in the annual average in the last 15 years in the rental apartment to condo conversion rate.
Condo conversions mostly depend on tenants, as they are the people who are ready to buy the condo in which they were renting, as the prices are reasonable. Condo conversion also offer price discount that’s why tenants sometimes buy it so that they can flip it later at higher profit.
New construction still dominate the residential housing scenario with 2,921 units announced since the beginning of this year, while condo conversion units totaling to 2,105.
Recently developed apartments are also being converted into condos, which pose a competition to the new condos. Converted condos are preferred because the buyers can see the units and the delivery time is also fixed.
Condo conversions mostly depend on tenants, as they are the people who are ready to buy the condo in which they were renting, as the prices are reasonable. Condo conversion also offer price discount that’s why tenants sometimes buy it so that they can flip it later at higher profit.
New construction still dominate the residential housing scenario with 2,921 units announced since the beginning of this year, while condo conversion units totaling to 2,105.
Recently developed apartments are also being converted into condos, which pose a competition to the new condos. Converted condos are preferred because the buyers can see the units and the delivery time is also fixed.
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