Urban Real Estate Managing Partner Matt Farrell recently offered some insight to Chicago Tribune Reporter Mary Ellen Podmolik.
The Tribune is reporting that downtown Chicago's condo market is rebounding and that affluent buyers are driving the resurgence.
"For the most part, it's a good thing that we haven't been bloated with new construction in the condo market because it has allowed for (price) stabilization," Farrell told Podmolik.
The article, which highlights this week's ceremonial ground-breaking for a new condo building in the Gold Coast, the first to break ground since 2007.
What's more, Podmolik notes, "just under half of the building, where the prices for half-floor and full-floor units range from $2.1 million to $7 million, is under contract. Other developments are moving into the marketing phase as well: midsize, high-end projects north of the Chicago River and in the West Loop. A more affordably priced condo tower also is underway in the city's South Loop neighborhood."