The low supply of downtown condos for sale has investors and developers deciding that the time is right to unload condos that were bought in bulk when they couldn't be sold during the market downtown several years ago.
According to a new report from Crain's Dennis Rodkin, there are 351 rented downtown condos that are moving through the process of being sold off, including 141 in a single South Loop building. Another 450 rented condos in 11 other buildings could soon come on the market.
"Buyers don't have to wait for a new project to complete construction," said Gail Lissner, a vice president at Appraisal Research Counselors told Rodkin. "That's where you can get some inventory to sell without building,"