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Few Condo Sales in Downtown Chicago

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Downtown Chicago’s seen a 70 percent decline in condo sales in the first half of this year compared with last. That’s according to real estate consulting firm Appraisal Research Counselors. The firm’s Gail Lissner says fewer than 700 units have been sold so far this year. What’s more, about half of those sales are in the Chicago Spire building, skewing the results. Lissner says people are waiting for prices to bottom out.

LISSNER: Without the increase that we’re all relatively used to, there really isn’t any urgency to buy right now.

Lissner says fewer new projects are being marketed right now and some condo construction is being delayed. She says the delay could limit supply and stabilize the downtown market.

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