Quote:
Originally Posted by APPRAISER
Hey everyone,
I don't post very much, and when I do, it's mostly questions about the construction process. As you can read, I'm real estate appraiser for the Chicagoland area. My wife and I also own a real estate investment company.
Most people have had there doubts about the condo glut in Chicago, but rest assure....Chicago's market is very healthy compared with the rest of the top 5 major cities in the U.S.
Within the past few years, Chicago has been noticed by several international real estate junkies to invest money here.
Why?... A weak American dollar and a slumping real estate market!!
New York and L.A. has always stood at the top for commercial and glamour when it came to the spotlight.
I'm not trying to troll, but L.A. and NYs real estate market have been soo far out of reach for so many people that it's almost impossible to buy there.
Chicago, on the other hand, has a much cheaper market with just as much to offer then both cities!
Food, entertainment, sports, you name it.....and has a great lake front.
Investors don't spend hundreds of millions of dollars on a builing unless they know that the market will support it.
Thanks
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excellent post and should not be overlooked. I think demand here is doing very well, and the weak dollar is HUGE! That cant be stressed enough.
And as far as Spire and this building competing, The Spire is 1200 residences, this is what 1/3 that maybe? It will be mostly hotel no? If it was another 1200 residences going up, then I might question the sustainability of that.