Chicago condo market stays warm in the winter

As our real estate market enters 2008, we can only wonder how low it can go. Let me rephrase. Reports indicate that on the whole, prices in certain cities are heading south and will continue to do so, this year.

Not all cities in our fine country are feeling the heat in the winter in regards to the condo market. Although reports indicate that there is no end in site for the condo market, some cities like Chicago, on the whole, are going strong. According to a recent study, roughly 5900 new condo and new townhome units will be entering the market in Chicago in 2008. That's a lot of new construction in a city...of any size. New condo developments like Spire, Trump Chicago, and the Mandarin won't be helping the median price of the new influx of product.

I find this number intriguing. Almost 6000 new places to live - that's a lot! Even though sales were much slower in 2006 and 2007 developers still are marching forward with new developments.

With a fear of recession, credit crunch, and the media frenzy regarding the worst housing market since the Depression, Chicago condos for sale are actually still slowly heading north. I can understand why. Chicago is one of the greatest cities in the entire country. Despite the blistering cold winters - Chicago is probably the only other place I would like to live.