Is there an impact on the investment properties in new construction downtown?
We’ve had a number of people walking away from their down payment. Someone walked away from a $150,000 down payment because of the construction not being done. What amenities are in demand in downtown new condos? Same as New York: high-end kitchens and baths, views, high ceilings, some element of green. Views sell more than anything else. Has there been any impact on the luxury condo market in downtown Chicago? The luxury market is okay. We closed more high-end this year than last year, but some of those were construction sales in the past. The market has been building towards luxury and we have a lot of inventory that has not been moving. Has the luxury market on the lakeshore’s Gold Coast been impacted? Anyone waiting on the Gold Coast it is strictly resale and it’s a tighter inventory and the prices have held. Has there been any impact on the urban townhouse market? The demographic of the person who can afford it can’t do vertical living. Once they are over 50 they can’t do four-flo
