Downtown Chicago's condo development boom has ended. Here's why. [Yahoo! Finance]
LENDLEASE CORP LTD S/ADR (LLESY)
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Source: Yahoo! Finance
Roughly 2,500 condos have been developed downtown since 2015 as multiple towers were constructed, and about 600 of those units are still available, said Gail Lissner, managing director for Integra Realty Resources. But the high cost of construction and high interest rates, which are discouraging luxury home sales, have brought large-scale condo construction to an end, Lissner said. About 31,000 rental units since 2015 have been built downtown, including the Gold Coast, River North, South Loop and the West Loop neighborhoods, and developers have plans to build more new apartment towers. But there are currently no condos under construction downtown, and no plans for new projects. “It's not as much fun to talk about the condo market as it was 20 years ago,” Lissner said. “If you want new construction, there are very few choices.” Builders have created a few small, boutique condo developments downtown in the past few years that are selling well, she added. But it will be years be
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