Condo Mania In Chicago
As the housing sector has grown into it's late stage, the bubble grew into the condo market. Now it seems that everywhere, speculation is rampant. "How big is the boom? In 1990, Chicago had around 50,000 downtown housing units. Today, there are 85,000, a 70 percent increase, and more on the way."
"'We know well over 10,000 units that developers are trying to get started, get marketing for this year,' Gail Lissner said. 'We are certainly seeing a growing segment of buyers who are using the downtown base as their second home.'"
"A surge in investors, or speculators, who buy condos hoping to re-sell quickly for a fast profit, are warning signs of an overheated market. Experts agree that speculation is rising."