Quote:
Originally Posted by marothisu
I assume you are talking about high rises in the downtown area. Otherwise this is such a blanket statement - Chicago doesn't have a problem selling condos of all kinds especially outside of downtown. Luxury, expensive ones downtown are hit and miss. Some sell better than others. There are many other wealthy buyers recently who skip downtown anyway. For example, there is the CEO of a semi well known capital firm (whose chairman is a billionaire - not among the biggest but still tens of billions in AUM. More than Citadel) in NYC who moved from Manhattan to Chicago and bought a mansion in Lincoln Park recently. Skipped downtown all together. Lived in a high rise in Manhattan.
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Yeah, there is certainly a market for condos in Chicago, but it's heavily middle-class and driven by people looking for an actual place to live. A Chicago condo is not a great investment compared to an SFH in Chicago or a condo in a coastal city - not much appreciation. It's just a way for middle-class people to get some stability while remaining in the city.
Note that the West Coast also doesn't have much condo development, due to builder liability laws. Developers just aren't interested in that kind of headache.