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Old Posted Sep 24, 2015, 12:49 AM
LouisVanDerWright LouisVanDerWright is online now
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Quote:
Originally Posted by UrbanLibertine View Post
This is crazy. Who the hell are all these people moving into these thousands of new units in all these new buildings? Seriously? I love new skyscrapers as much as the next guy but I get worried about the surplus on the market (not necessarily with the starchitect skyscrapers, but with the mediocre midrises).
Well $3000/mo for an apartment is 30% of a $120,000/yr salary. That's pretty typical income for your techy types whom, up until recently, Chicago has had almost none of. I have a feeling the job creation downtown particularly in tech is driving this. Also remember that there have been a grand total of two luxury condo towers this cycle, both of which are under construction and in the Gold Coast. Assuming we have the same demand for condos downtown that we did in the last boom, we need to build at least 3,000 condos a year for the next few years to even begin to absorb that demand. I have a feeling there are some market forces demanding condo units starting to pent up and they will be released through flashy new towers.
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