In our first real post of 2011, it seems fitting that a real estate story starts off the year. This past Thursday, Crain's Chicago reported that a Miami Developer bought 200 units at Astoria Tower (Northeast corner of State and 9th):
A Miami developer has purchased more than 200 unsold units in a South Loop tower, a deal that chips away at the glut of new condos for sale in the beleaguered neighborhood. Crescent Heights Inc. last week paid roughly $45 million for 205 units, or about 83% of the 248-unit Astoria Tower.
Although some might see this as a bad thing, the article puts an interesting spin on this:
The shift to apartments could help other condo projects in the South Loop, which have been competing over a seemingly dwindling supply of prospective buyers.
“This deal gets (condo) inventory off the market and puts bodies in the units,” says Chris Huecksteadt, a local director at Metrostudy, a Houston-based housing market research and consulting firm.
Sure, having bodies in units is a good thing, but it will be interesting to see if this really alters the market. People are optimistic that the economy is going to get better in the new year, but who knows about the real estate market.
We will be watching with eager eyes!
(Hat Tip: ND and AV!)
