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Downtown Chicago Condo Values Lag Other Neighborhoods in Post-Pandemic Era

Values of residential condominiums in Chicago’s downtown neighborhoods, for example the Gold Coast and the adjacent Streeterville areas, have lagged considerably in the post pandemic era, Crain’s Chicago Business reported.

Traditionally these have always been the most desirable neighborhoods in Chicago, but now the downtown is suffering from a perception that these areas are declining, having been the subject of media coverage that shows crime and other undesirable things like smash-and-grab theft and unruly youth behavior is on the rise.

The Crain’s article leads with a telling example of a couple that bought an apartment for $1.3 million in Streeterville about 20 years ago. If all had gone as it usually had the couple should have been able to sell the condo for a considerable profit. Instead, the couple hasn’t even been able to sell at prices that would incur a considerable loss.

The data tell the story of the shift. From January 2020 until now, values in the Streeterville and Gold Coast downtown type areas have been essentially flat. But Redfin data show returns have been quite considerable in the outlying neighborhoods during the period:  Edgewater up 30%, West Loop up 24%, Lincoln Square up 23%.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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