According to an article from Sunday’s Tribune, Chicago area developers are getting tired of offering incentives on new homes. This seems to be no surprise considering that every incentive they offer is taking away something from their bottom line.
The current market for real estate in Chicago is suffering from a crisis in the market sector that is keeping many buyers out of the market. Developments that were built because of the success of previous developments, but without any sort of market study to determine future demand, are facing a lack of interest because many neighborhoods are simply overbuilt.
Developers who are offering significant discounts in prices and luxurious amenities for free are not seeing buyers come knocking at their door. Buyers are concerned that prices may come down in the near future and that they may not be able to sell their current home.
Developers who are cash rich can wait out the current market, perhaps sitting on properties for a year or two. However, those who face interest payments may be forced to offer even further cuts in prices. This may mean that buyers will continue to see even lower prices for Chicago Homes For Sale in new developments around the region.
Technorati Tags: Chicago Real Estate, Chicago Homes For Sale, New Chicago Developments
