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The City
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Okay, so the condo boom is slowing considerably. More developers are building apartment buildings downtown (sort of).

But how come the same hasn't occurred in the city's neighborhoods? There are numerous 3-5 story condo buildings currently proposed in the neighborhoods that aren't selling well, and yet more are still being announced.

Yet no apartment buildings. Any thoughts?
 

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I don't know, I've heard that the city has an apartment shortage, because so many apartments have been converted to condos.
 

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I agree with the above post in some aspect but while many 2 flats wont make money right away you can be paitent and wait a few years while rents go up 5% a year and the mort. stays the same and then you will start cash flowing. There is also having tenants build equity for you, many many people are still buying 2 flats as rentals even in hot neighborhoods like lakeview and lincoln park. If your looking to make cashflow every month people look more toward south neighborhoods or my favorite garfield park and the west side. Also 4-6 flats will have much better income to price ratios then 2 flats.
 

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in rogers park and west ridge (west rogers park) over 3000 apartments had been converted to condo in the past 3 years. The price went up from an average of $175,000 to $375,000 and no one wants to pay that price. so what your seeing there are a hand full of condo converted buildings going rental . the problem is that they are all still seeing dollar signs in there eyes and are having a hard time comming to terms with the reality of the market - there trying to get $1500 a month....... yeeehhh right!
 

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Is this a good sign for the city? Not that the real estate market is slowing down but that there are less apartments?

I have no idea, btw, I'm just asking
 
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