Quote:
Originally posted by Cletus Miller
In a lot of places, yes. There are several new condo buildings in Chicago where, a few months after the initial closings, about 30% of the units are listed for re-sale. Parts of Florida and Las Vegas are likely worse. No doubt, the foreclosures in Michigan ad Ohio aren't being driven by flippers.
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Yet, Chicago hasn't really been hit
that hard. We really never had the huge run-up that Florida/Cal/Phx/Vegas did, so prices have leveled off substantially, but not significantly dropped.
ETA: although maybe that's not the case for fungible high-rise condos.
