Wednesday, April 26, 2006

Can Chicago Condos Continue?

Here is an email I sent to the editors of Crains Chicago Business on their article written on condo sales in downtown Chicago titled, "Condo Market: Hanging Tough" by H. Lee Murphy and their reply:

>>> Jim Gramata 4/24/2006 10:46 AM >>>
Dear Editor

While the general content of the article "Condo Market: Hanging Tough", written by H Lee Murphy was accurate, there is a growing concern in this Realtors® mind about the accuracy of the resale data being written about both locally and nationally. When discussing the general market in terms of "in metro area", statistics and trends can become diluted.

While the downtown "loop" area came in tenth in overall condo sales for the year in 2005 (875 units) and they experienced a 14% appreciation from 2004, when looking at the top three areas for condos sold (Near North -4236units, Lakeview-2839 units and Lincoln Park-1908 units respectively), each of those areas experience either negative or slight growth (-1, 1 and -1% growth, respectively (Source: MLSNI and

Thanks for sending us your comments.

We would like to possibly print them as a Letter to the Editor in an upcoming issue of Crain'ss. May we have permission to do so?

Dawn Prochnow
Editorial Assistant
Crain's Chicago Business

So many articles are being written (either pro or con) and the data is being washed down or inaccurately reported that I felt it important to address the issue with the editors. Consistent statistical reporting is important when discussing or writing on a subject especially when so many people take those words as gold.

Keep your eye on the source and question what you read (and hear)

Here is a link to the article written by Crain's Chicago Business which I encourage you to read.

No comments: