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Condo Sales Fall Downtown

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According to Crain's, sales of downtown condos are down compared to last year. Although second quarter sales outpaced those in the first quarter, the total number of sales in 2012 stands at 295, down from 385 a year ago. One reason: the rental market continues to offer plenty of options for downtown residents still wary of committing to home ownership. All this happens while the inventory of unsold new condos experiences a steady decline from a peak of nearly 6,000 in 2007 to the current number of 1,529. Sales should inch up higher once closings begin at the Ritz-Calrton, giving the downtown market a nudge in the right direction. [Crain's]