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Resale Prices For Downtown Condos Fall 18%

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In a bit of not-so-shocking news, Crain's is reporting (behind their paywall) that resale prices for downtown condos have fallen 18 percent since '08. According to data from Appraisal Research Counselors, a Chicago-based consulting firm that analyzed 65 condo buildings, the South Loop has been hit the hardest, with resale prices falling 30 percent to $233 a square foot. Of all the downtown areas surveyed, the Gold Coast fared the best at $433 a square foot, down 11 percent over the last four years. But prices were up 10 percent for Park Tower at 800 N. Michigan Ave, which boasts the highest price per square foot at $760. As for the Loop, resale prices fell 12 percent to $417 a square foot. [Crain's, by subscription]