Sellers struggling with downtown condo slump: Meanwhile, luxury-priced homes are in demand in other neighborhoods and in the suburbs.

The downtown condo market in Chicago has been struggling for the past four years due to the effects of COVID and crime. Sellers are accepting losses on their properties, with some condos selling for less than their purchase price. In contrast, the luxury market in other neighborhoods and suburbs is thriving, with high demand for homes priced at $1.5 million and above. The downtown area has an oversupply of luxury condos, with over 26 months' worth of inventory on the market. The main factors contributing to the downtown slump are crime and the slow return to downtown workplaces, particularly among upper-level executives who are opting to invest in warm-weather homes instead. [Extracted from the article]