DID YOU KNOW?

Census Bureau data shows an average of 1.5 million homes were built each year since 1959. Yet since 2009, just 900,000 homes have been built per year. Fewer homes were built in the past decade than in any decade since the ‘50s! On average, people buy their first home at age 33. The median age of Millennials is right now is 34. (Forbes)

 

DID YOU KNOW?
Chicago recently passed a Condominium Deconversion Ordinance, designed to decrease the number of condominiums that investors purchase, taking effect Oct. 16th. The ordinance increases the number of “yes” votes needed from condo unit owners to sell the building to an investor, from 75% to 85%. Some Chicago neighborhoods are seeing rising deconversions - from condo to rental. Often people who sell their units in a deconversion get a premium over what they’d get if they sold it as a traditional listing. Many of the buildings being converted from condo to rental were rental buildings at one point that had been cosmetically upgraded but cannot complete with newer condo buildings. (Chicago Tribune)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Have a Great Day!