It finally caught up with Chicago.
The Chicago luxury housing market in many neighborhoods is dropping precipitously in value.
This circumstance isn't just a cooling off – it's like it took a dip in Lake Michigan this January in the sub-zero temperatures. A range of high-end single-family houses, condominiums, and coops in the Gold Coast, Streeterville, and Lincoln Park neighborhoods are declining in value by the month.
“This is a worst-case scenario, which is currently trapping thousands of well-heeled residents who took out large mortgages,” says one Chicagoland residential real estate investor. “Northside condos appear to be taking the biggest hit,” he observes....
The essay includes examples of serious loss-takings, up to $1MM or so.
Unfortunately, that Chicago crime is moving north--to the southern deck of Wisconsin counties, including Dane, Walworth, Racine, and Kenosha. Yes, Dane; ever noticed the amount of drug trafficking on the I-90 corridor terminating on the south side of Madison?
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