Posted by: union03g | July 26, 2009

Forbes: Lincoln Park One Of America’s Most Troubled Lux-Markets

First question – what the hell does Forbes know about Webster St. or Bissell St.? I love when national media company opines on local real estate markets, its like Obama talking about my neighborhood politics.

Given the glut of unsold homes, Lincoln Park’s prices may well slide at least 15% this year–as Chicago’s did in 2008. If you look at Fiserv data going back many years, you find values in Lincoln Park track the rest of Chicago pretty closely with a one-year lag.

Forbes thinks Chicago’s Lincoln Park is one of America’s most troubled luxury neighborhoods and I just think Forbes is trying to start fires to sell their product. Why didn’t Forbes pick on the South Loop instead where new condos are being delivered by the hundreds? Well, they probably don’t even know where it is. We should also bump Manhattan’s figure to -20% don’t you think? And were is Florida/Arizona/Las Vegas? Is Forbes trying to manufacture fresh news?

Article Here

Forbes Projected Real Estate Declines


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