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The state of the condo conversion market

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Joe Zekas

20 years on the North Shore without going native.

We've recently received the Second Quarter 2010 Suburban Chicago Apartment & Condo Conversion Benchmark Report from Appraisal Research Counselors ("ARC").

The ARC report's summary of the state of the suburban condominium conversion market is stark and simply stated: the "market remains at a stand-still." Many sales offices have been closed, and others have scaled back their hours of operation.

The ARC report, which covers a 7-county suburban Chicago region, has better news for property owners in the apartment market. ARC found an overall 6% year-over-year increase in net effective rents, and an increase in occupancy levels to 93%.

ARC expects continuing strength in the rental market, anticipating that rents and occupancy levels will continue to increase.

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