Too Much Supply on Northside?

[Matt C.]

Hey everyone, very new member to the forum here just starting to learn about the Chicago real estate market (and real estate generally). I live out in the Bay Area but obviously can't afford anything here, so I've started looking at markets around the country and am particularly interested in Chicago given I spent the last few years out there. Looking around on Zillow / Trulia / Red Fin, one thing that stuck out to me was that there are dozens (hundreds?) of condos / apartments / townhouses listed within a relatively small area on the North Side (River North up to Lakeview) which makes me nervous about the potential for oversupply within that market. I know there were tons of high rises being built right before I left last year, so was curious to get your opinions on whether or not you all think that market is over saturated. Very new to the game so maybe I need to just focus my search a little better but it looks like you could walk from the Loop all the way up to Belmont Ave. and hit an open house every block!

[Ray Harrell]

Yeah, the area you mention are $500K for one bedroom condos that haven't been rehabbed. Only a few people with very specific interests in those areas would be willing to plunk down that kind of money for such a small, outdated unit.