Well, here we are two years later, and I fear of what is to come. We put the unit on the market in April 2005 with no luck thus far. We first started the price out high, but by the summer we had came down to our exact purchase price.
What developers were doing this in 2003-2004? Did they see the market peaking and just want to get out??? First I have heard this early.
"What developers were doing this in 2003-2004?"
Two years back from April 05 would be April 03. Interest rates were just hitting bottom then (below 5% for 30 yr conventional). The Chicago market hasn't gone red-hot, but has been appreciating respectably. As a result, I'd have to say that any "inside the loop" condo that had to have such lavish incentives to sell with dirt cheap financing available, nearly three years ago, has to have had more than a few marketability problems then, and still has them now.