ARC: 42% of New Downtown Units Unsold

YoChicago reports today on the latest statistics from Appraisal Research Counselors (ARC), which monitors the downtown condo market:

Of the 5,389 downtown condos under construction and set for delivery between this year and 2011, just 3,139, or 58 percent, are currently under contract.

Almost 4,700 new homes will be completed in the downtown area this year, less than 2,000 of which, or 42 percent, remain unsold. At least 700 more homes will be finished in 2010 and 2011, 39 percent of which still are not under contract.

For more details, see this report from the Chicago Tribune.