Seeing property prices drop in Chicago

[Aseem Kumar]

Hello there,

I'm looking at some condos in the South loop area close to Michigan Ave and seeing property prices dipping. Is there any particular reason why these condos are not selling? I notice some of them have crazy HOA fees like $1300.
Also property taxes are creeping up. 

any other things that I’m missing? 

[Brie Schmidt]

Quote from @Aseem Kumar:

Hello there,

I'm looking at some condos in the South loop area close to Michigan Ave and seeing property prices dipping. Is there any particular reason why these condos are not selling? I notice some of them have crazy HOA fees like $1300.
Also property taxes are creeping up. 

any other things that I’m missing? 

I would say that has to do with the downtown market. They overbuilt rental units in the loop over the last few years and then everyone started working from home.  I don't think we will ever have the downtown office commuting like we did before 2019 and we have a ton of expensive small places to live in the loop