Saturday, September 29, 2018

Crain's: How the '08 crash is still reshaping Chicago's real estate landscape

I sat on this article which was published in Crain's earlier this month.

Now I wonder how the 2008 collapse have reshaped the real estate market in Chicago's neighborhoods not just the high-priced areas in and around downtown.
Autumn 2008 was a scary time for many Chicago real estate pros, as global financial markets crashed, lenders ducked for cover and panicky federal officials scrambled to save the economy. For those still in denial, reality sunk in on Sept. 15, when Lehman Bros. collapsed.

The ensuing years brought misery for some in Chicago real estate and opportunities for others. A decade after the crash, most of the big local properties and companies battered by the bust have bounced back, their debt restructured and bubble-era owners long gone. But it took time, and a few, like the infamous Chicago Spire site, still sit fallow, awaiting a reboot. Here is a look at some of the ways the crash of 2008 reshaped Chicago's real estate industry.

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