Building homes in the blood of Keating family.(Homes Plus)

Byline: Jean Murphy Daily Herald Correspondent

Diversify, diversify, diversify! That is usually the drumbeat of investment counselors.

But it is also the business credo of Keating Development Group of Chicago. Joe Keating and his sons, Kevin and Keith Keating, have made the conscious decision to develop two distinct products in two distinct markets so that when one market is slow, the other can hopefully take up the slack.

Consequently, they are building single-family homes in the $150,000 to $200,000 price range in West suburban Romeoville, while they are also building mid-rise condominium buildings in Chicago's West Loop. Units in these buildings range from $160,000 to $660,000.

"It is nice having that diversification," explains Keith, vice president of operations. "For instance, from August through January, the market in the city was dead. But we had more contracts than ever before signed in the suburbs. Now it is quiet in the suburbs and the city market is …