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Chicago Luxury Real Estate Trends

Found 3 blog entries about Chicago Luxury Real Estate Trends.

The Millennial Influence on the Luxury Real Estate Market

 

Millennials Influence on the Luxury Real Estate Market

As we study the country's buying trends, we can't overlook the millennial influence on the luxury real estate market. 

Millennials are categorized as individuals born between the years of 1981-1996. Most are out of college at this point, and many are well established in their careers. Due to a period of economic hardship, many millennials chose to rent for the majority of their 20s, as opposed to securing a loan. As a result, this generation is choosing to bypass the starter home and have set their eyes on something more advanced—the luxury home.

Bloomburg reported that in 2017, 23% of a luxury home building company’s customers were under the age of 35. As millennials grow older,

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Chicago Luxury Condos

Luxury home buyers aren’t rookies in the real estate market. They’ve bought property before, and they have developed a taste for quality. In 2016, the housing stock in the U.S. included 7.4 million second homes. The buyers of these homes know what they like, and they aren’t looking to downgrade or compromise.

As the housing market continues to grow and evolve, we see new trends begin to pop up every year. As we inch later into 2019, buyers’ top must-haves for the remainder of this year and for the next are becoming clear. Listed below are the current top wish list items for high-end home buyers.

1. A Smart Floor Plan

Even the homes with the highest square footages shouldn’t use any of their space frivolously. Smart home buyers want to utilize

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Year-to-Date Chicago Luxury Condo Sales over $5m

Compared to 2017 luxury condo sales for the same eight-month period, when only one property closed over $5,000,000, eight new construction condominiums at No.9 Walton contributed to the record number of fourteen sales this year. In keeping with this trend, the other ultra-luxury condominiums sold  were at the Ritz Carlton Residences, The Waldorf-Chicago, and the Palmolive. Two Trump Tower penthouses also sold at noteworthy prices of $9,400,000 and $9,912,000.

Luxury Condos for Sale over $5m

Considering that eleven of the eighteen luxury condominiums for sale over $5m are brand new or yet to be built, it’s clear that new developments will continue to drive Chicago’s upscale market.  Three of

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