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Luxury Condominiums on the Rise

Seeking Chicago luxury condominiums? There’s good news for buyers looking for this segment of the real estate market. According to the Wall Street Journal, Chicago condominium home development is expected to exceed 8,500 units.

Chicago Luxury Condominiums by the Numbers

Recent statistics report that most major cities throughout the United States, like Chicago, are seeing reserves of up to 70% on new condominiums and luxury condominium development projects. This is encouraging news for Chicago condominiums and Chicago luxury condominium developers, who continue to break ground on new projects around the Windy City.

The number of sales in Chicago condos has risen by 3.4% over last year, with Chicago luxury condominiums capturing a large portion of that market.

The strong interest in Chicago luxury condominiums, once a staple of the Gold Coast and River North/Cathedral Districts, has also led to major conversion projects in several downtown highrises, with developers hoping to capitalize on this growing segment by adding approximately 1,300 units to the market.

Chicago Luxury Condominiums - A Buyers' Market

Developers are not the only ones enjoying the continued interest in Chicago luxury condominiums. Buyers are enjoying more choices in amenities, site location, views, square footage, floor plans, fitness centers, and styles – from modern to rustic.

Suburbanites and transplants from around the state and country who enjoy the excitement and appeal of big city living seem to be the driving force behind the increased sales in Chicago luxury condominiums. Drawn to the bright lights, theaters, museums, art galleries, fine dining, and a plethora of entertainment options in downtown, this infusion of people is sure to have a positive effect on the local economy as well.

Despite the high demand for Chicago luxury condominiums, which has caused a slight increase in the median price, low interest rates and competition between developers to sell their conversions and new units has continued to leave prospective buyers in the driver’s seat.

Contact your real estate agent today and begin your search for the perfect Chicago luxury condominium property.