Chicago Condos See Record Gains
Posted by Helaine Cohen on
Case Shiller produces some of the most reliable and depended-upon reports for Chicago condos and homes, and a recent report published by the company shows Chicago condo prices seeing record gains from April to May of this year, the most recent months on record.
These record gains for Chicago condos came in the form of the value of these spaces going up 6 percent on average from just one month to the next. Condo values for this time period also reached highs they had not seen since July of 2011, but more importantly, they are up 18.1 percent from their market lows, signaling a turnaround in the Chicago condo market that has been evidenced recently in increased buyer demand and extremely low inventory rates. Overall, Chicago condo prices were up by 11.9…
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Chicago condo sales in the high-end range of the market are taking the city by storm. There has been a resurgence in high-rise development and construction over the last few years that is fueling the Chicago condo real estate market. According to a recent report by Coldwell Banker, sales of Chicago real estate in the high-end market rose in 2012, and the expectation is that 2013 could be an even better year.
The Chicago luxury condo market continues to be a hot segment of the overall real estate space, and former NFL quarterback Mark Malone recently got in on the game. He sold his two-bedroom Greektown condo in a loft building for $557,500.
Instead of giving up the dream of Chicago condo living, many young families are looking for larger attached homes in the city center. As such, developers are supersizing Chicago condos in order to keep up with demand.
Buyers are showing their preference for Chicago condos, as sales have risen dramatically during the first five months of 2013. During May, Chicago condo and townhome sales increased an impressive 35%, which helped the overall real estate market post a 30% gain in total sales year-over-year.
Did you know that public transportation can actually add to the value of your Chicago condo? It’s true. As more and more cities around the country expand their mass transportation offerings, more and more home buyers have come to rely on public transportation to get to and from work, or simply to get around the city where they live. Nowhere is this truer than in Chicago, where on an average weekday, 1.6 million rides are taken on CTA. In fact, it’s the nation’s second largest public transportation system. Studies show that Chicago condos that are located in close proximity to public transportation and mass transit actually have higher values.
When you’re living an urban lifestyle, gardening can be a little bit more of a challenge. But for Gold Coast luxury condo owners who have a green thumb, it doesn’t mean you have to forget the idea entirely. Yes, you have to be a little more creative in a smaller space, and there is the Chicago climate to deal with. But with some urban gardening ideas and knowledge, you too can have a fantastic garden on your balcony, terrace, or porch. Here are some ideas! 
Alexa Hampton is an authority in luxury interior design, and now, the designer will feature a collection on HSN (Home Shopping Network). The collection, aptly named “Alexa Hampton Home,” will feature headboard covers, bedding sets with sheets and throws, bathroom items, and window treatments.
March and April were impressively busy months for the Chicago real estate market, with both single-family homes and Chicago condos selling in record numbers. In fact, it was the busiest month on record since 2008.