Developers Supersize Chicago Condos to Meet Demand

Posted by Helaine Cohen on Monday, July 22nd, 2013 at 12:33pm.

Chicago condo trendsInstead 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.

Amenities in these Chicago condos appeal to both young couples with and without children, empty-nesters, and also move-down buyers who are interested in living in the city center. These are people interested in a turn-key, low-maintenance lifestyle and who value the opportunity to take advantage of the urban lifestyle right outside their door.

Just ask Chase and Stefanie Chavin, who recently purchased a 3,000-square-foot Chicago condo at The Grant, a 54-story condo tower in the South Loop. It was their desire to maintain an active lifestyle that led them to this building, not to mention their need for room for their three-year-old and 22-month old children.

Adds Stefanie Chavin, "We love living in the city and taking our kids to the museums, parks and restaurants. Now we have the space to grow in place. We wouldn't have moved here if we didn't think we could live here at least five years."

According to Appraisal Research Counselors, three-bedroom Chicago condos are one of the fastest selling units on the market. Gail Lissner, vice president of the group, said, "In the last five to 10 years, there were a lot more one- and two-bedroom units developed, and not as many three-bedroom projects, especially downtown. Now, the three-bedroom units are selling well because there's not a lot of competition from developers offering them, and there's not as much three-bedroom-unit resale available."

Many local real estate analysts have noticed a trend where one-bedroom condo owners are skipping the middle step and purchasing three-bedroom units instead. This likely has to do with the fact that inventory levels are challenging in this segment, and these buyers are confident that they will stay in the city for the next three to five years.

There are so many reasons to consider becoming a Chicago condo owner. If you would like more information about living an urban lifestyle in downtown Chicago, please contact me. I’d love to show you around this truly remarkable city!


Helaine Cohen, Chicago Real Estate Broker

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