We love our city and its downtown architecture, but we never really thought of Michigan Avenue as a prime spot for vacation homes—until now. Today's New York Times ran an article on Chicago's growing second home market...
Buyers are attracted by deeply discounted condos, vibrant downtown neighborhoods, world-class architecture, and a strong theater scene. The Times interviewed several recent condo buyers, including wealthy empty nesters, suburbanites who want a home in the city, and a family from Switzerland who spend their summers on the Gold Coast.
Read the story and see all the pictures in The New York Times: The Second City Is Becoming Second-Home City.
(Photo: Sally Ryan for The New York Times)
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Many of my customers are empty nesters who have moved from the burbs to downtown. Some of them, got caught in an unfortunate scenario though where their McMansions didn't sell when they needed them to so they are living in their new place and still trying to sell their old one.
There is definitely a glut of really nice places and they are attracting foreign buyers, not just from Europe, but from China and the Middle East. I know a few "realtors" who actually own their inventory and wouldn't mind renting it out.
Another good point brought up is that people are waiting for a "real bargain or a real deal." Sales prices seem to have come down a little but they are still strong. Rental prices haven't dropped either and in some places have gone up.
Great article. I hope it attracts more short and long term visitors--not a bad place to be in the summer!
I love the armchair on the left. Does anyone know the designer?
So as some people are struggling to keep one home, there are people here who have two? (*grump*)
Who doesn't love Chicago in the summer? So many memories. Gota love home.
I bought a newer home in Gilbert, AZ in a gated community with pool for $105K for a winter home. Paid Cash.
Warm all year round and lots to do.
I have 5 more offers in AZ right now, all for under $90K for homes and condos that sold for $250K - $388K.
Better deals in the South. Better climate.
I live in Canada.
LaurieLu, you are luckily that you are able to capitalize on these historically low prices of homes in AZ and other cities. What a pity for those who lost their homes that are now selling for often less than half of the price that they purchased. While many of those buyers could not afford their homes and lost them, many others bought within their budgets, and are now paying mortgages on homes that are worth half their purchase value. I have been recently reading articles by analysts who predict a second wave of foreclosures by people who can pay their mortgages but are no longer willing to pay on a house that is now worth half its purchase value.