Chicago luxury homes have been selling in record numbers. We all remember and felt the economic hardships that fell upon us during the real estate collapse of 2007-2008, but we might finally begin seeing the light. If the trend we’ve seen since January 2014 continues towards the end of the year, this will be the best year of real estate sales since the collapse began in 2007. With interest rates remaining as low as they are, investing in real estate properties has proved a more profitable activity.
This activity isn’t from investors alone, but also from wealthy families looking to capitalize on the current rates, knowing full well that that these same low interest rate will make it more difficult to find such potential returns on various alternative types of investments. These trends do not only apply to individuals and families, but to the commercial real estate environment as well. These commercial real estate have been selling at peak levels of 2007.
Certain areas of Chicago have evolved from being “skid row” to being among the highest increasing valued areas in the city. For example, the River North area, once known for being a unsavory area just a handful of decades ago, has since become a popular and trendy area that now includes Yelp Inc., among other tech-giants. The district is filled with building made during the industrial age and offer a quaint and cultural atmosphere.
The greater Chicago area is truly a beacon of hope for all of us wishing for the overall economy to turnaround, and as a measurable real estate indicator, it is certainly showing us a reason to remain optimistic. Real estate has always been, and always will be, a very early and nearly indisputable factor when calculating the direction of an overall economy, and while Chicago certainly can’t represent America as a nation, it’s certainly offering itself as an excellent location for solid luxury real estate investment options.
View Chicago Luxury Single Family Homes