Luxury Homes in Chicago have sold at a new record this past August, suggesting a very positive signal for the economic development in the area as a whole. Over $110 million for the month, with one of these sales being a $7.4 million mansion, and three others sold for over $4 million each. This news comes even more surprising as the summer is typically a slow month for the real estate market in Chicago. Still, the majority of the luxury homes were priced between $1 million and $2 million, which should come as no surprise.
What’s really quite interesting is the Wall St. Journal reported that on a national average, home sales decreased in this same time period. Clearly, people capable of making a purchase in the luxury home market know quite well that this same purchase is to be considered an investment vehicle, and it bears good news that the Chicago market is still making a move in the positive direction, even despite what the numbers tell for the remainder of the country.
Let’s take a closer look at the most expensive luxury homes in Chicago that sold. It was a 7-bedroom gorgeous brick Georgian house on Astor street. The original listing price was just shy of $10 million and the ending closing price was $7.4 million, so there clearly was some room for negotiation on the sellers side and power in purchasing price on the buyer. It resides on a double lot with a wealth of living space and even a rooftop deck.
The three luxury homes that sold for over $4 million were also quite remarkable properties. One of which was just constructed in 2010 and rests on an extra wide lot. The same property features a DeGiulio kitchen, a theatre room, and a full penthouse floor. From Lincoln Park to Gold Coast, everyone from the broker to the homeowner is happy to see these numbers, and know that the demand for these assets is on the steady rise.
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