Nov
17

Luxury Chicago New Homes are on the Rebound

November 17, 2012

chicago new luxury homesA residential construction recovery is taking place in many Chicago neighborhoods including the West Loop and Lincoln Park, according to Bloomberg. Homebuilders and investors are taking an increased interest in these neighborhoods due to a home supply shortage and an improving economy.

According to Chris Huecksteadt, the Chicago director for Metrostudy, around 90 units of Chicago for-sale housing were built in 2012.  This is the highest number in more than two years.

One of the most recent construction projects is the Montana Row development, which is a series of 14 Lincoln Park townhomes. The Chicago new homes will be constructed by the Belgravia Group Ltd. and are expected to cost $1 million each. The Montana Row townhomes will include high quality kitchens with Wolf ovens, Bosch dishwashers, Sub Zero refrigerators and granite countertops. Floor plans are expected to be around 3,200 square feet, and will also include 10-foot ceilings and red oak flooring in the kitchen and dining rooms.

During the past year, 248 Chicago condos sold for $1 million or more, which is a 34 percent increase from 2011. While the housing recovery has been holding steady in areas such as Lincoln Park, other areas of Chicago, such as the south suburbs, are experiencing a slower recovery.

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