Apr
22

Chicagoland Spotted as one of Top Resurging Luxury Markets

April 22, 2013

Luxury Chicago real estateThe higher end of the housing market is returning to Chicago real estate as the economy overall improves and unemployment is dropping. With these financial stabilizations leading to improvements, Chicago even placed sixth nationally in the number of one million dollar-plus home sales in 2012 with 713 homes closing.

According to the Coldwell Banker Luxury Market Report, homes over $750,000 have stabilized, although sales volumes lacks its pre-recession numbers. Unit sales were down 41 percent and volume was down 38 percent from five years ago, and this trend is expected to continue in 2013 with questionable amounts of inventory available.

Still, the fact that sales are at a 94 percent list-to-sale amount and that there are a larger number of homes selling for more than $5 million in 2012 than in 2008 and 2010, shows that the market of high-net worth buyers are out there and are willing to pay a premium for a property in the city. Low inventory of luxury homes is leading to higher competition and some of the quickest turnarounds for days on market in the city’s history, with some homes never even making it to market before being sold.

Location remains king in real estate, and limited supplies and planned construction in Kenilworth and Winnetka in the suburbs and condos in the city’s Gold Coast continue to prove that connection to amenities and services are important for luxury buyers.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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