According to this article by the New York Times, the Second City is enticing people to purchase new homes—their second homes, in fact. Luxury condos in the city are increasingly being bought to serve as the city residences of suburb dwellers or as vacation destinations.
The benefits of Chicago are many, both for people looking to experience city life and those looking for a change-up from their typical urban existence. “After long playing second fiddle in the glamour game to coastal cities like New York and Los Angeles, Chicago has become a second- and vacation-home hot spot, fueled by its market of new condos and converted high-rise and loft buildings. Buyers are drawn to its revitalized neighborhoods, perennially strong theater scene, groundbreaking modern architecture and relative affordability.” Our luxury Chicago properties offer proximity to all of the alluring aspects of the city—especially in the summer, the downtown area features events and activities that are exciting to tourists and seasoned Chicago residents alike.
Buying the Chicago market may be a safer bet, too. If you are considering buying a second home as a getaway, but also as an investment, the relative stability of the Chicago real estate market makes a downtown condo a good buy. “…Buyers are looking for and finding slivers of opportunity. And they say they are buying with some confidence, knowing that the Chicago market has generally been more tempered than those on the coasts and in the Southwest, where the housing crisis has perhaps done the most damage.”
Chicago doesn’t just have appeal for empty nesters looking to relocate to a city or suburban families looking for a taste of Chicago—the draw is international. Being the hometown of our President and the potential site of the 2016 summer Olympics has lent Chicago a reputation that reverberates across the world, yet real estate prices are still low. Abdellatif Laasraoui, who recently relocated to Chicago, explained: “We could have picked London, could have picked Italy or another place in Switzerland, but we like the Gold Coast. There is no comparison in space or comfort. You’d have to pay 10 times more to get something comparable.”
A second home in Chicago makes more sense now than ever. With everything downtown Chicago offers, investing yourself in a property and in the community could be a great decision!
Tags: chicago condos, chicago luxury condos, downtown chicago activities, second homes, second homes Chicago, second homes in Chicago, vacation homes
