It's a new year and therefore it's about time we take a look at what's happening on the Chicago real estate market. After all, whether you are planning on buying, selling, or you're just interested in where the market is heading in the upcoming uer, it's important to stay aware of the trends. So without further adieu, here's what happening in the Chicago real estate scene in 2017.
A Focus On The Urban Core. While Chicago is indeed a city of neighborhoods, the Loop and nearby areas are perpetually in demand, in at least when it comes to real estate. So if you're thinking of investing, it might be a good call to stick close to the heart of the city in 2017.
Up, Up, And Away! As new skyscrapers start rising to their full heights, the popularity of high rise real estate and especially the caché of owning a penthouse will only continue to grow. Just look at Magellan Development's own Vista tower scheduled to be delivered in 2019 - this is just one example of how Chicago and its real estate market is literally rising upwards in 2017.
Surban Might Be A New Buzzword. While the term might be trendy, the concept certainly has some potential longevity. Surban living combines the positives of city living like walkability, nearby public transit, and plenty of retail, dining, and entertainment options with the best aspects of the suburbs like green space and great schools. Kind of like Lakeshore East (if we do say so ourselves).
A Focus On Health And Wellness. A piece of real estate is more than just a roof over your head - when you buy a new home, you might also be buying a new lifestyle, at least as far as the latest crop of buildings and communities are concerned. This means things like community activities, on-site fitness centers that are more like health clubs, and plenty of green space for walking and other outdoor recreation will be major features in the newer construction that's coming onto the market.
Luxury Real Estate Will Make (More) Headlines. Incredible prices and the huge homes and penthouses they're associated with will always get lots of press, along with any real estate purchases or sales that involve celebrities. What can we say other than big names and big numbers catch people's attention? And Chicago has plenty of both, so there's no ceiling on the amount of digital ink that will be spilled covering the all the latest on the high end Chicago real estate market. Just check out the Chicago Tribune's recap of last year and you'll get a taste of what's to come!
Want to learn more about Chicago real estate trends in the new year? Get in touch with our agents today, and all the best in 2017.