According to Crain's Chicago Business, the Ritz-Carlton Residences on Michigan Avenue are close to selling out their remaining luxury condos.

If you have been looking for a luxury Michigan Avenue condo for sale in the last 13 years, the Ritz-Carlton Residences were always a great, but very unique option. The location right on Michigan and Erie couldn't be better and the quality of life at the residences is beyond comparison. 

As the name indicates, the amenities and services at these homes are more like a luxury hotel than a residential condo building. I've always believed in the success of this concept, even though it surely appeals to a very distinct buyer. 

As the article indicates, there have been many price adjustments and marketing efforts

Disclaimer: This guide is not meant to be a resource for tax advice but instead a resource for basic information concerning only certain aspects of the new tax code and how they may impact the real estate market. You should get tax advice from your accountant or tax preparer who will explain how the entire tax code will affect your personal return.

This information comes immediately after the new tax code became law. Some of the information may be revised as the analysis of the new law evolves.

When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:

• Changing the requirements for the exclusion

According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.

Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.

The chart below shows the median weeks on the market from 1987 to today.

So, here is what you should consider:

The local Chicago market mirrors the national conditions. If you have been debating whether or not to list your home for sale, know that current market conditions are primed