Luxury Market

Found 5 blog entries about Luxury Market.

Your latest Chicago Neighborhood Report

 

In January, the unemployment rate rose 4%, the highest jump in seven months. In the long run, this may not be of much significance, as other economic factors are showing continued growth in the job force, including 100 straight months of employment gains. The construction sector had its best month of employment since last February. With the Fed apparently holding off on further rate increases, 2019 is beginning favorably for local residential real estate. 

The cold Weather in February has stalled some buying and selling actions. Even so, economic fundamentals remain positive for a robust housing market. 

Let's look at how the market performed in the different Chicago neighborhoods. 

Gold Coast,

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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

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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

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Easter and Passover

 are - like many other holidays - associated withe special food. Most holiday foods are seasonal treats and the Easter cake is no exception. When I did a search for Easter cakes, I came up with a large variety of very different recipes, mostly defined by geographical origin. I consider myself a very open minded and forward thinking person, but when it comes to Holiday treats, I stick with tradition. Due to my Swiss heritage, I am partial to that country's version of Easter cake, but that is just because there isn't a better version anywhere else in the world! In Switzerland this cake is as popular as Easter eggs, the only debate is whether it's prepared with rice or semolina. 

When it comes to personal preferences, real

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When mortgage interest rates rise, you may be tempted to put your home buying plans on hold, but there are three reasons you shouldn’t let higher interest rates deter your home buying plans.

 When you shop for rates, shop at least three lenders using the same type of loan – 30-year fixed rate, adjustable, hybrid and so on. Do so at the same time because rates can change as much as several times daily.

  1. Interest rates fluctuate. Mortgage interest rates rise and fall based on the lender’s viewpoint toward the economic outlook. News that suggests a slowing economy tends to bring rates down, while a rosy manufacturing or jobs report can send them back up.
  2. You have some control over rates. The rates you see advertised aren’t what you’ll necessarily
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