Article

When the economy is still suffering from uncertainties and the real estate market is exceptionally slow in general, a number of luxury Chicago condos are on their way to hit the market in the near future.
It does sound contradictory, but there is a strong business sense that is fueling up these projects. The developers are targeting at the higher end of the market which is believed to be unfazed by the blow of recession. For the average home buyers, recession meant drop in the income thereby affecting their home buying decision as well as their purchasing power. For the affluent class on the other hand, recession has not created any such predicament. As such they are as willing to put their money in luxury real estate as ever. And the Chicago condo developers are cashing on this very trend.

From the empty nesters with fat purse, to the foreign real estate investors from North Europe and Middle East- they are the main buyers of these luxury Chicago condos. The downtown and lakefront Chicago condos in particular are stirring up maximum interest among the moneyed buyers.

The number of luxury Chicago condos is on a constant rise. In their bid to be fiercely competitive, all of them are adding to their lists of amenities and services. The home buyers in the look out for a posh lifestyle are acting as stimuli and the developers in turn are coming up with the Chicago condos with more cutting edge amenities and luxury details. In their race for grabbing the lion’s share of the high-end market, the developers are offering some unique, show-piece homes that are environmentally sound and architecturally astounding.

In the next few years Chicago will get some 10,000 new luxury condo units. Most of these condo properties are concentrated along the Chicago River in the River North neighborhood and in Loop area. Trump Tower undoubtedly is the jewel in the crown. The prospective buyers can choose from a variety of inventories including luxury condo units, studios and penthouses.

The common amenities currently offered by most of the luxury Chicago condos include: top quality hardwood floors, solid wood doors, 10 to 16 feet ceilings, walk-in closets, European cabinetries, energy efficient air-cooling and heating, high speed internet connectivity and more.

The services available in these Chicago condos are comparable to any five star hotel and they include dry cleaning and laundry valet services, housekeeping services, 24-hour concierge and in-home dining and catering services. The most expensive among them also offer spa services. The luxury Chicago condos in general come with world class business centers and conference rooms and the residents have access to these features.

In a nutshell, the luxury Chicago condos are ideal for those who are looking forward to an exciting urban lifestyle. However it is important to assess the quality of the building prior to purchase. The prospective buyers should also make sure that the actual number of owners living in the building is more than 60%. Avoid those buildings which have more than 70% renters in them. These are mainly investment properties and may cause financial problems for the condo association. As such they run the risk of putting pressure on prices in future.

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