Chicago is Becoming One of Two Hot U.S. Destinations for Purchasing Luxury Real Estate

When you own real estate around the globe, it’s fairly likely that at least one of those properties is in a posh market like New York, London or Hong Kong. But luxury real estate in these cities comes with a price. It’s not uncommon to find homes here in the neighborhood of $3,000 to $5,000 per square foot.

Chicago comes in stark contrast to this. Luxury properties here ring up in the range of $850 to $1200 per square foot—and that’s for the city’s most prestigious, upscale buildings. From vintage buildings like the Palmolive to newer units in Trump Tower and Lincoln Park 2550, these properties are packed with amazing services, amenities, and some of the best panoramic views in the city. I’ve had a number of foreign clients who pay cash for units in these buildings, simply because the cost of luxury real estate in Chicago makes it easier to do so.

Aside from the cost of luxury real estate, Chicago is a fantastic place to live or even to have a second home, especially for global executives, chairmen and frequent international travelers. A few reasons why include:

Travel convenience: Chicago’s two airports are easy to get to from the city, and the vast number of airlines make it easy to get a direct flight from Europe and/or Asia.

Culture: Chicago is an incredibly culturally rich city, from museums to music to dining, shopping and history. There is truly something for everyone and every interest to keep your weekends full.

Healthcare: Living in Chicago means you’ll have access to some of the best hospitals in the United States. Northwestern Memorial Hospital is nationally ranked in more than 12 specialties, and is especially known for its work in ophthalmology and rheumatology. Rush University Medical Center is also renowned for its cancer care, along with 10+ other adult specialties.

Business leadership: Mayor Rahm Emmanuel is a proven businessman who is especially keen on luring Silicon Valley-type business to Chicago. The city is home to booming companies like Groupon and GrubHub, not to mention many noteworthy start-ups as well as tenured companies.

Luxury lifestyle: Many Chicago condos in high-end buildings offer everything the busy executive might need, from in-home catering to event planning to housecleaning. The Ritz-Carlton Residences on Michigan Avenue boasts five-star service from its staff, which was trained by the best of the best: the Ritz-Carlton Hotel Company. Trump Tower, Lincoln Park 2520, and a number of other downtown Chicago condos offer similar services.

Privacy: Even in the center of an urban metropolis, privacy isn’t an issue in Chicago. The staff of many of these buildings are trained to handle situations with the utmost discretion and professionalism. And units themselves often have private elevators or are even a full-floor residence, ensuring that shared space is limited.

The Wall Street Journal recently highlighted Chicago as an up-and-coming “it” city for international home buyers. In fact, Chicago was marked only one of two U.S. cities mentioned. I always look forward to introducing new clients from all over the world to Chicago and all of the exciting things it has to offer.

To learn more about the Chicago luxury real estate market or some of the city’s high-end condo buildings, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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