Although downsizing is not typically considered a good thing, the latest trend in Chicago real estate can certainly be viewed as a positive development for both the Chicago condo market and the environment. According to a recent Chicago Tribune article, moving into a smaller, more compact home is the next big thing.
While people choose smaller homes for a variety of reasons, the current economic climate is the most significant. Many individuals simply don’t want to spend the money on a huge property, or they are looking to move into a smaller place to lower their maintenance and upkeep costs – it is less expensive to maintain a downtown condo than a large suburban house, after all, even a luxury condo with high end finishes. Besides, living in “urban villages” is much more eco-friendly than being part of the suburban sprawl, making it easy for buyers to rationalize. They are not just downsizing to save money, they are downsizing because it is better for the environment.
Sizing down while trading up – moving into a home that is smaller than your previous residence, but may be much more well-appointed and luxurious thanks to high quality finishes and details like top of the line appliances – has been shown to be especially popular among empty-nesters. When their children move out, they simply have more “house” than they need; moreover, they may no longer want or need to live in the suburbs as well. They may also appreciate the sheer convenience of living in the city, where everything you may need is a short walk or quick cab ride away.
Based on the current market and economic climate, this is one Chicago real estate trend that shows no sign of slowing down.