Chicago real estate offers many options for many types of buyers—another perfect pair is a Chicago home for empty nesters. With children who are now off on their own, you might find yourself ready to downsize to something smaller, upgrade to something more luxurious or just move into a new neighborhood that lets you walk out the front door to enjoy some of Chicago’s finest activities. An urban lifestyle is a great fit for the newfound freedom of empty nesters.
For one, a Chicago home or Chicago condo is going to be far more affordable than a similar space in New York, Washington, San Francisco or Los Angeles. Even if those empty bedrooms mean you want to upgrade into something a bit more lavish, Chicago real estate offers many options for luxury living at a fraction of the cost of other metro areas. You can buy into the city’s more prestigious buildings with the ultimate services and amenities for about $1,200 per square foot—this compared to the “average” apartment that amount would buy you in New York City.
And with plenty of time to indulge, empty nesters can enjoy some of Chicago’s premier shopping destinations like Louis Vuitton, Hermes, Chanel, Chloe and Barneys, not to mention the Magnificent Mile. Culti, an Italian luxury brand that sells everything from leather slippers to sleek furniture, even recently chose Chicago as the home of it’s first U.S. boutique, right in the heart of Michigan Avenue, which will surely add to the area’s high stature in shopping. A home in Chicago’s Gold Coast will put you within steps of shopping and activities, and many other neighborhoods are dense enough that museums, theatres, music and dining are within walking distance of your front door.
If you’re ready to escape to the great outdoors, a Chicago home near the lakefront will put the beach at your fingertips, whether it’s to get some sun or to have an evening stroll through the sand. I recently saw this quote from fashion designer Michael Kors that sums up the value of Chicago real estate quite well: “Chicago is the perfect city for me. I’m a beach bum and a city boy, and where else could I walk to my store on a glamorous urban street, then change into board shorts and head to Oak Street Beach?”
Another thing that sets Chicago real estate apart from other major cities is that if you’re an empty nester looking for space, you can find it. In fact, you can purchase an entire floor within the brand new 50 E. Chestnut building, which offers supreme luxury living with only one unit on each floor. Where else can one buyer find 3,904 square feet of real estate all to themselves? Such a space runs about $2.8 million, plus this Chicago new construction building promises floor-to-ceiling windows, stone finishes and private terraces among the 34 units.