Quote:
Originally Posted by BobbyChicago
I love that I chose the arbitrary value of $1M+ to denote a luxury home and you gave me an article that defined luxury homes exactly that way.
Thanks for the article! Interesting.
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That's how a lot of people define it. Also I just took a look on realtor.com at $1M+ sales - there have been 232 single family homes and condos sold in the city of Chicago alone at $1M+ each between April 1 and May 15 - there's another around 35 small multi family homes sold for at least $1M and my guess is the vast majority will be renovated into SFH.
So in other words, at this rate, 2Q 2018 should top 1Q 2018. I've also been keeping track of regular data by neighborhood for the last 8 months of data. Near North Side sold more condos (and homes - but you know, mostly condos) than any month in the last 8 months. Same as a few other areas like Near West Side. Even though it's spring and it's usually a down time, the number of sales in these areas downtown didn't actually dip like most places would - it just continued to increase.
I know it's hard to believe, but there are numerous $1M+ properties sold in the city pretty much every single day. For example, realtor.com lists 9 sold yesterday in the city (May 14th) and 9 sold on Friday (May 11th). There have been 121 properties of $1M+ sold in Near North Side so far this year. If you include Near West, Near South, and the Loop then it's 193 sold so far this year.
https://www.realtor.com/soldhomeprices/Chicago_IL/price-1000000-na