Chicago Real Estate

In spite of the struggling real estate market across the country, Chicago real estate has managed to maintain a pretty strong market. As a matter of fact, one agent indicates that luxury homes (over 1 million) and homes under $300,000 still continue to sell very well in spite of the claims being made about the struggling market. However, agents also stress how important it is for those preparing to enter the market, either as buyers or sellers, do their homework to find out exactly what the market conditions are in their respective area. Because home sells did drop just a bit this summer, it is a great time to begin searching MLS listings to find your ideal home. If you are a seller who is looking to buy, keep in mind that buyers have a lot of choices right now. So, be careful to plan so that you don’t find yourself paying two mortgages while waiting on your other property to sell. We have seen that cause problems for families on a few occasions. It has recently been announced that Chicago will be placing a bid on being the host of the 2016 Olympic Games. Chicago is competing against San Francisco and Los Angeles for this prestigious offer. If Chicago wins the bid, it means that the economy will experience a huge surge around that time. And, of course, it means that the real estate market will be on an upswing also.In addition, the city has announced plans to build a 1 billion dollar Olympic Village near Lake Michigan's waterfront and convenient to competition areas. The Olympic Committee believes that these plans will give them the edge they need to win the bid. During the games, the Olympic Village will serve as housing for athletes. However, it would most certainly be developed for mixed income housing after the games have ended. In addition, plans for a stadium are in the works as well. This, too, would still be of great use to the city long after the games have gone. If the city wins the bid, they will be working aggressively to make preparations to accommodate the 6 million people expected to attend the Games. Host cities usually experience a huge urban renewal of sorts in the months leading up the Games. Portions of the city that might normally go untouched experience a huge revitalization, new businesses and buildings appear, and the result is more jobs and improvements to an economy that is almost always already thriving. Chicago real estate is already a great place to live. But just imagine the things that could happen if the city hosts the 2016 Olympic Games!

Team IllinoisRealEstate.com

Brian Nygard
RE/MAX Grand
Direct: (312) 217-8002
Timely Email: brian@illinoisrealestate.com

Scott Epstein
RE/MAX Grand
Direct: (312) 622-6313
Timely Email: scott@illinoisrealestate.com