I am finding that empty nesters from the suburbs are coming back to the city, and after surveying the Chicago real estate market they want… to be downtown, close to Michigan Ave. And want a deal.
These clients are surprised to find the deals are far and few between when they are available, the unit requires a lot of work and are in older buildings, with assessments typically being high.
What is really interesting is the comments of Joe Cortright, an economist with Impersa Inc. (Portland, OR), in a recent New York Times article which cites that the cost of housing in the urban center of Chicago has fared significantly better than housing in the suburbs.
The rising cost of energy, many economists and realtors indicate, is probably the reason why we haven’t seen a market downturn in the city and it is for this reason that I anticipate the cost of housing in downtown Chicago is poised to go up in the next few years.
With the current cost of gas at $4.20 to $4.69 a gallon and a daily commute to and from the city, I am finding that more clients are giving consideration to living in the city in order to save time going to and from work, reduce their transportation costs, and actually enjoying a less stressful lifestyle..