Chicago real estate owners know that Chicago is one of the best places in the world to call home, and that luxury Chicago real estate is amazing value as compared to New York and Los Angeles real estate markets. Therefore, with the market in its current state, there is no time like the present to start looking around for a second home, perhaps in a warmer climate like Florida or Arizona.
Finding a location you love is probably the hardest decision when purchasing a luxury home. Where do you want to be during the harsh winter months in Chicago? If you don’t mind the cold and enjoy skiiing, then you might want somewhere such as Colorado or the Poconos in Pennsylvania. Other good places to buy right now if you’d prefer a warmer climate would be Florida, where you can find luxury ocean front properties, Las Vegas with all the entertainment of the strip, or Arizona for desert heat and amazing golf courses. Also, consider your needs in regard to space – if the kids are out of the nest, maybe a two bedroom condo on the beach would be perfect. On the other hand, if you have a large family coming along on your vacations, try a luxury lodge in Colorado or four bedroom home in Arizona.
Last but not least, consider the long term investment you’re making – even though the market might currently be down, is your new property in a area where real estate typically holds its value? Working with a local real estate agent to understand your new city and its neighborhoods (and getting a second opinion from your trusted Chicago real estate agent) is essential. Since house prices are relatively low all over the country, the question to ask really is where do you see youself vacationing or escaping during Chicago’s winter months?