As 2012 winds down, many are looking to forecast where the year ahead may take the economy. The good news is that 2012 has shown good signs for high-end real estate, with luxury homes and luxury condos moving on the market and moving up in price. Overall, the economy is poised to start 2013 in a more “normal” growth period, according to a recent article in the Wall St. Journal.
The last three years have shown high numbers in unemployment, a depressed housing marking and volatile numbers that created an edginess that another recession could be around the corner. But, those cornerstones of a healthy economy are positioned to change in the coming year. Home prices are rising. Construction is picking up. Job growth has stabilized and the unemployment rate is slowly falling.
Housing numbers are often the last to show real gains during an economic recovery, but since the real estate market has been a driver of growth in 2012 and remains strong, the economy is in less danger of facing a recession should other indicators take a dip.
I sold a $2.7 million condo during December in the enviable Trump Tower, and found it quite interesting when the sales center person told me they had five contracts in this month alone. The building is now nearly 90% sold out, whereas just about six months ago it was only about 75% sold.
Luxury real estate in Chicago is selling, and buildings that are differentiating themselves from the pack, like Trump Tower, are proving their worth to the luxury buyer. Trump’s wonderful amenities and concierge services make living in this building not just an address, but a way of life—from the attentive staff the moment you pull up, to the building’s state-of-the-art gym, to what is probably the most elegant pool in any Chicago building.
As we look to 2013, I think buildings like Trump Tower will continue to be what the luxury buyer is looking for. A place to call home, but also a lifestyle that allows you to experience day-to-day life at the top of its class.
To take a closer look at the Chicago real estate market in 2013, or to learn more about Trump Tower, contact me at 312-264-5853 or email me at [email protected]