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Chicago’s ultra-luxury resi market had a no good, very bad year
Some of the bad news included a 28% dropoff in sales of $4M or above
Chicago’s ultra-luxury residential market took it on the chin in 2019.
Some of the lowlights included 52 sales of $4 million or above compared to 73 sales in 2018; and one sale over $10 million compared to seven in 2018, according to Crain’s.
One reason for the fall-of could be the fear of property taxes rising even higher, according to the report.
Despite the drop, there were outliers, most prominent JDL Development’s No. 9 Walton condo tower. The Gold Coast property recorded four of the top 10 priciest residential sales of 2019.
Overall, the million-dollar home category in Chicago was down 6.5 percent last year, according to the Crain’s report, and the market for all residential homes was down 3.3 percent. [Crain’s] — Jacqueline Flynn