Emily Sachs Wong, International Realty Agent at @propertiesChristie, says that the demand for luxury homes comes primarily from “people in the economic growth stages of life.” She represented a buyer who paid $ 5.8 million for a six-bedroom home on Burling Street in Lincoln Park on June 6. The house was on the market just 13 days before a saxophone customer signed a deal that was $ 5,000 higher than the asking price.
Sachs Wong refused to reveal the details of these buyers, but the buyer pool witnessed in the high-end boom is “people who are proficient in careers and profits and don’t have much to wait for. Use it now to upgrade to an eternal home. “
The $ 4 million benchmark is not arbitrary. In 2015, Crain’s began tracking the top 50 sales of the year, finding $ 4 million at the bottom of the group. That’s more or less true for the six years to 2021, with very high-end sales and revenues fluctuating by nearly $ 1 million. The 50th highest price of the year was $ 4.95 million.
At this point in 2021, 48 of the 101 units of the year were sold. If the sales pace in the first half of this year continues until December, this year will end with 124 sales. Of course, it is impossible to say if the pace will continue. The signs that a recession may come flash.
“I think I’m a little worried” among high-end buyers, Sax Wong said. “People were worried because of rising interest rates and falling stock markets, but they are still buying.”
In the market as a whole, homes of all prices, Sales are down from 2021 record volumes Although they are still running ahead of the previous year.
To date, 54 Chicago and suburban sales in 2022 were over $ 4 million, with the top six being downtown condos, and the paradox continues. The downtown condo market is an overall weakness Due to the slow recovery from crime and COVID, the upper limit has set a record.
At the top, this year’s penthouse sales look like normal last year’s 2019, with nine of the ten highest-priced homes of the year being downtown condos.
Winnetka was the second-highest seller, with 12 homes sold for more than $ 4 million in 2022, compared to 9 in 2021 overall. The most expensive of these is the lakeside homes on Whitebridge Hill Road. About 100 feet on the beach of Lake Michigan. It sold for $ 6.3 million in March. It is slightly above the asking price.
Nancy Newgent, an international real estate agent at Jamesson Sotheby’s, said, “The COVID era has ignited families’ desire for more space indoors and outdoors,” renewing awareness of the North Shore. ” I am saying. She represented a buyer who paid $ 4.05 million on June 3 to a Lake Bluff home on more than 4 acres and about 16,000 square feet. The indoor pool and the shoreline of Lake Michigan, whose length is not specified on the list, stretches out.
The property used to be a contract with a buyer, but when the contract collapsed, it returned to the market on February 14, signing a contract with a Newgent customer the same day.
Top buyers this year said, “Jump when something good becomes available.” Most of them “do not need to buy. I want to buy, so I will wait for the right one,” she said.
Janet Owen directly experienced the enthusiasm of upper-end buyers. An agent at Berkshire Hathaway Home Services Chicago, she quietly prepared a client’s mansion on Orchard Street in Lincoln Park a few months ago before another agent noticed her and her garden photographer. He said he would sometimes put it on the market.
“She asked me,’What are you doing here?’ And the secret was revealed,” Owen said this week. The 8,400-square-foot home in a 65 x 125-foot plot sold for $ 8.65 million in February. One of the more than $ 8 million urban homes sold without hitting the market that week.
“I think appetite is greedy,” Owen said.