One unique fact about the Downtown Chicago market is that there can be two or three different markets in the same building. Here’s what we mean.
Buying a Downtown Chicago Home? Search All Homes Here
Selling Your Downtown Chicago Home? Get a FREE Home Value Report
Here are three reasons why there could be two or more different real estate markets within one condo building:
1. Number of bedrooms. Here in the downtown market, 2-bedroom, 2-bathroom units are pretty much the gold standard for first-time buyers. A 3-bedroom or 4-bedroom condo is usually going to be purchased by someone who is either relocating from another area or downsizing from a larger single-family home.
These two different groups of people all have different needs, different motivations, and different opinions on where they want to live. This means that the demand for different unit sizes, even in the same location, can be dramatically different. Your neighbor in a 2-bedroom condo may be in the hottest of seller’s markets, while your 4-bedroom unit might put you in a buyer’s market. Be sure to work with an agent who understands what’s going on and where the buyers for your type of home are.
Buyers who are out searching for homes in cold weather are more serious and more qualified.
2. Features and floorplans. If you’ve spent any time touring condos, you know that even if two condos in the same building have a similar square footage, the’re lived in differently depending on their features and floorplans. Certain features mean premium pricing, while others need to be factored in when pricing your home. It’s also worth noting that preferences change over time. If some of the features in your home were the hottest and best things available at the time you bought, it very well may have changed now.
3. Floors and views. The Downtown Chicago market is very vertical in most cases. We have lovely high-rises and mid-rises, as well as views of the lake, the park, and the skyline. The best views are a rarity because there are only so many of them available at a given time. Rarity drives value. In some condo buildings, the same floorplan on the same floor with different views can be 30% apart when it comes to price.
As I write this, there are multiple markets going on in pretty much every building in the downtown market.
If you’re curious about what your home might sell for or you want expert advice on how to position yourself as a buyer in this market, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
If you have any other questions about our market or you’re thinking of buying a home, feel free to reach out to me as well. I’d be happy to help you.