Chicago Considered a Second Home Hot Spot by NYTimes
Even though it is home to The Second City, Chicago has long been overlooked as a second home city. In the past, vacation home buyers, empty nesters and retirees headed to coastal destinations such as California, Florida and New York to purchase a secondary residence. But now, Chicago’s abundant new construction condo market is an attractive alternative for second home purchasers from all over the world, as reported in The New York Times last week.
Confidence in Chicago’s housing market is stronger than in coastal regions and the Southwest, according to the article, because buyers know the Windy City generally maintains more moderate appreciation and, therefore, less volatile depreciation during rough times. While lower prices have enticed people from as far as the other side of the globe to purchase American second homes, Chicago’s historically “tempered market” reassures of a good investment and attracts those who would have bought elsewhere before.
Many second home buyers are impressed with Chicago’s cultural setting and comparatively inexpensive properties, especially those from Europe. Proximity to exciting attractions, plus more space for less money are the major draw. As one Swiss family accounted in the NYTimes story, in a location like London or Italy “you’d have to pay 10 times more to get something comparable” to their half-million-dollar Gold Coast vacation condominium.
Chicago’s brand new condos and converted lofts aren’t just seen as a good deal for foreigners, though. Plenty of homeland second home buyers have set their sights on the Windy City as well. With developer incentives and other discounts, Chicago has become a very affordable (and desirable) vacation home hot spot.
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Posted at 12:32PM Jul 15, 2009 by Spencer Mason in General Comments[2]
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