Luxury properties in the Greater Chicago area fell in April 2012
Many Americans feel confident in the recent stabilization of the U.S. economy. When most people look to invest in real estate in Chicago, IL, they want housing options that offer adequate space at affordable premiums. Fortunately, the greater metropolitan area is in a transitional phase, and many communities that once featured luxury properties have experienced significant declines in value of late. These decreases may make it easier for homebuyers to purchase housing in affluent neighborhoods, getting great deals before the market rebounds.
According to LeapRE, DuPage and Lake Counties had the largest percentages of properties experiencing price reductions over the past few months. The company evaluated properties with a sale price of at least $1 million and found significant losses. In fact, DuPage values fell nearly 41.5 percent while Lake Counties saw a 41.25 percent dip. While these homes may still be priced relatively high compared to the nation's average, the declines may make it easier for prospective buyers to consider luxury properties when relocating to the Chicago area.
With property values in decline in the Windy City, people may be able to take advantage of record-low prices. What's more the U.S. economy added 115,000 new jobs in April nationwide, so many people may be able to find steady work, potentially leading to a busy housing market.
In a recent Fannie Mae National Housing Survey, Americans showed renewed confidence in the state of the U.S. economy. According to the survey, confidence in the economy's direction rose to a two-year high of 37 percent in April, increasing 2 percent from March 2012. In addition, 23 percent of Americans saw an increase in personal income from 12 months ago, another 2 percent increase from March.
With confidence returning to the American people, prospective buyers may be more inclined to enter the housing market and contribute to increases in real estate activity. However, for many people, finding affordable housing is important, and Chicago may be one of the most worthwhile cities to consider during any relocation. The Windy City is in the heart of industry and culture, offering residents a plethora of opportunities to advance their careers. When looking at housing options in Chicago, consider neighborhoods in DuPage and Lake Counties for ease of commute, declining luxury costs and proximity to downtown Chicago.