The Chicago ultra luxury market hasn't slowed down one bit. Chicago has had 47 homes priced at $4M + close in 2006 and nationally sales are up 11% for homes over $5M.
"People don't purchase a luxury home because they need a roof over their heads," said Paul Boomsma, who heads the Luxury Portfolio program for Leading Real Estate Companies of the World, a Chicago-based marketing network for brokerages.
"They're looking for other things--pleasure in a home, which comes in the form of luxury amenities as well as a certain cachet, such as the architecture or location--the penthouse of a building, for example, or a home that has a celebrity past."
There are a lot people spending a lot of money...and currently there are 58 homes priced over $8M in Chicago. Happy Selling!
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