Mega companies coming to downtown Chicago leads to opportunities in housing market
By Urban Real Estate
A new year has brought a wait-and-see attitude as the national climate, interest rates and a major local mayoral election bring some pause to buyers and sellers looking to make their next move. Chicago City Hall, the future of the city’s pension plan and property tax proposals all have people watching to see what the next Chicago will look like.
Multinational companies, however, have bigger bets set on the Windy City and that might be the key difference to our future over any other market.
Matt Farrell, managing broker of Urban Real Estate, sees this as the opportunity that makes downtown neighborhoods desirable even when the national and local climate may differ.
“Each of these companies has hundreds of employees who are also making their move into the city. Some are renters, others are prospective buyers. They all need a place to live, and there are few communities like the New Eastside that offer an immense level of convenience, privacy and beauty, all within steps of the hustle and bustle of the city.”
Chicago has a great deal to offer, both to companies and residents.
“There is really no surprise as to why this city continues to draw investors and businesses from across the globe,” Farrell added. “We may have our winters, but the access to public transportation, universities, museums, medical systems, an unrivaled lakefront setting, paired with O’Hare’s planned expansion, make Chicago the perfect fit.”
“The best advice we can give our seller clients is to do everything they can to make their homes look as pristine as possible. Beautiful, updated homes will always do better than a home that hasn’t been tended to. Consider your own personal and financial goals, and plan whether this may be the time to sell your home or to seek a second home at a great price,” Farrell said. “The market pace may have stabilized, but Chicago has and will continue to find its way to continued growth.”