| ardecila |
Mar 10, 2023 2:48 PM |
Quote:
Originally Posted by sentinel
(Post 9886788)
Do you know my old neighbors?? Lol! You're basically describing exactly what they did: sold their house in the burbs in the summer of 2021, moved into the St. Regis, which they bought with a pre-construction and pre-pandemic discount, and still have a comfortable, 4-bedroom house in Saugatauk! Eerie :D
But having spoken to them recently, theirs is not an isolated situation, many of their new neighbors in the St. Regis basically done the same thing: mid & upper middle income empty-nesters selling their suburban houses, all from different burbs and moving downtown full-time. Maybe it's just anecdotal, maybe it's an actual trend. But to your point, it's gonna be more Americans than foreign investors buying prime downtown condos, townhouses, etc.
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Yeah it's a type! Downtown condos fit a certain ideal of city living, so they are appealing to former suburbanites (both young and old) who want a big change. Whereas the charms of Chicago neighborhoods tend to be more subtle. I have several coworkers that just won't consider leaving downtown/going north of North or west of Orleans. It's kind of like the New Yorkers who don't want to leave Manhattan.
A lot of downtown buyers tend to be empty nesters, but some are younger individuals or (wealthy) families looking for a place downtown, usually in addition to a larger house somewhere else. A lot of people have occasional business in downtown Chicago and they can justify the purchase that way instead of spending a lot of hotel nights.
Most buyers are Americans and not foreigners, so there's no need to bring xenophobia into discussion of these projects. Perhaps foreign investors are a significant portion of the NYC, Miami, Toronto, SF markets but not here. |
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