Quote:
Originally Posted by ardecila
Who do you think will live in Tribune East, if they build it? We have the same condo buyer pool that we did in 2006. If anything, I would expect to see more overseas Chinese buyers than Russians, but I don't think we've seen a lot of those either.
I don't think either building would fill with foreign oligarch buyers, because nobody overseas thinks Chicago real estate is a slam-dunk investment. Developers have tried to court this type of buyer with little success (it didn't work at St Regis IIRC). Instead of those top-dollar buyers, this type of tower ends up getting medium-dollar buyers - Americans looking for a pied-a-terre with their suburban/country house in St Charles or Saugatuck or w/e.
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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
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.