Quote:
Originally Posted by sentinel
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. |
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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