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Rockford Homes For Sale


Chicago Luxury Homes For Sale
While the luxury residential markets in Illinois continue to sell briskly because of the influx of overseas buyers, mainly Europeans and Canadians, who are buoyed by their strong currencies, housing analysts say that the market here may finally be showing signs of cracking.
 
News reports have made headlines of billionaire Donald Trump dropping the price on his Palm Beach property by 20 percent, which has led to market watchers saying that the U.S. housing crunch has finally made its way to the wealthy. While the lakefront mansions and upscale condos here are surprisingly holding fort, one of the most toxic states in the nation's housing meltdown may finally be showing some signs of wear and tear.

Waning Enthusiasm Or Activity Is Noted On The Luxury Market

In a recent luxury property auction in the city of Chicago, the auctioneer took home after home off the block within moments after opening the bidding, since no one made an offer. In one high-rise condo development in the Chicago enclave of Williams Island, a 3,100 square foot penthouse which before was listed at $5.6 million, the bidder opened bidding at $5 million, then lowered the price to $3.5 million, then $3 million and $2.5 million until he closed the the auction.

Some housing market observers noted that there's just not that much enthusiasm or activity in the luxury market,and after the local real estate market peaked two years ago, local brokers noted that high-end real estate was the only aspect propping up the condo market in areas like Chicago, which many consider to be one of the most overbuilt and overpriced in the country.

The Slow Market Is Providing An Opportunity For Bargain Hunters

Based on recent statistics, the median price of condos in areas like Chicago gained 6 percent last year, while price drops of around 25 percent or more were seen elsewhere in the state amid the U.S. mortgage crisis, rising property taxes and hurricane insurance problems. The shoreline in Chicago offers thousands of waterfront developments that have held their value better than cheaper houses and condos inland, where the foreclosure crisis has battered homeowners. In December, the condo markets in Chicago had a bad month, when the median price fell 10 percent.