Million Dollar Home Sales Exploded in 2013

[chet everett]

Originally Posted by Justabystander

Wow, those are interesting figures. I found it interesting that Hinsdale is now the million dollar home sales leader over Winnetka , and that Glencoe is not listed at all, and wonder whether that might say something about trends in the suburbs i.e. western suburban v. north shore, although the list is too small and covers too few towns. This coincides with the Sun Times article that Hinsdale Central is has replaced New Trier as the best high school in the suburbs this year.

I also found it interesting that Lakeview topped the Gold Coast in million dollar sales, although I don't know the boundries or the size of each for this statistic. Thanks for posting this article.

Chicago Magazine has always target the affluent. The fact is that what would have been a "million dollar property" back in the Bicentennial would now have to sell for nearly $4 million dollars.

It is no so suprise that raw numbers of million dollar homes is highest in Hinsdale, with over 17,000 residents it is signficantly larger than Winnetka which has about 12,000 residents and almost twice as big as Glencoe which has less than 9,000. The fact is the larger areas with a greater range of housing prices tends to has less overall seasonal and year-to-year variability in the number of housing units sold.

The Gold Coast is certainly shifting toward a younger mix of residents but there are still an awful lot of older smaller units. Some of those units can be combined to make bigger spaces but that gets costly especially if one wants to try to retain some "vintage charm". In contrast a cute single family in a desirable suburb presents far fewer hassles for the million dollar shopper and also insulated one from the awful CPS situation.

It would be very intersting to see the break-out on a kind of per capita measure or even as a fraction of total sales. Maybe one of our statisically gifted posters can help out with that.

There is no shortage of true lake front estates on the North Shore but of course the pool of buyers that have near limitless funds to afford such places is rather constrained both as traditonal sources of wealth in our region are shifting and the tastes of the well healed buyer evolve. That said I have little doubt that the places with aesthetic appeal of your average box car is unlikely to prove as valuable over time as a more traditionally styled residence. Lurie Mansion: Winnetka Estate Modeled After Beverly Hills Hotel Listed At $9.75 Million (PHOTOS). Doubt these new modernist but inelegant places will prove as timeless as more minimalist design like Farnsworth House... http://goo.gl/0Tki0a {yeah, that is Wicker Park but it came up first in the lit and there are equally unattractive places all over Lakeview that won't age any better...}

[coldwine]

I always wondered how those faux castles in the 'burbs would end up doing. I came of age when that whole terrible era of building giant fake castles was 'a thing' for the very wealthy. Many of my classmates in middle and high school had parents who bought hook, line, and sinker into it.

In other news, I haven't raised the rent in my apartment buildings in ten years.

[Vlajos]

All sales, including million dollar homes for 12/13:

illinoisproperty.com, click us first for Chicago real estate and Illinois real estate: Holiday Slowdown? Not forHome Buyers in Metro Chicago Real Estate Market; RE/MAX Reports Strong Sales, Rising Prices during Final Month of 2013

"the City of Chicago, which registered a 14 percent increase in sales to 2,098 units."

"In Chicago, the median sales price of $210,000 represented a 14 percent increase."

Attached homes:
"In Chicago, 1,192 homes sold last month, an increase of 12 percent. The median price was $270,000, up 15 percent."

Detached homes:
"In Chicago, 906 homes sold last month, a 15 percent increase. The median price was $160,000, up 16 percent."

[3Series]

Rates have been so low that the affodiablity on a $1M home isn't what it used to be.

Mod cut: Off topic.

[SAGAstory]

I would buy, I need a home not someone checking over me. That was a great listing of homes and houses, I just don't know.i know those have a ark with it and I deserve all the glory that a home from you all.

[Freefall18]

Good news, as long as my rent doesn't go up 23%

[chet everett]

Mod cut: Orphaned (quoted post, off-topic, has been deleted).


Homes well over a million dollars, in both the small number of gated developments and the much more common "regular" areas of Oak Brook make up a majority of sales of detached homes in the Village, though there are also some signficantly more afforable homes.

[baileyvpotter]

Went by the first Tribune report which said Oakbrook Hills Rd and 31 st.

[FAReastcoast]

It amazes me how some people on this site believe wealthy people are the enemy, or that they are all trust fund babies. Many people who have a load of wealth, earned their money. The Government has proved time and time again, that it cannot properly manage tax dollars properly, why should people who pay millions of dollars a year be lining up to give their tax dollars to the Government?

[PJSaturn]

This thread has been hijacked and is hopelessly off topic. Scores of off-topic and bickering posts have been deleted. Consequently, it's now closed.

Folks, when you're posting, remember which forum you're in. This is not the Politics and Other Controversies forum.

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