Million Dollar Home Sales Exploded in 2013 (Chicago: real estate, 2014, loans)

[Vlajos]

Sales of high-end homes in Chicago and the suburbs went nuts in 2013. The number of homes that sold for $1 million or more was up 33.4 percent from 2012, according to figures from Midwest Real Estate Data. That’s a much bigger increase than the overall market; sales of homes at all prices went up 23% in 2013.

Million Dollar Home Sales Exploded in 2013 | Chicago magazine | January 2014

[marothisu]

Definitely had an inkling something was up but that's a pretty big increase. This also doesn't appear to be counting new construction SFHs that also either are estimated construction cost of over $1 million, or which would probably sell for $1+ million. There are a number of those in 2013 too.

[oakparkdude]

Hopefully this eventually filters down to the lower end of the market.

[Vlajos]

Originally Posted by oakparkdude

Hopefully this eventually filters down to the lower end of the market.

It should, especially as the economy picks up like it has the last few months.

[Vlajos]

Originally Posted by marothisu

Definitely had an inkling something was up but that's a pretty big increase. This also doesn't appear to be counting new construction SFHs that also either are estimated construction cost of over $1 million, or which would probably sell for $1+ million. There are a number of those in 2013 too.

It's unclear to me if it includes new construction, but it likely does.

Then there is this.

This House Just Snagged One of Bucktown

[marothisu]

Here's a look at New Construction building permits issued per year with an estimated cost of at least $1 million:

2006: 339
2007: 362
2008: 226
2009: 133
2010: 118
2011: 106
2012: 122
2013: 173

There have been 3 so far in 2014 for two weeks.

In 2013, the number of those which were Single family homes were 24. However, with houses selling more than they were built for, and many new homes being over tear downs, here's a look at all the new construction permits of at least $750,000 in estimated cost:

2006: 523
2007: 506
2008: 287
2009: 160
2010: 151
2011: 131
2012: 159
2013: 212

So with these trends, 2014 may get back to near where 2008 was.

[marothisu]

Originally Posted by Vlajos

It's unclear to me if it includes new construction, but it likely does.

Then there is this.

This House Just Snagged One of Bucktown

In my opinion, it would only be a subset of new construction homes. It's only counting home sales, so a person/family who actually builds the home themselves and moves right in wouldn't be counted in this. Same as a developer built home that was built, but didn't sell in 2013 wouldn't be counted.

[Vlajos]

Originally Posted by marothisu

Here's a look at New Construction building permits issued per year with an estimated cost of at least $1 million:

2006: 339
2007: 362
2008: 226
2009: 133
2010: 118
2011: 106
2012: 122
2013: 173

There have been 3 so far in 2014 for two weeks.

In 2013, the number of those which were Single family homes were 24. However, with houses selling more than they were built for, and many new homes being over tear downs, here's a look at all the new construction permits of at least $750,000 in estimated cost:

2006: 523
2007: 506
2008: 287
2009: 160
2010: 151
2011: 131
2012: 159
2013: 212

So with these trends, 2014 may get back to near where 2008 was.

Interesting, thanks for putting that together.

[Huckleberry3911948]

it does not mean they they had a spare million to drop on a house, it means that the banks are giving away money or high risk loans, and that the federal reserve is bolstering it with imaginary deposits.

[Vlajos]

Originally Posted by Huckleberry3911948

it does not mean they they had a spare million to drop on a house, it means that the banks are giving away money or high risk loans, and that the federal reserve is bolstering it with imaginary deposits.

Do you have the financing statistics on these 2000 home sales? If so, please provide.