Break out the caviar: Chicago's luxury real estate market got a boost over the last year according to a report released yesterday by Coldwell Banker. Among its findings? Sales of luxury homes over $5 million saw a spike in 2012 thanks in large part to the revival of high-rise development, and while the number of these pricey transactions isn't back to its pre-recession level, it's a promising sign – you know, if you've got $7 million laying around (or maybe $15 million, like the record-breaking penthouse that sold at Michigan Ave's Park Tower).
The area's luxury market overall (we're talking anything $750,000 and up) has stabilized, the report says. And apparently people are taking this news and running with it – A Winnetka home was put on the market for $21.9, and then of course there's the much talked about Trump Tower penthouse, asking a very reasonable $32 million. No word on whether any of these come with diamond-encrusted toilet seats or live-in butlers, but here's hoping.
Read the Wall Street Journal's post about the findings here.
·Luxury Market Report 2013 [Coldwell Banker]
·Luxury Sales Sweep Into Windy City [WSJ]
[Photo: Kevin Maher via Curbed Chicago Flickr Group]
—Gwendolyn Purdom
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