Chicago Properties Selling Above Asking Price, Reports Chicago Tribune Article

It does not get much better than a bidding war resulting for real estate that is put up for sale by then owner and then ends up going for above the asking price! That was the story from a recent Chicago Tribune article by Goldsborough.Charles Oakley - real estate investing

 In his Tribune piece that is a must-read for those looking to profit from the soaring prices in the rebounding Chicago real estate market, Goldsborough reports on separate transactions that went for more than the asking price.

Of comfort to investors should be the range of the prices and the neighborhoods for the deals.

A condo in the cutting edge South Loop area sold for $900,000 in late May by Charles Oakley, the former power forward for the Chicago Bulls.  The asking price was $874,900.  According to the article, "He had multiple offers on the unit..."

The Tribune piece then reported on the sale of a townhouse in Round Lake, a suburb of Chicago, by WGN-TV weather forecaster Jim Ramsey.  It was put on the market for $90,000.  Like Oakley's condo, it sold quickly this spring for more than the asking price at $92,000.

In yet another sign of how strong the Chicago real estate market is, a condo recently sold for $7.5 million in Lincoln Park, a beautiful neighborhood.  That was the highest price sale of a condo in Chicago for this year.  Lincoln Park has absolutely stunning architecture with great restaurants and shopping, as do many locales in Chicago.

Goldborough's Tribune story adds further evidence to the recent report of the Illinois Association of Realtors about how sales and prices are soaring in the Chicago area.  This real estate market has attracted foreign investors, and big money from hedge funds, private equity groups and other institutional buyers.  Chicago is rallying so powerfully as buyers are always attracted by secure areas that serve as anchors for investing.  Unlike Detroit and Cleveland, Chicago is not a decaying city.

This was just confirmed in an article in USA Today.  That piece reported how Chicao was the second most appealing city in the United States for recent college graduates, based on the growth in that demographic moving to the city.  A front page article in Time magazine, appropriately titled "Chicago Bull," also focused on how Chicago is coming back from the impact of The Great Recession under the leadership of Mayor Rahm Emanuel.  These articles, and many more, reported on how Chicago offers jobs, cultural opportunities, and great neighborhoods to attract real estate buyers and investors at all price levels.

At the upper, upper end of the market, in the Tribune article, it was also mentioned that Ken Griffin, founder of the Citadel hedge fund group, which is based in Chicago, had bought the most expensive condo in the history of "The Second City," a $15 million palatial spread on the 66th-floor of the Park Tower, a luxury condo complex in The Gold Coast neighborhood of the city.