For those looking to invest in real estate, look no more after reading about Chicago in an article by Edward Luce in the Financial Times.

In his excellent piece in the Financial Times, "Rebirth of the US City," Luce reported that, "...there is an energy-and ambition-to urban America that was missing a few years ago." 

 This has certainly not gone unnoticed in other major publications, too.  Recently, front page articles in The New York Times magazine and Time magazine have been about the rebound in Chicago.  All have been bullish in the outlook for America's third largest city.

 Needless to say, this is showing up in the real estate market in Chicago.

The Illinois Association of Realtors reported that sales and prices are both soaring.  Recent articles in The Chicago Tribune stated that properties were going above the asking price, thanks to multiple offers from prospective buyers.  According to USA Today, Chicago has the second fastest growing amount of college graduates moving to the city for its social, cultural, and employment offerings.

All of that and more was covered by Luce.  

From his Financial Times article, "In 2011, for the first time in more than 90 years, America's largest cities registered higher population growth than their combined suburbs...the signs are that this will continue.."

There are many reasons for this.  Quality of life has become much more important.  Those living in the city do not have to spend as much time commuting as those living in the suburbs.  One hour a day saved from not commuting adds up to 250 hours for the working year.  Not having to commute gives the person living in Chicago or another city more than 30 extra work days.

Not having to commute adds more money, in addition to time.  Illinois has the most expensive gas in the country, well over $4 a gallon. Not having to buy two gallons of gas a day saves almost $50 a week.  That is $2500 a year, or two mortgage payments for a one-bedroom rental unit...per year.  A very nice real estate investment portfolio could be developed with just the savings from not having to buy gas to commute to work in Chicago!

More money and more time certainly for those living in the city certainly explains why Chicago real estate is booming!

Luce details that for a city to make itself more enticing to residents it must be "entertaining."  

That is certainly Chicago.  Its museums, sports teams, clubs, theatre groups, and clubs are a draw in itself.  So is the vibrancy of the downtown.  As Luce writes, Chicago is, "..revitalizing (its) downtown."  All of that and more is showing up in the bullish Chicago real estate market!