April 18, 2009 – Despite the downturn in the housing market, record numbers of foreclosures and more strict qualifications for mortgages, more retired couples, empty nest couples and Baby Boomers are opting for larger Chicago condos. Even when a couple decides it’s time to downsize, the growing trend is to move from a larger family home to a maintenance free condo with fewer bedrooms, but not necessarily smaller ones. According to a recent profile in the Tribune, downsizers want to have enough room for aging parents, visiting children and super sized furniture.

The National Association of Home Builders data shows that the size of an average condo increased 16% from 1999 to 2007 while the average size for a single-family house increased by a smaller 12%, then started a decline in size. Buyers began a trend towards condos with house-like perks, including fireplaces, large baths and larger rooms.

Some of the suburban and downtown Chicago real estate developments that are seeing buyers combine units or purchase the largest condos first are Amberly Woods in Lake Forest, Optima Old Orchard Woods in Skokie, Winthrop Club in Evanston and 10 East Delaware.

In the article, senior VP Tod Desmarais of Optima Inc. stated that, “Thirty years ago, condos were primarily starter homes for first-time buyers. Now the Baby Boomers are buying them, too. Now, they combine two or three 1,000- or 1,500-square-foot units.”

At Amberly Woods, the biggest of the 1,365 to 2,650 square feet condos were the hot sellers that went under contract first with prices that started around $450,000. For Winthrop Club condos, the most popular units have been the 2,600 square foot and up models, which start at around $1.2 million. And at 10 East Delaware, the luxury condos have floor plans with the bedrooms distinctly separate from living areas to increase privacy for guests and home owners. These condos have a minimum of 2,900 square feet and a starting price of $1.5 million.

There are still plenty of first time buyers who opt for smaller or average sized units, but many of those in a financial position to buy right now are shopping for larger Chicago Condos.

[tags]10 East Delaware, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Saturday, April 18th, 2009 at 3:30 pm and is filed under Mortgage Information.