Chicago news: Rich People Are Losing Interest in Most Now

Chicago news: Rich People Are Losing Interest in Most Now

• Rich People Are Losing Interest in Chicago’s Most Exclusive Neighborhood

Chicago news

 

• (Source: Bloomberg) The billionaire Ken Griffin listed a number of his opulent homes in the city’s most prestigious neighborhood, the Gold Coast, when he decided to leave Chicago.

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• Musk claims that it is in the best interests of investors to prescribe ketamine.
• After two years, he has sold three properties at a loss of more than $3 million: a skyscraper on the Magnificent Mile, one at the Waldorf Astoria, and one in Park Tower.

Chicago news

1. He listed two apartments at No.
2. 9 Walton for sale before removing the listings, where he paid nearly $59 million for four units in the largest residential real estate transaction in the city’s history.
3. The founder of Citadel is not alone in feeling the effects of the recession in one of the priciest neighborhoods in Chicago.
4. At least one of the billionaire Richard Driehaus’s Gold Coast homes was sold by his family for less than he paid; Driehaus passed away in 2021.
5. Additionally, in January, Chicago Trading Co.
6. co-founder Andrew Hall sold his condo for $9.3 million after lowering his asking price by 33%.
7. Due to the high taxes and crime in the city, which have encouraged the wealthy to relocate, the historic Gold Coast, which is home to 100-year-old mansions, lavish condos, and designer boutiques, has lost some of its most illustrious residents and appeal in recent years.

Chicago news

• Gold Coast properties are sitting on the market for months as those who want to stay in Chicago choose more contemporary homes in hipper neighborhoods.
• Currently, a proposal to increase taxes on the sale of properties valued at $1 million or more may further hinder transactions in the neighborhood, home to billionaire Illinois Governor J.B. Pritzker.
• The proposal, dubbed the “mansion tax,” will be on the ballot for Tuesday’s Illinois primary.
• Shekar Jayaraman, the founder of Jayaraman Law, a Chicago-based real estate firm, stated, “When you’re looking specifically at an area like the Gold Coast, which is known to have up to $8 million, $10 million properties, it’s already a difficult climate.”
• “I believe it will become more challenging.”
• The Park Tower penthouse owned by Griffin sold for $11.2 million.
• The 8,000 square foot unit, which was listed as raw space, sold last year for a $3.8 million loss.

Chicago news

1. His five-bedroom condo on the Waldorf Astoria’s 37th floor was traded for $3.1 million less in 2022.
2. There is still one listed property on the 67th floor of Park Tower.
3. Walton listed two at No. 9 for $14 million and $12 million, respectively, before taking them off the market.
4. Another two were never listed for sale.
5. Citadel’s spokesman declined to comment.
6. Multiple requests for comment from Griffin’s real estate agent went unanswered.
7. Prior to Mayor Brandon Johnson’s proposal to increase the real estate transfer tax, the agreements were reached.
8. The progressive Democrat claimed during his 2023 campaign that the tax, which would also apply to commercial real estate, would generate an extra $100 million in funding for the city’s homeless population.
9. Taxes would be lowered on properties selling for less than $1 million. However, there will be a duty increase of $10 for every $500 on properties under $1 million and $15 for every $500 on properties over that amount.
10. A typical Gold Coast home worth $5 million would have its transfer-tax bill quadrupled to $150,000.
11. Supporters of the tax point out that Chicago is dealing with a spike in the number of homeless people.

Chicago news

• In Chicago, there were over 68,000 homeless persons in 2021.
• More than 37,000 migrants have arrived in the city and its surrounding suburbs over the past year and a half, and the city began evicting some of them from shelters last weekend.
• It’s unclear how the tax will affect real estate values and whether the mayor’s office will get the money it anticipates.
• Similar legislation was passed in Los Angeles in 2022, raising transfer taxes on properties valued at more than $5 million.
• However, the measure only brought in $142 million, a negligible amount compared to the over $900 million anticipated.
• The University of Chicago researchers who conducted an economic analysis of the measure were cited by Johnson’s administration.
• According to the November-released findings, the tax might generate an average of $160 million annually.
  However, those attempting to sell homes in Chicago’s affluent neighborhoods see it as just one more obstacle.
• Zillow lists 113 properties on the Gold Coast that are listed for $1 million or more.
• The only place with more is Streeterville, which is situated along the renowned Michigan Avenue shopping strip, just south of the Gold Coast.
• According to Chicago Association of Realtors data gathered from 2021 to 2023, homes over $1 million have spent an average of 123 days on the market in the larger Near North Side area, which includes the Gold Coast and Streeterville.
• This is nearly twice as long as the average in the rest of the city.
• The average time on the market is 85 days in Lincoln Park, another affluent neighborhood that is home to billionaire Joe Mansueto, the founder of Morningstar Inc.
• And the owner of the Chicago Fire soccer team.
• Due to the expansion of other neighborhoods and the maintenance expenses of the older, more elaborate properties, homes in the Gold Coast were already having difficulty.
• One of the difficulties, according to Jennifer Ames, an Engel & Volkers Chicago real estate agent with a listing in the neighborhood, is that although the houses are stunning, purchasers must possess a “curator mindset.”
• Consider something akin to Downton Abbey.
• Although it’s incredibly entertaining to watch, no one lives like that these days, she remarked.
• Undoubtedly, there are still significant real estate deals taking place in the area.
• The co-founder of Chicago Trading sold his six-bedroom, 9,000-square-foot penthouse at 65 E.
• Goethe Street for $9.3 million in January, making it the most expensive residential transaction in Chicago so far this year. From Hall’s asking price of $13.9 million, the deal was reached for less.
• Cory Robertson, who oversees a development strategies team at Jameson Sotheby’s International Realty, says there are also opportunities. In a former single-family mansion, his firm’s project at 1508 N.
• State Parkway will bring four opulent condos to the Gold Coast.
• Out of the four units, three have been sold already.
• A potential buyer can choose from a variety of multi-million dollar mansions that are for sale within a few blocks of Pritzker’s residence on the tree-lined Astor Street.
• However, the price tag of $14.5 million, which the heir to the Hyatt hotel empire could afford, will not be reached by the buyer of those properties.
• Regarding the extremely high prices, Ames, who has a listing on Astor Street, stated, “Our market isn’t supporting that.”
• “It won’t happen for a while,”
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