Unique Homes Blog

As luxury continues to rebound, we follow the latest reports from around the united states.

In the Midwest, Chicago’s Luxury Condos ‘New and Exciting’

Chicago, Ill. — With more than $33 million in sales during the month of May alone, Chicago’s luxury condo market continues to strengthen. Buyers seek new, exciting product in the Windy City’s most coveted locations, according to Sheldon Salnick of Prudential Rubloff Properties, who notes factors of the recovery on his blog, mrchicagorealestate.com.

“People are looking for name brands in real estate as well as the product. They want drop-dead kitchens [with] six burners on the stove. They want 10-foot ceilings, views, outdoor space,” he affirms.

Buyers can find all of those bells and whistles with the December 2011 completion of the Ritz-Carlton Residences. Already 50-percent sold, units range from $1.25 million to $4 million.

Salnick adds, “Chicago is basically a bargain. You’re going at roughly $1,200 a square foot. In New York City, you’ll see $3,000 per square foot or more.”

In the Southeast, A Grand Re-Opening in Jacksonville Beach

Jacksonville Beach, Fla. — From the original 17 offered for sale in January 2011, only six units remain at Water’s Edge, a beachfront condo community. Buyers have flocked to the residences, seeking what Bryan Wood, executive with the project’s owner, refers to as “an exclusive and intimate community feel.”

“They can have a peaceful and private home on the beach and that’s really the lifestyle here,” he says. “That’s the great thing about this building — you know who your neighbors are.”
Wood attributes the community’s success to three key factors: a fantastic product, priced right, in a great location. “Buyers are actively looking for and purchasing oceanfront property. The fact is, good real estate sells quickly,” he affirms.

Priced from $500,000 to $1.5 million, units in Water’s Edge include 2,000-square-foot condos as well as luxury penthouses, which are nearly 4,000 square feet.

In the West, Maui Resort Reports $78 Million in Sales

Maui, Hawaii — Hawaii loyalists have a new reason to appreciate the island of Maui: Honua Kai Resort and Spa. Just two years old, the resort has seen a steady surge in home sales, earning $78 million since the beginning of the year.

“People love Maui and want to come back here year after year with [their] entire family. The resort really lends itself to that kind of experience,” explains Stephen Fina, senior vice president of Playground Destination Properties.

He adds that Honua Kai was designed to give its residents “a very expansive and open feel.” Spread out on 38 acres, the beachfront residences are sleek and contemporary and boast outdoor lanais with stunning views. “The window walls peel back so that when you’re in your living room, you’ll have a deck that’s just as wide to transition easily from indoors to outdoors,” Fina says.

Prices start under $600,000 and go up to $3.8 million.

In the Northeast, Greater Hartford Boasts Booming Luxury Sector

Avon, Conn. — With 61 high-end sales since the beginning of the year, compared to 47 this time last year, the Greater Hartford region — comprising Avon, Farmington, West Hartford, Hartford and Simsbury — is showing life.

“People are realizing that the market is what it is, and they’re moving forward and not putting lives on hold anymore. The prices have come down, and people are getting great houses for the money,” says Mindy Ogan, manager of Prudential Connecticut Realty’s Avon office.

Avon, the “hub” of Farmington Valley, typically attracts local buyers and families, Ogan adds. Many buyers are invested in the area’s school system. “The schools are among the top in the state,” she says. “The first thing [buyers] ask is how the schools are; that’s always been the case in this area.”

As for Greater Hartford’s future, Ogan says the recovery will not mimic the “skyrocketing” from the 2000s, but instead will be slow, steady and more sustainable.

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