The white-hot market for $1M homes

His position overseeing sales at Superior 110, a new boutique high-rise in Chicago’s River North neighborhood, affords @properties’ Greg Eldridge a high-level view of the state of the luxury homes market.

I asked Greg to take a few minutes and bring me up to date on what’s selling and what isn’t.

The market, according to Greg, is “white hot” in the $1M to $1.4M price range, and at the higher end of the market, but slow in the $2M to $2.5M bracket. There’s more interest in larger units than in smaller ones, he reported, noting that a contract had just been signed for one of the half-floor units at 110 Superior. “The 2-bedroom buyers are the ones who are taking the summer off, it appears.”

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