Real estate has started to look up since 2021, and now areas worldwide are witnessing considerable developments in this field. The recovery is fast, and in places like Chicago, there has been a rise in the number of apartments coming up in the area. The competition is intense, which is good news for real estate property developers in the region.
Gene Bernshtam speaks on the popular real estate trends
Gene Bernshtam is a respected and credible name in real estate in the USA. He currently heads Avalon Holdings LLC’s commercial real estate and property development firm. This leading firm deals with apartment buildings and mixed-use buildings. Besides work, he enjoys scuba diving, traveling, collecting classic cars, and weight-lifting.
He also has expertise in finance, business, and economics. He has worked in multiple companies and is known for his valuable experience and skills in the above areas.
According to him, when it comes to the real estate trends in a famous city like Chicago in the USA, you will witness the following since 2021-
1.Rising costs in the city- Rising costs are one of the most significant indicators of recovery in the real estate industry taking place in the town today. The prices have risen in Chicago. As per a report published in March, the median home income in February was approximately $270,000 for the city’s primary metropolitan region – this is a rise of 12.5% from last year in the same month. If you compare this figure for Illinois, the median home income is lower at $226,983; this is a 14.1% rise last year from the same period.
2. Vacancies for high-rise buildings have risen-The pandemic during 2020 saw many people moving out of high-rise and overgrown properties as they wanted more space, with lesser interaction with people. This opened the opportunity for those who valued personal freedom and wanted to live more comfortably with a smaller footprint. Property managers in the above field are giving people what they need; however, according to him, these offerings will not last for a long time.
3.Chicago is a great city for real estate investment- People from costlier towns are now getting attracted to Chicago for investments. This interest in the city has been growing from investors outside the city. Since February, its increase has been quite apparent as the city is considered much more affordable than other expensive places like San Francisco and Los Angeles. This trend is being observed in the town where people are now investing in duplex apartments or a flat with three bedrooms. They generally optimize a single unit and tend to rest out the rest of the space for earning extra income.
According to Gene Bernshtam, Chicago has seen these trends since 2021 and these trends will prevail throughout 2022. Real estate has recovered quickly, and if one is interested in investments, now is the right time for them to do so! Go ahead and make the investment today!