Chicago Real Estate Trends: More Bathrooms, More Money

Chicago Tribune columnist Mary Schmich has identified an interesting trend in real estate, one that affects Chicagoans in particular and Americans in general.

Schmich has noticed that single bathroom homes are not selling nearly as well as they used to. In fact, they are barely selling at all.

“These days, a house with a lone bathroom is only slightly more desirable than a house without a roof,” Schmich says. “In 2010, fewer than a quarter of all houses sold had only one.”

Schmich went on to note that it was not uncommon for a large American family to share a single bathroom even a decade ago. But single bathroom homes are becoming increasingly uncommon these days, and home owners seem to be more and more interested in purchasing homes with two or more bathrooms.

So, it would seem that at some point within the last decade or two, American men and women began to put more of a priority on the sense of privacy and convenience that comes with additional bathrooms. And, according to Schmich, this new priority has begun to significantly affect the local real estate market.

“Fran Bailey, a real estate agent for Baird & Warner, says that in the last year, Chicago houses with fewer than two full bathrooms sold for 77 percent of their list price,” Schmich adds. “Those with at least two bathrooms sold for 84 percent of the asking price. The difference was even more dramatic for condos.”

“Extra bathrooms can be a status symbol,” Schmich continues. “In Chicago’s swanky new homes, bathrooms sometimes outnumber bedrooms, and some are more like guest cottages, lavish spaces unoccupied except for the occasional visitor.”

To see the full version of Schmich’s article check out her column here. And for more information about trends in Chicago real estate, check out articles like this one on the CondoDomain blog!

A Real Estate Blog by
A Real Estate Blog by CondoDomain