Chris Stephens

“New construction is selling very, very well, and there is a premium for it.”

“The problem is, probably since ’08 we haven’t seen a lot of new construction. It’s not cost effective to build condos or single-family homes right now – not in the Chicagoland or Chicago-proper areas – unless they’re luxury. Because the cost to build is too much.”

“There’s a lot of investors nationally that I know that will not invest in Illinois. There [are] large investors pulling out of this state because they don’t want to pay for other people’s bad mistakes.”

“Homes, in general, are based on what somebody can afford. If interest rates rise, homes will become less affordable. You’re going to see prices dropping as taxes go up.”

“That’s why it doesn’t make sense to have any new construction. You can’t build new construction right now because the taxes are so high and nobody’s gonna afford that. That’s part of why there’s been so much suppression in some of the sales in some of the higher-end properties, in our North Shore and in those areas like Barrington, Lake Forest.”

“On the East and West coasts, properties are appreciating at 12 or 20% and there’s been a big boom. We’ve never seen the boom because our taxes are so high.”

“Prior to ’08, you used to see new construction was probably 80% for sale – like condos, single family homes – and 20% was apartment buildings. Now you’re seeing the opposite. Whereas 20% of the new construction product is for sale – condos, single family homes – 80% is rental buildings, rental property.”

“We do have some great things for attractions. We have some of the best food in America. It brings people here. But in terms of people to invest in here, there’s going to be some problems.”

“We need to get our pensions and infrastructure fixed in order for [Illinois] to really prosper and be a viable place where people want to invest and live and buy again.”

Chris Stephens
Managing broker, Jameson Sotheby’s International Realty
Skokie, Illinois