realestate

Chicago's Luxury Mansion Market Slumps, Hurting High-Profile Owners

Discounted sales indicate broader decline of city due to business exodus and rising crime rates.

C
hicago's luxury property market is experiencing a significant downturn. The departure of high-net-worth individuals like billionaire financier Ken Griffin has led to a glut of high-end condos and penthouses, with prices plummeting by millions of dollars. Griffin's own $145.4 million portfolio, once the epitome of Chicago's wealth and status, now represents a symbol of the city's struggles. With crime on the rise and businesses fleeing, Chicago is facing an exodus of its wealthy elite, leaving behind a trail of undervalued properties that are attracting bargain hunters.

Chicago luxury mansion market decline affects high-profile owners in upscale neighborhoods.