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Belgravia News December 05, 2022

Residential Real Estate Experts Share 5 Trends to Watch in 2023

Belgravia Group featured in Taylor Johnson's annual residential real estate market report.

The past year brought a significant and welcome “return to normal,” as many resumed pre-pandemic – though slightly modified – routines around work, family life, school and recreation. There was also a major shift in the housing market during the second quarter, with counter-inflation measures sparking a steep rise in mortgage rates.

So, what economic and lifestyle factors will hold sway in the coming year? Will 2023 be a time of recalibration?
Taylor Johnson’s housing experts share their insights and predictions for 5 trends that will shape residential real estate in 2023.

Belgravia Group's Triangle Square development is featured in trends #2, 3, and 4. Read Full Article Here

Trend #2: A Boom for Built-Ins
Space-saving and storage solutions are especially important in condominiums, so Belgravia Group is showing buyers how to creatively address this in 2023 with a custom built-in feature at Triangle Square, its new 72-unit luxury condominium development in Chicago’s East Bucktown neighborhood. To define the dining area in one of the building’s open floor plan models– and minimize the footprint taken up by a dining set – the design team at Belgravia created a recessed banquette bench surrounded by custom cabinetry. And because no one wants a boring built-in, Belgravia showed how to give even more flair to a classic banquette bench by installing an accent wall behind the bench, featuring a metal-and-stud wallpaper motif that enhances the industrial chic décor of the home and pays homage to the surrounding neighborhood.

Trend #3: Open ARMs The Ballad of Rising Rates
At Triangle Square, the recently completed condominium development from Belgravia Group located in Chicago’s emerging East Bucktown neighborhood, addressing the pain point of higher rates has drawn buyers to the building’s move-in-ready homes. “As a highly respected developer in the Chicago market, we are able to pass along to buyers the benefits of the great relationships we have with industry partners, like those who have offered mortgage buy-downs and preferred rates,” says Liz Brooks, executive vice president of Belgravia Group. “Because of its location in one of the city’s most transforming neighborhoods and the availability of finished homes, buyers understand the value of purchasing at Triangle Square, and having the opportunity to purchase here with the advantage of preferred financing will continue to make the community that much more attractive.”

Trend #4: The Kitchen is King

Amanda Mason, head of design at Belgravia Group, says while buyers are backing off the cooler grays that have dominated kitchen design in recent years, they are headed into 2023 still favoring the crisp, clean lines of a contemporary aesthetic. This look is showcased at the developer’s recently completed CA6 and Triangle Square condominium projects in Chicago, where Mason’s team assisted buyers in selecting finishes from the wide range Belgravia offers. Mason says: “Today, buyers are drawn to kitchens that combine warmer colors with modern design elements like sleek – or no – hardware on cabinets, a two-tone color scheme that’s lighter on the perimeter cabinets and darker on the island, and island finishes like waterfall countertops that make a dramatic statement. Even for those who consider the kitchen a dramatic showpiece, it’s important the space is still comfortable and approachable.”


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