Chicago Real Estate News & Neighborhood Notes

Luxury home sales have taken a hit in 2019 as many would-be million dollar home buyers are waiting to see how local and national economic conditions play out in the coming months—or possibly even longer.

According to data from MRED, the Chicago area’s MLS, 614 homes in the city of Chicago sold for $1 million or more over the first half of this year, which represents a 14.6 percent drop from 719 million dollar homes sold over the first half of 2018.

In the entire 10 county metro area, the numbers were almost identical, as just 1,416 million dollar homes sold over the first 6 months of 2019, representing a 14.9 percent decline year-over-year.

Some are saying the current wait-and-see approach many buyers are taking might have to do with recent chatter about

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Tech giant, Google, has been in Chicago since 2000 and has grown steadily since expanding to the Windy City. Four years ago they made a high-profile move from River North to the new 1K Fulton development in Chicago's Fulton Market neighborhood, opening a new office that now staffs over 1,000 people.

It appears Google is poised to continue that expansion and is looking at additional options in various locations, including office space at 1000 W. Carroll Ave., 345 N. Morgan St, and320 N. Sangamon St., all just blocks from Google's main Chicago office. 

One of the primary reasons Google is looking for additional space is to grow their engineering staff. Chicago is ripe with engineering and development talent, which is generally more affordable and

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Chicago Luxury ApartmentsLooking for the PERFECT downtown Chicago apartment? Welcome to Essex on the Park, a uniquely designed apartment community located on Chicago’s prestigious Michigan Avenue. Whether you’re looking to rent or buy, residents of this property will enjoy all that Lake Michigan and Grant Park have to offer. Essex stands tall above the surrounding buildings offering a view unmatched anywhere on south Michigan. The interiors of these amazing apartments have 10 foot high ceilings and oversize windows which emphasize it’s towering position within the neighborhood.

There is a wide array of floor plans available with units ranging from, studios up to the massive 4-bedroom penthouse which is fit for a king. All of the Kitchens have marble countertops, gas ranges,

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The luxury home and condo market in Chicago has struggled in 2019 but that’s not stopping the developers of One Bennett Park from putting three luxury penthouses on the market that start at a jaw-dropping $14.3 million.

Oh—and each of these units, at that price point, all have unfinished living spaces.

The reason for the raw, unfinished units is simple—because buyers at this price point prefer to incorporate their own custom features, at least according to execs at Related Midwest.

Each penthouse condo at One Bennett Park is a full floor unit with exposures on all four sides. Each unit also comes with three garage spaces.

The 64th floor unit has 8,414 square feet and is listed at $16.8 million; the 65th floor unit has 7,582 square feet and is

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61 Banks is easily one of Chicago’s most impressive and most luxurious new rental developments; and it’s also one of the only opportunities to rent new construction in the city’s highly sought-after Gold Coast.

With all that the building has to offer, it’s easy to see what makes 61 Banks an intriguing option for anyone looking for an upscale living experience right on Chicago’s breathtaking waterfront.

The problem, however, is that if you’re interested in a 61 E. Banks apartment for rent, you’re quickly running out of time.

Right now, 2-bedroom apartments at 61 Banks are priced from $4,900 while a 2 or 3 bedroom maisonette will run you $11,800.

Amenities at 61 E. Banks include 24 hour door service, full-time concierge, a resident lounge, parking, a

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9 W. Walton ChicagoWith an enviable location and high-end amenities, 9 W Walton provides an ideal location for buyers to search for a luxury condo in Chicago. Right now, the Gold Coast condo building has two-, three- and even four-bedroom condos on the market.

The smallest available floor plan is the two-bedroom, two-bath unit with around 1,900 square feet of living space. The unit includes a private terrace and plenty of upscale extras.

A three-bedroom, 3.5-bath unit in the building commands more than 4,400 square feet of living space. This half-floor, corner unit provides for some incredible city and lake views. There is also a new four-bedroom unit with a similar amount of space and custom finishes.

The largest unit on the market right now offers more than 7,000 square feet

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A new apartment and hotel tower at 300 N Michigan Avenue recently gained approval from the Chicago Plan Commission. The project cleared the commission last month, paving the way for a 46-story tower to replace a low-rise building sitting near Millennium Park.

Plans for the mixed-use tower call for 289 residential units, topped off by ground-level commercial space and 280 hotel rooms. Plans also call for some parking. The more than $250 million project brings with it some affordable housing units.

The developer plans to put millions into Chicago’s Neighborhood Opportunity Fund in exchange for greater density and height with the project. That money is expected to help small businesses on Chicago’s West and South sides.

300 N Michigan is one of three large

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With July halfway in the books and the month of August right around the corner, we thought now might be the perfect time to look ahead and see what's on the calendar for next month...

Lollapalooza- August 1-4

Grant Park

The fun kicks off at the top of the month with Lollapalooza in Grant Park. The four-day music festival brings in more than 100 bands and other live entertainment.

Chicago Air & Water Show- Aug 17-18

Near North Avenue Beach

Mid-month ushers in the annual Chicago Air & Water Show. The high-flying event includes military planes, parachute teams and more, plus it’s free! To get a great seat for all the action head to the waterfront around North Avenue Beach.

Chicago Triathlon- Aug 23-25

Monroe Harbor to Grant Park

The month of

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The site of an old Treasure Island grocery store in Lakeview could soon be redeveloped into hundreds of apartments. A developer wants to construct a large apartment complex where the former grocery store and a parking lot stand on North Broadway.

Dubbed Optima Lakeview, plans call for the contemporary glass building to stand eight stories high, and house nearly 250 apartment homes. Those apartments would include a mix of efficiency units, plus one-, two-, and three-bedroom floor plans.

The developer plans to add in ground level retail space, plus room for indoor parking and bicycles. Community amenities would also include a basketball court, game room, a pool deck and a fitness center. A rooftop deck is also part of the proposal.

The new development still

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Tribune Tower Condo ConversionBy now, chances are you’ve probably already heard about Chicago’s famed and historic Tribune Tower being converted over to residential use. But as developers push forward with the building’s complete overhaul, more details are being unveiled about the Windy City’s newest high-profile condo tower.  

According to Crain’s, a sales center for the Tribune Tower Residences is set to open in August and the lowest priced units will start at $700,000. Furthermore, the highest-priced condos inside the new Tribune Tower are expected to exceed $7 million. 

Also noted is that one-, two-, three-, and four-bedroom floor plans will be offered to buyers, but a building breakdown in terms of how many of each layout will be available, and also each price point, is

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