Chicago Real Estate News & Neighborhood Notes

No. 9 Walton Already Over 50% Sold

Although news about a new luxury tower coming to 9 W. Walton in the Gold Coast only first broke back in March, the upscale condo tower known simply as No. 9 Walton is now already 50% sold despite first units not even expected to deliver until the summer of 2017.

Being developed by JDL and located on the corner of State and Walton, No. 9 Walton is the epitome of luxury living in Chicago’s iconic Gold Coast neighborhood. Its elegant design blends in seamlessly with all the historic and mesmerizing architecture that surrounds this part of downtown Chicago, while inside, only 66 ultra-exclusive residences will be offered over its 36 total stories.

Described by JDL as the city’s first “six-star” condominium development, top-of-the-line finishes and lavish…

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Major Residential Projects, Including an 83 Story Tower, Could be Coming to The Loop

A report from Crain’s earlier this week detailed some exciting news relating to The Loop—Chicago’s primary business and financial district. Although nothing is official, two major projects are currently in the works, with one tower that’s being proposed for the corner of Clark and Lake Streets potentially standing 83 stories high and housing 600 hotel rooms and 300 apartment units.

Just three blocks west, also on Lake Street, an additional tower is also being planned, which would stand 33 stories high and house an additional 265 apartment rentals. This particular tower is being developed by Thomas Roszak, who has already acquired the two parcels the building would need, and is hoping to break ground in the spring.

The primary advantage of each building…

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Ultra-Thin, 41-Story Tower Could Be Coming to 151 N. Michigan Avenue Near Millennium Park

Just when you thought development around downtown Chicago couldn’t get anymore widespread, recent reports are detailing a unique proposal that would bring an ultra-slim, 41-story tower to Michigan Avenue just north of Millennium Park.

According to Crain’s, the new Loop tower would feature a mix of hotel rooms and full-time residences, and in a part of town that seems to be gaining a substantial amount of momentum with the opening of Maggie Daley Park and the announcement of the Mag Mile Apple Store moving further south to around this location, the idea seems to make a lot of sense.

As of now, it’s unclear whether the residences inside the building will rentals or condos, however, early plans call for about 74 units.

Initially, Park Ridge-based developer…

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WEST LOOP: 24-Unit Luxury Condo Tower Could Be Coming to 900 W. Washington

Aside from 4 E. Elm and 9 W. Walton in the Gold Coast, much of Chicago’s new development news in recent years has largely related to luxury rentals, but according to reports, an ambitious new luxury condo project could be making its way over to the West Loop if River North-based Taris Real Estate has its way.

Earlier in the week, DNAinfo.com broke the news about plans for a striking new 10-story condo development proposed for 900 W. Washington over in the West Loop neighborhood, which currently occupies a small, one-story office building.

In short, the project would only include 24 ultra-high-end condo residences with anywhere from two to five bedrooms and a price point starting at more than $500 a square foot. Included in the development would also…

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More High-End Rentals Approved For River North

It’s OFFICIAL! The Chicago Plan Commission has now approved plans for a shiny new 22-story mixed-use tower over in River North that will include 251 high-end apartments and 12,000 square feet of retail space.  

Plans for the new JDL project, which will eventually replace the Ed Debevic’s restaurant in the neighborhood, was first unveiled back in April, but uncertainty about whether or not the project would move forward grew when local officials made mention of the incredible amount of new apartments flooding the market, specifically around the downtown area.

But as demand continues to maintain for high-end rentals in downtown Chicago, construction continues to move forward for a wide-range of large-scale projects, which now includes the Ed Debevic’s…

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LUXURY: An Updated Look at Chicago's Most Expensive Condos Currently on the Market

With summer slowly winding down and the traditionally busy fall market right around the corner, we thought now might be a good time to check-in on some of downtown Chicago’s most expensive condos currently on the market.

As of today, August 21st, some familiar units still occupy a place on this ultra-elite list—like Vince Vaughn’s immaculate 5-bedroom penthouse at The Palmolive Building, for example—while plenty of new construction units inside some of Chicago’s most dynamic new condo buildings are also still available.

The extravagant, 7,100 square foot full floor residence with 2,750 square feet of outdoor space at the spectacular new No. 9 Walton building is listed for a cool $12.5 million, while the raw full-floor penthouse at the Ritz Carlton…

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Cash Sales on the Decline in Chicago, Nationwide

Recent data released from CoreLogic is showing that all cash sales are continuing to decline not only in Chicago, but also around the country as well. According to the report, cash transactions have been on a steady downslide for about 29 months, with recent figures from May showing about a 3% decrease year-over-year, bringing the total percentage of all cash home purchases to about 31.9% nationwide.  

In Illinois specifically, cash sales occupied about 28% of the total market share, with traditionally financed purchases seemingly on the rise. As for the city of Chicago, cash sales are still just over 30%, even despite dropping 4.4 percentage points year-over-year in May.

So what does all this mean?

According to research from CoreLogic, cash sales around…

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Construction Set to Begin on Much-Anticipated 9 W. Walton Building in the Gold Coast

It’s been nearly 5 months since plans for No. 9 Walton were first introduced, and now, it appears construction is ready to begin on what will essentially be one of Chicago’s priciest and most exclusive condo developments once completed. Being developed by JDL, reports are now surfacing about construction permits finally being issued for the lavish new condo tower in the Gold Coast, which was designed by Chicago’s very own Hartshorne Plunkard Architecture (HPA).

When finished No. 9 Walton, located at 9 W. Walton in the heart of the city, will stand 35 stories high but only house 66 individual units. According to the developers, the average unit size will be right around 4,000 square feet, providing more than enough space for potential home buyers looking…

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High-End New Construction Homes in Lincoln Park Are Red Hot Right Now

An update on a luxury single-family home project caught our eye today in Chicago Magazine, which when completed will bring six incredible new single-family homes to a plot of land that was once the home of DePaul University’s vacant Theater School on Kenmore Avenue, just south of Webster Avenue.

As noted, the new homes will range from 5,700 to 9,500 square feet in size, and offer attached two- to four-car garages, top-of-the-line finishes, and even some pretty amazing add-on features like a basketball court or indoor lap pool should the eventual buyer choose. But with all that extra living space and all those lavish interior and exterior finishes, these home in particular come at a premium, with prices anywhere between $3.6 and $6.2 million, or about $2…

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REPORTS: Condo Sells at The Ambassador for Nearly $7 Million

The Ambassador, located at 1300 N. State Parkway in the heart of the Gold Coast, is one of Chicago’s most elite condominium buildings, even despite not getting the same kind of press as buildings like Trump Tower, the Ritz Carlton Residences, or any number of other luxury high-rises. Regardless of how few people are talking about The Ambassador, its status as an elite building was once again solidified recently, as one of its units has reportedly sold for almost $7 million.

According to Crain’s, the sold unit, which features 6,800 square feet with an additional 1,400 square foot terrace with a private dog run, now holds the crown for being Chicago’s second-highest sale price this year, and the fifth listed property to sell for over $6 million in 2015…

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