Lakeshore East Real Estate News

The City of Chicago just set a new record for the priciest recorded sale of the entire year. A Downtown Chicago condo recently sold for more than $20 million.  

Part of the Residences at the St Regis Chicago, the condo has a total of five-bedrooms and its own private outdoor pool. While the name of the new owner isn’t being released, we do know the property is actually the combination of several units and some outdoor space. 

The two-story duplex takes up around 11,000 square feet on the 71st and 72nd floors of the building. Along with a pool, the more than 8,000 square foot outdoor space additionally includes a hot tub and some dining space. 

The St Regis has nearly 400 condos and nearly 200 hotel rooms. Residents of the property enjoy access to

The year isn’t even over yet, but already 2021 has been a record year when it comes to Chicago’s luxury housing market. Over the first 10 months of the year, 75 homes sold for at least $4 million.

That’s slightly more than the 2018 record of 73 luxury home sales and significantly more than the 50 or 60 that sold in years leading up to 2018. Agents credit the boost, in part, to low mortgage rates and a booming stock market.

Of the 20 priciest sales in the Chicago area, eleven of them were downtown condos. Six properties were in Lincoln Park.

Some empty nesters are selling off their large homes in the suburbs and moving downtown. In late October, a four-bedroom condo sold at the St Regis Chicago for $7 million.

Over the course of the year, the St Regis

An apartment tower in Chicago’s Lakeshore East neighborhood is up for sale. The Shoreham is one of just a handful of large downtown apartment buildings to go on the market in recent months.

The on-going pandemic has been tough for investors, as downtown rents and occupancies took a dive last year. Some are predicting the market will warm back up again this year, and perhaps the “for sale” sign on The Shoreham is an indicator the owner believes investors are ready.

The Shoreham is currently more than 93-percent occupied, which is relatively high compared to the rest of the market. Figures show at the end of 2020 the downtown occupancy rate had fallen to less than 87-percent.

According to marketing materials, average rent in The Shoreham tower is $1,930 per

In case you missed it, one local developer is currently offering an intriguing incentive to buy at a brand new building that also involves, well, renting. As first reported by Crain’s Chicago Business, Lendlease is rolling out a new deal that allows buyers to rent a unit in the building next door while they wait for their new condo to be finished. And to top it off, a portion of the rent you pay in the interim will go towards the purchase of your new condo. 

Clever to say the least, Lendlease is actually offering this deal at two pairs of buildings: the first at its Southbank development and most notably at Cascade and Cirrus in Chicago’s highly sought-after Lakeshore East community. 

In terms of the specific breakdown, half of a buyer’s monthly

If you haven’t already noticed, plenty of condo buildings in Downtown Chicago offer premium views of the lake. In fact, just about every condo building along Lake Shore Drive has any number of units that provide sprawling, unobstructed views of the beautiful blue waters of Lake Michigan.

But even as dozens of buildings might provide buyers with a closer proximity to Chicago’s lakefront, few have the combined city and lake views you’ll enjoy from 340 on the Park in Chicago’s New Eastside neighborhood.

Built back in 2007, 340 on the Park is a towering, 64-story high-rise with just under 350 ultra-luxurious condominium residences. But outside of its memorizing size, what makes 340 on the Park condos for sale unique is the building’s position across from

Construction on the recently renamed St. Regis Chicago is wrapping up and the city’s new 95-story high-rise is finally starting to welcome its first residents. As reported by Crain’s, developers of the project said first move-ins took place in earlier this month and will continue to happen regularly moving forward.

For buyers immediately moving in and opting not to rent out their unit, the 47th floor amenity level still isn’t finished, and the hotel and hospitality offering aren’t quite ready yet either.

Along with the building’s 393 condo residences, plans also called for a 191-room hotel, which will include Alinea Group-run bars and restaurants as well.
Although a number of St. Regis Residences on the MLS are labeled pending, just 3 are active,

After a six-year partnership, one of the developers behind the Vista Tower is buying out its majority partner for $270 million. Wanda Hotel Development recently agreed to sell its own 90-percent stake in the building to an affiliate of its Chicago partner to cut debt.

Previously, Magellan Development Group owned just 10-percent of the project. The Chinese partner had been looking for a buyer for its stake in the property for at least two years. The on-going pandemic has made its current financial woes even more challenging. 

The $270 million buyout accounts for Wanda’s equity stake in the estimated $1 billion condo and hotel project. Wanda and Magellan collectively financed construction of the tower with a $700 million loan. 

The 101-story tower

Chicago’s newest luxury condo development is already attracting interest for its design and its intended offerings in Lakeshore East. Cirrus is currently under development but plans to eventually deliver hundreds of new condos in a variety of floor plans.

Buyers can choose from one-, two-, three- or even four-bedroom layouts with sweeping floor-to-ceiling windows. In fact, the building is being designed for some spectacular views overlooking the Chicago River, Lake Michigan and the city skyline. 

It also sits just steps away from nearby shops, restaurants, entertainment venues and outdoor recreation. Future residents won’t have to even leave the property, however, to experience a wide range of on-site amenities.

The sleek new building plans for a

The Chicago city housing market cooled in the first quarter of the year, with the city performing much like the suburbs. Of the city’s 77 neighborhoods, sales were down in more than half of them during the first few months of 2019. Local agents have seen homes in some neighborhoods take longer to sell than they did during the same time period a year ago.

Analysts look at three key measures in determining a local market’s vitality. This includes the number of homes sold, the average time homes sit on the market and the median sale price.

In condos and townhomes specifically, no city neighborhoods saw improvements of all three measures during the first quarter of the year. In fact, only two neighborhoods in the Chicago area saw improvement in all three key

Planning to be in the market for a luxury condo this spring? If so, these luxury condo towers around Chicago all have a penthouse unit that JUST hit the market…

The Montgomery

The completely renovated, top-floor penthouse at The Montgomery that just hit the market is about as good as it gets. The views are spectacular, the location is superb, and the Kristy Yarbrough-designed living space features all the bells and whistles. Oh, and there’s also a 1,000 square foot outdoor terrace with a built-in bar and grill as well.

Asking Price: $4,995,000

Lincoln 2550

As one of 4 penthouse condos at Lincoln 2550, this spectacular 4 bedroom, 4.5 bathroom residence features traditional finishes and views that are simply unmatched. In fact, you’ll even enjoy