A Closer Look at Chicago’s Luxury Condo Prices in Early 2018
Posted by Leo Clark. on
It’s a mixed bag for luxury condo prices in Chicago right now. While some buildings are selling for a higher price per square foot, others are down in price.
Perhaps one of the biggest names right now is Trump, and reports suggest the condos at Trump International Hotel & Tower are among those down in price. According to some published reports, the sale price per square foot within the Chicago River tower was down about 12-percent from 2016 to 2017. In comparison, reports list the average sale price per square foot in 340 On the Park, located in Lakeshore East, up about 12-percent during the same time period.
While some brokers suggest it could be a reflection of the Trump presidency, others suggest increasing completion from newer construction, luxury…
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Another expensive condo has reportedly hit the market in Trump Tower, this  time a unit owned by the former United Chairman and CEO. Officially listed back on the 12th, the lavish residence sits up on the building’s 34th floor and features two bedrooms, 3,437 square feet of living space, and a price tag of $4.675 million—almost double the 2013 purchase price of $2.375 million.Â
The proposed construction of two towers in River North could generate a new contender when it comes to the city’s tallest structures. A newly submitted application calls for one of the towers to rise 1,011 feet, or rather 76-stories. If all goes as planned, the development would make that building one of Chicago’s tallest.
One of Chicago’s most desirable and trendy areas, River North capitalizes on its location with a rich selection of desirable real estate. With several luxurious condo buildings, it’s nearly impossible to come up with the best, but three high-end condo towers literally rise to new heights of upscale living possibilities.
Earlier today, Crain’s Chicago unveiled a series of spectacular new renderings of what could take over what’s essentially one of the last undeveloped parcels in all of River North.Â
If you’re looking to buy or rent at Chicago’s distinguished Trump Tower, there may be no better time to do so than right now. As of the time of this post, 95 listings are currently on the market inside 401 N. Wabash, ranging from a $2,400 per month studio rental to a sprawling 6,850 square foot penthouse with a price tag of $12,500,000.Â
Filed under “something you don’t see everyday,” a new high-rise project in River North has recently been revealed that will combine office space and a new firehouse, which on the surface seems like an odd mixture. But upon further review, the bold idea actually make a lot of sense, both for the city and for the developer behind the project.Â
If you’re looking for a quick update on how the Chicago real estate market fared over the first few months of 2017, Crain’s recently outlined which parts of the city have been the hottest so far in the new year. With mortgage rates still low and available inventory also scarce throughout many parts of the city, the Chicago real estate market has been especially kind to sellers, especially in a few familiar neighborhoods.Â
While Chicago’s real estate market has been off to a fast start in 2017, the luxury market in 2016 actually cooled off a bit compared to a year prior, at least when it comes to the region’s priciest homes. Â