When it comes to buying a new downtown Chicago condo, buyers not only have to think about exactly what they want in a new home, but also a property’s resale value as well. Nobody knows what the future holds, and while one particular downtown Chicago condo may seem like the perfect fit today, it might just be the next place you outgrow tomorrow. For those who have experience with the Chicago real estate market, it’s probably no surprise to you that some condo buildings in the city tend to hold their value better than others offering what may seem like comparable units. But upon closer examination, there’s almost always a reason why some downtown condo buildings hold a stronger resale value than others across the way. Listed below of several primes example of Chicago condo buildings with a strong resale value and whether it’s the location, amenities, or simply a building’s allure, buyers can’t go wrong when ultimately deciding to invest their money at these lucrative downtown locations:
Ritz Carlton Residences
First and foremost, the Ritz Carlton brand is synonymous with luxury, almost ensuring condos at the Ritz Carlton Residences will always be in high demand. But along with that, the building’s premium location just off the Magnificent Mile also means you’ll be situated right in the heart of the city, only adding to the allure of calling this ultra-luxe building home.
840 N. Lake Shore DriveWhen it comes to magnificent architecture and a sophisticated look and feel, there’s no better example than the condo buildings designed by renowned architect Lucien Lagrange. His world-famous French-inspired style has “wowed” home buyers in Chicago for years, but perhaps what sets 840 N. Lake Shore Drive apart from some of his other projects around town is the unbeatable lakefront location with spectacular, unobstructed views of gorgeous Lake Michigan. And if that’s not enough, the wide open park space of Lake Shore Park is situated directly across the street from the condos at 840 N. Lake Shore Drive, which is an amenity that truly can’t be overstated.
You can’t duplicate a building’s history and that’s one thing Chicago’s Palmolive building has over any high-end new construction building in the city. Although the condos at 159 E. Walton weren’t developed until 2006, this unmistakable Gold Coast high-rise was around long before that. Originally a prestigious office building and once the home of the Playboy Club, The Palmolive is now an equally prestigious residential building that houses some of the Windy City’s most elite residents. In addition, because this location wasn’t renovated for condo space until 2006, all of the units still have a sleek, modern feel that attracts many of today’s home buyers without fully sacrificing the building’s timeless integrity.