High-End Chicago Condo Sales Taking the City By Storm
Posted by Helaine Cohen on
Chicago condo sales in the high-end range of the market are taking the city by storm. There has been a resurgence in high-rise development and construction over the last few years that is fueling the Chicago condo real estate market. According to a recent report by Coldwell Banker, sales of Chicago real estate in the high-end market rose in 2012, and the expectation is that 2013 could be an even better year.
Real estate priced $5 million and over have been known to sell for incredible amounts of money, including the penthouse sale at Park Tower that topped out at $1,900 per square foot. The gorgeous penthouse is located at 800 North Michigan Avenue, an address that synonymous with luxury living. Some are starting to equate the prices of high-end Chicago…
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The Chicago luxury condo market continues to be a hot segment of the overall real estate space, and former NFL quarterback Mark Malone recently got in on the game. He sold his two-bedroom Greektown condo in a loft building for $557,500.
Instead of giving up the dream of Chicago condo living, many young families are looking for larger attached homes in the city center. As such, developers are supersizing Chicago condos in order to keep up with demand.
Buyers are showing their preference for Chicago condos, as sales have risen dramatically during the first five months of 2013. During May, Chicago condo and townhome sales increased an impressive 35%, which helped the overall real estate market post a 30% gain in total sales year-over-year.