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 condos to those in Manhattan. In the first half of 2013 three units closed for over Five Million at 1500 Lake Shore Drive, 2550 North Lakeview and 21 East Huron.
Local real estate experts are cheerful after years of a downturn in the Chicago condo market. Both single-family home and downtown-area condos have seen an increase in both sale and prices. In fact, the penthouse at Trump International Hotel and Tower Chicago is listed for $32 million.
Many Chicago condo shoppers are interested in moving downtown and taking advantage of the turn-key amenities that these luxury condo buildings offer. A number of buyers are coming in from the suburbs, and experts say they’re focusing on condo buildings that have the most amenities and offer full-service living.
Inventory issues continue to be a challenge for some buyers, particularly in premium neighborhoods like Lincoln Park and the Gold Coast. Some local agents have had properties sell before they were even listed on the market, which is a phenomenon that hasn’t been seen in years.
Working with a local real estate agent who knows the Chicago condo market is the best way to position yourself competitively in this market. I’m a local real estate agent who would love to show you around, so please contact me today to learn more about Chicago condos that are currently listed for sale.