March 07, 2014 - If you're looking to trade in a suburban lifestyle for downtown Chicago, the time has never been better to enjoy some of the best Chicago real estate ever offered on the market. A number of new developments such as the Chicago Spire and Trump International Hotel and Tower are bringing incredible luxury to the heart of the city.
Just 15 years ago, trading in your suburban home for a downtown Chicago condo was almost unthinkable. However, today the Loop and the Near North Side have never been more vibrant, offering an incredible lifestyle within walking distance of everything.
The market for new and re-sale condos priced over $1 million is booming in downtown Chicago. While only one North Shore Chicago Condo was sold for more than $1 million in April, downtown Chicago saw a total of 18 units sold for more than $1 million during the month. A year ago, only one unit was sold downtown in that price range. Demand for condominiums on the lower end of the market in downtown Chicago fell by 50 percent in April, with only 14 new and re-sale units sold for under $250,000.
Buyers on the market for an affordable condominium in Chicago are also starting to see more deals in some neighborhoods. A look at the southern half of Chicago shows that the average sales price fell to $159,265 in April, down from $198,447 a year ago. Prices for all Chicago condos rose by 21 percent in April, but this was mainly due to the high concentration of million-dollar units being sold downtown.
A record number of new construction condominiums are coming on the market in downtown Chicago. According to a May 8 report by ZipRealty, a California-based real estate firm, the downtown market will see a total of 5,984 new units will hit the market during 2008. This could put some pressure on prices for these high-end units in the short term.
The Chicago condo market has something for everyone, from luxury lofts to high-rise condominiums. Check out some of the latest new construction and preconstruction deals on the market today.Mandarin Oriental Hotel Condo
This stunning glass and steel building, developed by the Mandarin Oriental Hotel Group which is based in Hong Kong and the Palladian Development company, is an ambitious project that is scheduled for completion sometime in the year 2009.
400 North LaSalle
The individual condos in the building all come with spacious balconies that provide amazing views of the skyline and surrounding neighborhood.
565 Quincy is one of Belgravia Group's newest projects and is a prime example of this company's commitment to bring high quality homes with innovative design to the Chicago area.
600 N. Lake Shore Drive
Just like the exclusive address, this pair of high-rise towers offers buyers an exclusive living experience with no more than six units on each floor.
Superior 110 Condos
Living at 110 Superior in Chicago is just that, superior. From the fantastic River North neighborhood to the building fitness center down to the kitchen sink, the condos there are really something to talk about.
Shangri-La Hotel & Waterview Tower
Currently under construction, the Chicago Shangri-La Hotel and Resorts at Waterview Tower will be the first U.S. building under the Shangri Hotel flag. The 90 story high hotel is being built along the Chicago River.
One Chicago condo project that offers luxury units in the heart of River North is located at 757 Orleans. This 22-story tower offers contemporary units with excellent views of the downtown Chicago skyline.
Hartland Park II
These forty-five townhomes are built around a landscaped park where residents can go to relax and enjoy their own private green space.
With from three to four bedrooms and two and a half to four baths, the 35 four story townhomes are designed to be spacious and feel more like a single family home.
Vetro Chicago Condos and Residences
With its modern design, classic comfort and dozens of luxury features, The Vetro Condos and Residences will soon become one of Chicagoâ€™s best places to call home.