757 Orleans

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River North continues to offer some of the best luxury condominiums in the city. The neighborhood has gone through a complete transformation from a forgotten corner of housing projects and factories to one of the trendiest parts of Chicago.

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.

Buyers can choose from several different floor plans, ranging from studios to three bedroom units. 757 Orleans has a total of 198 units.

Sizes of the condominiums range from 644 square feet for a studio unit to as much as 1,818 square feet for the largest three bedroom condos. Prices for studios start in the low $200s while the three bedroom units sell for as much as $700,000.

Amenities include the standard array of features for new luxury condominium units around Chicago. The building has a modern fitness center, outdoor swimming pool with sun deck, conference room, and extra storage.

757 Orleans was built with energy saving features that will save residents money on monthly bills and contribute to the effort to save the environment. All floor-to-ceiling windows come with energy efficient glass that keeps heat in during the winter and out during the summer.

The Gammonley Group is the developer of 757 Orleans. The Chicago-based company has several years of experience in the market. They have also developed other luxury condominium projects around the city.

Market Street West Condominiums and the Condominium Residences at Seven Bridges in Woodridge are both Gammonley Group developments.

Residents of 757 Orleans have many amenities in the surrounding neighborhood. The first floor of the development has several retail stores that offer convenient shopping options.

The development is also conveniently located near public transportation. The brown and purple lines of the El stop just one block away at Chicago station. Commuters have a short trip to downtown Chicago and many parts of the business district is within walking distance.

Shoppers will love the many options in the neighborhood. Bloomingdales, Water Tower Place, Saks Fifth Avenue, and Chicago Place shopping center are all within just a few blocks of 757 Orleans.

Restaurants around the neighborhood include the Chicago Chop House and Nacional 27.

The real estate market for the Near North Side is currently experiencing some problems that could make prices drop in the short term for condominiums.

According to the Chicago Association of Realtors, the number of condominiums sold in the neighborhood dropped by almost 5 percent during the second quarter of 2007.

It now takes longer for condo owners and developers to find buyers for properties on the Near North Side. According to the CAR report, during the second quarter of 2007 it took an average of 124 days to find a buyer.

Despite the drop in sales and higher inventory, prices for condominiums continued to climb in the neighborhood. However, with demand down sellers will have to offer price cuts to attract potential buyers.

The Near North Side continues to be the epicenter of the condominium market in Chicago. There are more sales in this neighborhood than any other part of Chicago.

757 Orleans is another excellent option for buyers looking for a luxury condominium close to downtown Chicago.