It’s no secret that parts of Chicago real estate are still struggling to bounce back from the turmoil in recent years. But as reported in last month’s Chicago Magazine, luxury condos in the downtown area are still doing relatively well—all because the timing is right.
Through January to May of this year, about 40 luxury downtown condos (those priced at $2 million or more) have sold. Since many of these sales were in new buildings like Aqua or the Elysian, buyers actually began negotiating these sales and putting deposits down within the last few years, before the real estate market was hit hard.
The most luxury condos sold so far this year were in the Elysian at 11 E Walton St., with 16 sales of $2 million-plus condos in this new building. According to the article, one sale in the Elysian included a $8.182 million unit. Designed by Lucien Lagrange, this luxury building has units starting at $3 million and boasts the most personalized service and top amenities among Chicago condos. It’s also noted to be a family-friendly building, with a multilingual childcare staff and spa treatments for little ones. The Elysian’s spa and health club creates a haven of relaxation for both male and female residences, and a ballroom and boardroom help residents host the finest events.
Perhaps another reason the luxury condo market continues to do well is that buyers can find anything they need among luxury real estate in Chicago. Whether it’s a specific amenity, a certain amount of square footage, down to particular finishes and appliances in each unit. Finding a piece of Chicago real estate with all of the details you need means buyers can get exactly what they’re looking for and not settle for something that doesn’t deliver.
With a few more luxury Chicago condo projects in the works (like 2520 Lincoln Park or the Ritz-Carlton Residences on Michigan Avenue), there’s still an opportunity to time your purchase and get into these prestigious buildings when delivery begins. You can search new construction properties in Chicago on my website and see what’s available in some of the city’s best buildings, as well as which ones have the amenities and cutting-edge concierge services you may need. The Ritz-Carlton Residences and 2520 Lincoln Park are particularly coveted because they are the last major buildings to be designed and built by architect Lucien Lagrange—who announced his retirement last month. These building will long remain iconic pieces of architecture in Chicago’s skyline.