‘Lifestyle’ Buildings Bolstering Chicago Luxury Real Estate Market

Trump Tower Downtown Chicago

Full-service buildings like River North's Trump Tower are what many buyers are looking for in the luxury real estate market.

Luxury real estate is alive and well in Chicago, bolstered by high-rise developments and full-service buildings, according to a recent report. Sales of ultra-luxury Chicago homes–those sold for $5 million or more–increased in 2012. Last year’s sales included several headline-making deals, like the record-breaking $15 million penthouse sold at the top of Michigan Avenue’s Park Tower.

The condo buildings getting the most attention are those in places like Trump Tower, the Ritz-Carlton Residences or 2550 Lakeview. That is, full-service buildings with everything from a doorman to valet parking to staff on call to cook you dinner, feed your pets or deliver your dry cleaning. These buildings aren’t just about service, but providing a luxury lifestyle for each and every resident.

Opened in 2008, River North’s Trump Tower has become one of the most coveted properties for the luxury buyer. This building boasts a state-of-the-art spa and fitness facility, an indoor pool (and the staff to bring your favorite cocktail to you poolside), enviable views thanks to sweeping architectural curves, plus concierge services at your beck and call. Trump Tower has quickly become one of downtown Chicago’s most sought-after luxury properties and is now 90% sold, so the number of available properties here is limited.

Trump Tower unit for lease

The stunning view from a for-lease unit available in Trump Tower.

Not quite ready to buy? A rare lease opportunity is now available at Trump Tower with all of the amenities and services the building offers, plus a great unit in itself, with spectacular views, great entertaining space, and parking. Plus, it’s pet friendly. Click here to check it out.

Lower Inventory in Chicago’s Top Neighborhoods

As the demand for luxury real estate in Chicago grows, the less we’ll see opportunities like the lease at Trump Tower, as sellers will have the edge in the luxury real estate market. Properties in coveted neighborhoods like Lincoln Park or the Gold Coast are going quickly (sometimes without even officially being listed), a clear sign that the market is becoming more competitive for the luxury buyer.

If you’re looking to purchase Chicago real estate, the window of opportunity may quickly be passing by in order for you as a buyer to negotiate a deal. To learn more about Trump Tower or other luxury “lifestyle” buildings in Chicago, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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