Chicago High-End Condo Market Still Sluggish

By Veronica Grecu, Associate Editor

According to ChicagoRealEstateDaily.com, the city’s high-end condo market is far from healthy; only three condo units changed hands for more than $3 million in the past month. From a broader point of view, the number of Chicago condos that was sold for more than $1 million from October 1, 2010 to September 30, 2011 has dropped to 232, as compared to the previous year, when 291 condos fetched over $1 million.

The recently sold condos are located atop the Park Hyatt hotel, in a luxury building at 800 N. Michigan Avenue. The Park Tower condos—117 in total—are among the most expensive housing units in Chicago, with prices sometimes exceeding $1,000 per square foot. As reported by ChicagoRealEstateDaily.com, the sale prices of the three condos were as follows:

–          $3.25 million for a 3,200-square-foot unit on the 47^th floor

–          $4.05 million for a 4,200-square-foot unit on the 48^th floor

–          $3.18 million for a 4,200-square-foot unit on the 53^rd floor

However, brokers are quite optimistic.  Chezi Rafaeli of Caldwell Banker Residential Brokerage, who listed the Park Tower condo on the 47^th floor, told  ChicagoRealEstateDaily.com that there are good chances of improvement for the high-end condo market in the coming months, thanks to an increased demand for units with more than 3,000 square feet. He added that the shrinking inventory in this segment—no one is building—is  likely to contribute to a price increase.

Photo Credits: Golbez