{"id":1004053652,"date":"2011-10-14T06:11:53","date_gmt":"2011-10-14T14:11:53","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=20869"},"modified":"2022-12-08T20:21:04","modified_gmt":"2022-12-09T04:21:04","slug":"chicago-high-end-condo-market-still-sluggish","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-high-end-condo-market-still-sluggish\/","title":{"rendered":"Chicago High-End Condo Market Still Sluggish"},"content":{"rendered":"<p style=\"text-align: justify\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify\">According to<em> ChicagoRealEstateDaily.com<\/em>, the city\u2019s high-end condo market is far from<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/10\/park-tower-chicago.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-20870\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/10\/park-tower-chicago.jpg\" alt=\"\" width=\"225\" height=\"300\" \/><\/a> 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.<\/p>\n<p style=\"text-align: justify\">The recently sold condos are located atop the Park Hyatt hotel, in a luxury building at 800 N. Michigan Avenue. The Park Tower condos\u2014117 in total\u2014are among the most expensive housing units in Chicago, with prices sometimes exceeding $1,000 per square foot. As reported by <em>ChicagoRealEstateDaily.com, <\/em>the sale prices of the three condos were as follows:<\/p>\n<p style=\"text-align: justify\">&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $3.25 million for a 3,200-square-foot unit on the 47<sup>th<\/sup> floor<\/p>\n<p style=\"text-align: justify\">&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $4.05 million for a 4,200-square-foot unit on the 48<sup>th<\/sup> floor<\/p>\n<p style=\"text-align: justify\">&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $3.18 million for a 4,200-square-foot unit on the 53<sup>rd<\/sup> floor<\/p>\n<p style=\"text-align: justify\">However, brokers are quite optimistic.\u00a0 Chezi Rafaeli of Caldwell Banker Residential Brokerage, who listed the Park Tower condo on the 47<sup>th<\/sup> floor, told \u00a0<em>ChicagoRealEstateDaily.com<\/em> 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\u2014no one is building\u2014is\u00a0 likely to contribute to a price increase.<\/p>\n<p style=\"text-align: justify\"><em>Photo Credits:\u00a0<a title=\"User:Golbez\" href=\"https:\/\/commons.wikimedia.org\/wiki\/User:Golbez\">Golbez<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nAccording to ChicagoRealEstateDaily.com, the city\u2019s 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 [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004053652","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chicago High-End Condo Market Still Sluggish - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-high-end-condo-market-still-sluggish\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago High-End Condo Market Still Sluggish\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor According to ChicagoRealEstateDaily.com, the city\u2019s high-end condo market is far from healthy; only three condo units changed hands for more than $3 million in the past month. 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With more than 10 years of experience in the real estate industry, she covers a variety of topics in residential and commercial real estate, including trends and industry news. Previously, she was involved in producing content for Multi-Housing News, Commercial Property Executive and Yardi Matrix. 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