Luxury Standards go Up in Downtown, but Standard Chicago Condos are still Affordable

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Monday Sep 24, 2007

Luxury living in downtown Chicago is getting even pricier. There was a time when $500 per square foot was considered the upper end of luxury properties in Chicago…well, these days it’s more like $700 per square foot, a category which makes up about a quarter of the new construction (or under construction) residential units for sale in Chicago’s downtown area.

Nowadays it is common for developers to automatically include more upgrades and upscale amenities such as granite countertops, hardwood flooring, high-end kitchen appliances and bathroom hardware, which means new construction "entry level" condos ($300 per square foot) are becoming harder to find in the vicinity near the city’s center.

That’s not to say there aren’t affordable housing options in and near downtown, though—it just may not be in a brand new condo development. Many first-time buyers are discovering great opportunities on existing homes in Lincoln Park, Lakeview, even the Gold Coast, where buyers are getting great deals on condominiums and studios with garage parking to boot. In fact, the Illinois Association of Realtors® reported the median condo price in Chicago for the second quarter of this year is $229,000.

Posted at 08:45AM Sep 24, 2007 by Yuval Degani in General Comments[0]