High end properties flood Chicago market
June 4th, 2008 by AdministratorJust a few years ago, the most luxurious condominiums in downtown Chicago sold for about $500 per square foot. However, a new breed of ultra luxurious high rise developments in the city is leading to a rapid increase in prices for high end real estate in the city.
Now, luxury condominiums in downtown Chicago are priced as much as $1,000 per square foot, while some developments are offering even higher prices. The Chicago Spire is one of the most expensive projects currently planned for downtown Chicago. The largest penthouse unit is priced at $40 million, or almost $4,000 per square foot, an unheard of amount in the local real estate market.
The Spire will offer a number of smaller units as well. However, prices for these units are definitely not considered a bargain. A studio unit at the Chicago Spire can be bought for $750,000, the same price as many three-bedroom units in lesser known developments around downtown.
Sales have just begun for these luxury units at the Chicago Spire. Time will tell if the developer, Shelbourne Development, made the right decision in bringing a high-priced condominium development to the market.
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