During its construction in 2011, the condominium known as Lincoln Park 2550 dropped from a planned 41 stories to 33 stories due to the state of the fragile economy. In the 25th hour, a late round of financing pushed the project back to 39 stories. At the time, principal Ricker-Murphy Development confidently declared, “We’re building what will be the finest luxury residential building in Chicago for years to come.”

Turns out he’s right.

Lincoln Park 2550 has quickly developed the reputation of having some of Chicago’s most expensive condominium units. While leasing began in July of 2012, many of Chicago’s elite have flocked to this Lincoln Park locale. With varying price points, there are several reports of condos being sold for as much as four million dollars. Many others have reportedly sold for closer to seven hundred thousand. Purchasing a condo isn’t the only way to make it into 2550, one resident decided to rent out a luxury unit for a paltry $7,500 a month.

In order to secure the ultimate in luxurious design the developers turned to the expertise of Lucien Lagrange. The Lagrange architectural firm is widely known for its deep European roots and Lincoln Park 2550 certainly celebrates European design and freely embraces French elegance.

Lincoln Park 2550 is situated in a pristine location, directly across from the Lincoln Park Lagoon and the renowned wooden pergola. This luxury community distinguishes itself from downtown competitors due to its tranquil surroundings. Removed from city’s epicenter, Lincoln Park residents still have access to fine dining, great night life and leisurely activities.

The building itself boasts 1.25 acre private lawn, a children’s play lot, a dog exercise area, full-service fitness facility, indoor pool, steam rooms, yoga studio, club lounge, catering kitchen, private movie theatre, library room, game room, concierge, 24-hour door staff and maintenance.

Discover what life is like inside these luxury Chicago condos by contacting your local real estate agent.

For decades, pioneering developers and well-financed designers have been converting Chicago warehouses into swanky, hip and supremely desirable loft homes, particularly in the neighborhoods that surround the Loop.

If you’re struggling to place an example, just check out the Union Square Lofts in River North or the Van Buren Lofts in the West Loop. Buildings now 95-100 years old boast some of the most popular loft-style condos for sale in Chicago.

Chicago condo developers began trending toward warehouse loft conversions in the early 1990s, and their popularity and demand has only continued to grow. Loft condos in Chicago offer a trendy, unique living environment that appeal to those who enjoy being near downtown and prefer open, airy layouts in their home.

Of course it comes as no surprise that these lofts boast an historic feel. The warehouse that is now home to the Union Square Lofts was originally built in 1918, until the empty building was converted to loft condos in the 1990s. In the West Loop, the Van Buren lofts hold a similar story—once an active paper mill, the building now offers units with 10-12-foot concrete ceilings, concrete columns, open bedrooms and 4-inch-wide wood plank floors.

Now, Chicago is looking at its newest loft conversion: the North Pier Terminal in Streeterville. Here stands a 547,200-square foot brick building located along the Ogden slip. It was built in 1905 and originally intended as an exhibition center, and in the late 1980s was converted into an office building. If you’re a Chicago foodie, you may be familiar with this building, as it currently houses the Fox & Obel bistro and grocery store.

Some have questioned the wisdom of adding new lofts to the downtown area right now, when there are already 5,200 new units under contract to be built between now and 2014. In an interview with Chicago Real Estate Daily, the senior vice-president of the Weitzman Group Inc., Peter Bazeli, said the units at the North Pier Terminal would differentiate significantly with their true loft status and lakefront location (just steps from Navy Pier).

Current plans do not reveal how many loft units will be included in the conversion.

Of the many things affected by Chicago’s housing market crash, the desirability of Lake Shore property certainly wasn’t one of them. Prior, during and after the tumultuous real estate period, condos and townhomes along Lake Shore Drive are still the envy of a majority of Chicagoans. And the numbers indicate these units still command top dollar from potential buyers.

Lake Shore Place (680 N. Lake Shore Drive Chicago, IL 60611)

This second-floor three-bedroom condo boasts a barrel-vaulted entry, 12-foot ceilings, unique woodwork, recessed lighting and large windows. The master bath has a walk-in closet and spectacularly updated bathroom. This unit is approximately 2,800 square feet and is listed at $1.099 million. The assessments run $1,474 a month and a deeded parking spot will cost you another $75K a month.

The Carlyle (1040 N. Lake Shore Drive Unit 10C Chicago, IL 60611)

This spacious three-bedroom/three-bathroom condo unit is approximately 3,019 square feet and is currently listed for $1,395,000. All bedrooms feature en-suite bathrooms, the master bedroom has a luxurious spa-like bathroom.  The unit also has separate living and dining areas and boasts a De Giulio kitchen. The second bedroom comes equipped with a 33 ft. balcony overlooking the lake.  Monthly assessments run $2,009 a month and garage parking is simply $135 a month.

600 N. Lake Shore Drive Unit #1705 Chicago, IL 60611

Here’s a 3-bed/3.5bath condo with 2,540 square foot of functional space overlooking the lake—what’s not to like? Listed at $1,845,000, with monthly assessments of $1,094, this Lake Shore condo offers unobstructed views of Navy Pier and Lake Michigan. There are over $250K worth of upgrades in the unit, including three chandeliers and two deeded parking spots. Walnut floors run throughout, there are custom kitchen cabinets, top of the line appliances, a master bath with Kohler steam shower, master bedroom walk-in closet, electric window shades and a built in sound system.

If you’re one of the many potential buyers looking to land that perfect Lake Shore condo, make sure to chat with your Chicago real estate agent and get the search underway!

For those who live in Chicago, it’s probably no surprise, but Lincoln Park is one of the city’s top-performing neighborhoods when reviewing current housing trends and market improvements. Others Chicago neighborhoods that showed comparable improvement included Lake View, Logan Square and Hyde Park.

Homes for sale in Lincoln Park have the strongest price trends in the city, according to the Institute for Housing Studies at DePaul University. Besides strong pricing trends, the neighborhood boasts impressive variety in the market as well. It seems no matter what buyers are looking for, they can find it in this popular neighborhood.

No better proof of the variation in price and style then these three homes for sale in Lincoln Park:

At 2130 N. Lincoln Park West (#2 S), you’ll find a spacious three bedrooms and three bathrooms complete with oak floors all with a sophisticated, vintage feel. Views of the park and zoo can be enjoyed on the outdoor terrace and throughout the home. This condo is priced at $825,000.

Just a short distance away, you’ll find 1933 N. Dayton (#1 W) for sale. This 3 bedroom, 2.5 bathroom duplex has impressive details including French doors, built-in bookcases, fireplace, plenty of storage space, and hard wood floors. The price for is $549,000, and it’s a fantastic location with it being only steps away from shopping and restaurants.

For $245,000, buyers can own 2510 N. Wayne (#201). This one bedroom, one bath unit is complete with 13 foot ceilings, a large dining area, and fireplace. Both the expansive windows and rooftop deck offer great views of the city.

But Chicago real estate seems to be bustling not only in Lincoln Park, but also in neighborhoods like Lake View, Logan Square and Hyde Park. According to the Institute for Housing Studies at DePaul University, all along the central part of Chicago—in the area along Lake Michigan—is emerging as not only the top area in Chicago, but the strongest in the country.

This is great news sellers and also means a great selection for buyers looking to call the North Shore home.

Here’s what we know: in September 2012, Chicago-based real estate development firm CMK Companies purchased a defaulted loan for the highly coveted lot at 1333 S. Wabash in the South Loop. Earlier this year, CMK announced their intentions to construct a 25-story rental building at the site—obviously looking to capitalize on Chicago’s booming downtown rental market.

But since that time nothing more has been heard.

The Piedmont Group had grand ideas for 1333 S. Wabash in 2007 when it rolled out its plan to construct a modern residential tower that resembled a glass house, homage to the buildings original name Glashaus. However, when the market began to nosedive so did the plans for Glashaus. Money dried up and construction was halted. The site sat empty, a representation of the stalled downtown Chicago condo market.

Flash forward six years and CMK has picked up where Piedmont left off. A zoning application has been submitted to the city detailing CMK’s plans to finish Glashaus and bring the building to market by late 2014. CMK happily acknowledges that the previously stalled project has essentially afforded its firm a three month head start in construction and will help expedite the process.

Despite a number of unsold condos in the South Loop, CMK sees potential in the strong downtown rental market. Plus the location is ideal, as the construction is near a stretch of bars and restaurants in the South Loop and is extremely accessible to CTA.

The building, designed by Brininstool & Lynch LTD., will boast a 200-car parking garage and 3,000 square feet of commercial retail space. The goal is to convert into condos, at a later date, if the market allows. The 25-story building will have roughly 269-rental units and will build off the original renderings for the failed GlasHaus proposal.

As Chicago’s downtown rental market remains red hot, consumers will see a continued increase in inventory.

The local real estate landscape is constantly changing, and individual Chicago neighborhoods fall in and out of favor every couple of years. It’s the type of shift that occurs so frequently, every new year begins with real estate experts speculating on which neighborhood is the new place to be.

For the past couple of years, Logan Square has managed to cling to the title of “hippest Chicago neighborhood,” and it’s easy to see why—some of the city’s best restaurants, nightclubs and bars, coupled with affordable home prices has rendered the area irresistible to both post-grad hipsters and budding families alike. And while it may be time to hand the title over to other areas, Logan Square has proved such a highly successful neighborhood during its reign that many experts consider it a control neighborhood, against which to measure the growing success of other emerging areas.

The first of these up-and-coming neighborhoods is Avondale, located just north of Logan Square. Advocates of this neighborhood praise it for its accessibility—both via the blue line el and the expressway—as well as its diverse stock of Chicago condos and homes for sale. Plus, it’s near other hot areas like Logan Square, Irving Park and Northcenter.

Among the high-end Chicago condos for sale in Avondale is 3328 N. Drake #1, a charming three-bedroom/three-bathroom duplex situated on a quiet, tree-line street. With elegant hardwood flooring, marble stone baths, an outdoor deck and plenty of space for the whole crew, this unit is indicative of the high quality of living one can expect from an Avondale condo.

For another up-and-coming Chicago neighborhood, travel south to Bridgeport, an emerging artist community gaining popularity by the day. With homes like the one at 3742 S. Parnell, it’s not difficult to see why this area is getting so much attention lately. This four-bedroom brick single-family home has everything a modern Chicago family needs, including an en suite master bath, a fully laundry room and a two-care garage. Perfect for the family searching for that suburban feel within the bounds of the city!

The final neighborhood vying for this year’s title is Tri Taylor, a small but appealing triangle within close proximity to public transportation, great restaurants (it borders on Little Italy and Greektown), and downtown and the medical district. The area may be relatively small, but in recent years it has become flooded with young couples looking to start families. Condo prices are going up every day, but for now it’s still possible to snag a great deal.

For proof, check out 2538 W. Flournoy #1, a 2800 square foot, two-bedroom duplex sitting at the end of a private dead end street. With two outdoor spaces and a lofty floor plan, this Chicago condo unit is ideal for a growing family.

With all due respect to Logan Square, it might be time to make way for these emerging areas.

Many believe that the luxury real estate market was immune to the housing downturn. That’s simply not true. While the recession hit middle to lower-class American families the hardest, it does not mean that the elite didn’t find themselves suffering foreclosure proceedings as well.

But as the economy continues to grow and local housing markets gain momentum, high-end luxury real estate is rebounding at an astounding rate. The phenomenon has certainly manifested itself in the Windy City, where high-priced luxury condos are thriving as sales continue to increase throughout posh Chicago neighborhoods.

According to the National Association of Realtors, properties worth $750,000 and $1,000,000 are up 38.7% from a year ago. And sales of $1 million plus homes have shot up 25.7% over the same period of time.

To a large degree, this revival can be attributed to reemergence of jumbo loans. These loans, which all but disappeared after 2008, are typically over $417,000 and are too big to be secured by federal agencies like Freddie Mac and Fannie Mae.

As the credit markets continue to find stable ground, lenders are inclined to offer these jumbo loans to the most qualified borrowers. Lenders view these loans as a safe and profitable way to make money thanks to the low-cost deposit. Another piece to this puzzle is the fact that jumbo loans are being offered to consumers at interest rates only slightly higher than conventional mortgages.

At the moment, the sale of luxury homes and condos in Chicago is doing just fine, and is even seeing a marked increase. Whether it’s a traditional four-bedroom house in Northcenter for $1.28 million, or a $1.7 million dollar vintage two-story condo in Lincoln Park, Chicagoans are putting their money where their want is.

As lenders loosen their purse strings and consumer confidence continues to grow, look for the Chicago market (not just luxury) to heat up with weather.

If you’re one of Chicago’s many potential homebuyers with an eye cast toward the downtown condo market, it’s time to reconsider The Legacy Tower. The 72-story condo building located at 60 E. Monroe St. is in absolute heart of the city. With its central location, breathtaking views and proximity to Millennium Park, The Legacy Tower is easily one of the most desired buildings in Chicago.

The Legacy Tower has won numerous architectural awards and is actually one of the 50 tallest buildings in North America. The Chicago skyline, Millennium Park, the Art Institute and Michigan Avenue are some of the attractions visible from 60. E. Monroe St. Another perk for residents is the bridge that connects The Legacy Tower to the renowned University Club on Michigan Ave. This gives residents access to exclusive dining, catering and guest rooms; and at the other end of the bridge is a set of squash courts.

The building also boasts exercise rooms equipped with rowing machines (overlooking Lake Michigan), a swimming pool and spa area, two large community rooms and open air terraces. The building is equipped with four high-speed elevators; indoor parking; bicycle room; 24-hour doorman; concierge and valet dry cleaning.

All condos inside The Legacy are set up to accentuate the views. They utilize open layouts and feature high-end finishes that can be changed to suit a buyers’ preferences. West-facing condos have views of Willis Tower and the Loop but also have wrap around views of the park and the lake.

Currently there are 135 units in the building that are for sale. They range from an 875-square-foot one bedroom for $393,000 to a 10,000-square-foot penthouse listed for $7,500,000. A majority of the inventory ranges from $500,000 to $900,000 depending on size and location.

With immediate availability, it might be time to wander by The Legacy; the leasing center at the building is conveniently open from 12pm-5pm daily. Time to make your dream a reality and reap all the benefits downtown living has to offer.

Portage Park’s famous Six Corners has been targeted by the city of Chicago for renovation. Currently there is a city-commissioned economic development plan being discussed to add a mix of commercial space, residential units, as well as an expansion of the surrounding walkways in order to make the area more pedestrian friendly.

Six Corners is located on Chicago’s Northwest Side at the intersections of Irving Park, Cicero and Milwaukee Avenue.

Once one of Chicago’s premier shopping destinations, Six Corners has gradually lost some of the luster that used to draw in crowds. Alderman John Arena (45th) fully endorses the new revitalization effort as way to attract Chicagoans back to Portage Park. Arena envisions Six Corners as an arts and culture mecca. But to achieve the desired results, developers are saying that the area needs to become more dense in order to responsibly add restaurants and shops needed to boost commerce.

The Lakota Group is an urban design/landscaping company and is responsible for drafting the renovation plans. Highlights of their proposal include:

·     A cluster of high-rise buildings featuring 300 residential units, a mix of apartments/condos. These structures would be erected on the southeast corner of Irving Park, Cicero and Milwaukee Avenue.

·     Two mixed-use commercial developments to be built along Milwaukee with retail on the ground floor and residential dwellings on the top floors.

·     The construction of a plaza near Belle Plaine and Cuyler Avenue. This would provide easier access for pedestrians and would alleviate congestion and increase foot traffic.

All parties currently involved in the revitalization plans are championing the plan Lakota has devised; they’re pointing to similar undertakings in Park Ridge and other suburbs that have yielded positive results.

While this isn’t the first time the city of Chicago has targeted Six Corners, there was a separate effort made 15 years ago. This time around, the consensus is that this latest rendering has the necessary vision to succeed.

As Chicago’s real estate market continues to show encouraging signs of improvements, the latest sector to show promise is the downtown Loop condo market. A combination of historically low interest rates and affordable condo prices has led to a massive surge of activity.

December 2012 was a banner month for condo sales in the city. The market posted a 17.7% sales increase from December 2011 as 1,037 units were successfully sold. In addition to an increase in the actual volume of units sold, the median price jumped 19.4% from December 2011. In the previous year, the median price of a condo had been roughly $155,000 and in 2012 that number moved to $185,000.

200 N. Dearborn is a Chicago condo building that experienced the greatest uptick in sales. This 47-story building located in the heart of the Chicago’s vaunted theater district has 309-units that include studios plus one and two-bedroom units. This luxury building boasts five full levels of resident parking, laundry services, heated indoor pool, and a unique feature called the Pedway.

The Pedway is a collection of enclosed passageways that lead to banks, retailers, food courts as well as iconic Chicago buildings. Driven by the marketing efforts of American Invesco, this Loop condo building currently has only three vacancies left.

American Invesco is also coordinating a closeout sale for the remaining six units at Century Tower Private Residences. This 28-story condo building is located at 182 W. Lake Street in the heart of Chicago’s Loop. This vintage building was constructed in the 1930’s and while it has been modernized and rehabbed, many of the original charm remains intact.

2013 might prove to be the year of the condo buyer. With traditional 30-year mortgage interest rates schlepping along at 65-year lows it almost begs the question: if not now, then when? In January lenders were quoting 3.42 percent on a fixed 30-year loan.