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.

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.

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.

Any Chicagoan can tell you that the city is a patchwork quilt of communities, comprised of 77 officially designated neighborhoods, each containing their own individual sub-communities, each unique in their own way.

Wicker Park, however, is more than just a patch in a quilt. A subdivision of the larger West Town area—which also includes Bucktown, Ukrainian Village, East Humboldt Park, Noble Square and Smith Park—Wicker Park is quite possibly one of the most sought-after locations in the entire Windy City.

It’s not difficult to see why the area has garnered so much attention in recent years: with the bustling Six Corners—the intersection of North, Damen and Milwaukee Avenues—as its epicenter, Wicker Park boasts an infinite wealth of high-end restaurants, jam-packed nightclubs and bars, and streets lined with both privately-owned boutiques and major shopping labels. Wicker Park is more than just an intersection of avenues; it is a collision of the upscale and the laid-back, offering equal parts glamour and comfort.

This kind of duality is echoed in one of the neighborhood’s newest condominium buildings, too: The newly remodeled Wicker West 1555. Purchased last year by Mosaic Development LLC, a Chicago-based real estate investment company, the building received a much-needed facelift, and is now looking for buyers.

The building’s playful, avant-garde façade shelters nine condos, each with its own distinct floor plan to suit the diversity of its residents. Each unit boasts stone countertops in the kitchen and gas fireplaces in the living rooms, as well as bamboo or wide-plank oak flooring and porcelain or marble tiling in the bathroom. Luxury amenities like an in-unit washer and dryer and a whirlpool bathtub come standard in all units, but the real appeal of Wicker West 1555 is that each unit possesses its own divergent personality, designed to meet the specific needs of the owner. Sizes and prices range (although all of the units are reasonably priced), and each unit can be customized depending on what their owner desires.

For the Chicagoan looking for a single-family home feel without the single-family home price, Wicker West 1555 is an ideal choice. Smack in the middle of Wicker Park, this building offers proximity to the action as well as the opportunity to craft one’s very own ideal living space.

Anyone sorting through the dwindling inventory of condos in Chicago should contact their local agent about seeing this property. The time to act is now—and fast, before the remaining units in Wicker West 1555 disappear as quickly as they appeared.

With so many Chicago condos owners still refusing to list their properties for sale, the number of three-bedroom units on the market is rapidly shrinking. For sellers, who have been struggling amidst competition for years, this is certainly welcome news—but for buyers, it means less chances to negotiate on the conditions of a sale.

The fourth quarter of 2012 alone witnessed a dramatic 32 percent decrease in three-bedroom Chicago condos, down from 3,724 a year earlier to 2,535. This marks a four-year low in inventory, down almost half from the fourth quarter of 2009.

Even better for sellers was the median sale price of a three-bedroom condo in the fourth quarter, which rose a respectable 17 percent. In addition, the number of units sold rose by 38 percent, the average days on market decreased by 11 percent and the number of pending sales went up 36 percent, ensuring a healthy first quarter of 2013.

Inventory may be shrinking, but there is still a wealth of alluring three-bedroom condo properties to choose from in Chicago. Take 2130 N. Lincoln Park West #2S, an opulent, 2400 square foot unit overlooking Lincoln Park and the Zoo. Located in a gorgeous boutique building, this unit boasts its own private elevator, a 38-foot barrel vaulted ceiling gallery, oak floors and a 660 square foot terrace, among other things.

Or if Wicker Park is more your style, you might be interested in the elegant simplicity of 1271 N. Marion Court, an end unit townhouse with four levels of living space. This three-bedroom condo is within walking distance of the bustling Division and North avenues and offers amenities like an attached two-car garage, a fireplace and a huge master suite with a deck.

For another vastly different option, you can travel to Lakeview to check out 1252 W. Oakdale. This 3000 square foot townhome comes equipped with vaulted ceilings in the foyer and master bedroom (which has a recently redone En Suite Master Bath), a wet bar and three private outdoor spaces.

Let the aforementioned luxury three-bedroom condo units serve as proof that Chicago’s three-bedroom condo inventory, though quickly diminishing, still has a variety of gems to offer. The options may be dwindling, but a smart and savvy buyer still has the potential to strike gold in this market, but only if they are willing to work for it.

2013 is projected to be an active year for the Chicago real estate market. But plenty of neighborhoods are already experiencing increased activity. Bucktown and Wicker Park in particular are hot destinations for Chicagoans and high demand has officially eclipsed supply, resulting in a shortage of housing in this particular market area.

Chicago real estate agents attribute the shortage to a number of variables: low interest rates, increase in demand and an improving economy. The current state of the market has shifted the mindset of hopeful house hunters. They are prepared to move fast and are aware of the stiffer competition. This has increased sale prices and decreased the amount of time that homes stay on the market.

If you’ve targeted the Bucktown/Wicker Park area as the ideal neighborhood, don’t be deterred, just be prepared to move quickly. And of course, don’t hesitate to contact your local real estate professional to help guide you on your path to homeownership.

Check out some of these options, currently available in the Bucktown/Wicker Park area.

$399,900 952 N. Wolcott #3 Chicago, IL 60622 (MLS #  07816498)
This two bed/two bath penthouse features newly finished maple hardwood floors throughout, two outdoor areas, a private rooftop deck, garage parking and upgraded stainless steel kitchen appliance. Located on a sleepy tree-lined block merely steps away from the conveniences of Division Street. This is a condo not to be missed.

$335,000 2210 W. Wabansia #210 Chicago, IL 60647 (MLS # 08254808)
This two bed/two bath timber loft features washer and dryer in-unit, exposed brick, wood burning fireplace, granite kitchen island, heated garage, large balcony and new hardwood floors throughout. This unit is close to the heart of Bucktown and is in walking distance to the Blue Line.

2328 N. Oakley Ave. #3E Chicago, IL 60647 (MLS #07875930)
This four bedroom/two bathroom duplex is located on the top floor of its building. This unit boasts features 10-foot ceiling, cherry cabinets, double sinks, in-unit washer/dryer, granite counters  and stainless steel appliances.

The story of the Opera Lofts, located at 2545 S. Dearborn Street, between Bronzeville and the South Loop, is inherently American.

Local enterprising developer Andres Scholnik converted an old warehouse, once owned by the Lyric Opera, into a 93-unit condo building during the housing boom. Unfortunately, the completion of the Opera Lofts project coincided with the fallout of the housing market. Sales were stagnant—as they were with all Chicago condos—due to the recession and the building’s unusual location.

Fast forward five years and a once failed real estate venture has received new life. HP Ventures and Group LLC made its largest purchase to date when the company paid roughly $8 million dollars to purchase 58 unsold units inside the Opera Lofts. At a price point of roughly $136,000 per completed unit, the total cost to complete the project will hover somewhere around $9.5 million dollars, which includes the completion of 11 unfinished units.

The company, which specializes in failed condo projects, sees a huge upside in this transaction and the plan is to use rental income from finished units to supplement the remaining costs of the project, at least until HP is in a position to sell the remainder of the units. With a white hot Chicago rental market, HP sees potential to convert rentals into sales in the coming years.

Mr. Scholnik is finally out from underneath the $21-million dollar foreclosure suit that was filed against his project back in 2011; he is no longer liable for monies unpaid. While it may not be a fairytale ending, Mr. Scholnik acknowledges his fortune as he characterized the recent events as a “happy conclusion to a complicated job.”

The Opera Lofts is a modern structure that boasts deeded indoor parking spots, scenic rooftop views, several thousand square feet of green roof, common decks, pet-friendly dog runs, gorgeous city views, a fitness center and high speed elevators. Layouts for individual units vary but the amenities are similar from unit to unit: exposed brick walls, spiral staircase, fireplace, granite countertop and spacious kitchen island, and hardwood floors throughout.

In terms of sale prices, there are several options for potential buyers. Some units are under bank approved short sales, while others offer rent-to-buy options. Let your Chicago real estate agent know you’re interested in these units, and they’ll find out exactly which ones are at your disposal.