November 11, 2008 - In the midst of all the news of late concerning slow sales and even no sales at many Chicago real estate developments, there have been a few high-end penthouse units that did find buyers willing to brave the market. Probably the most publicized was the sale of the penthouse at the Chicago Spire to Beanie Baby mogul Ty Warner. The final price hasn’t yet been disclosed, but had been advertised at $40 million. The other sales occurred in the Trump Tower and in Metropolitan Tower, according to an article in Chicago Mag.

Despite Trump’s recent problems over loan extensions and sales for the tower being stalled around 75 percent for some time, a buyer did materialize for a $2.27 million residence with 3,948 square feet located on floor 44. The magazine stated that it was the biggest Chicago condo sale for the tower for the month of October.

At Metropolitan Tower, a penthouse suite located on floors 24 and 25 sold for $3.246 million and a larger one located on floors 29 and 30 went for $6.45 million. The larger penthouse measures 5,400 square feet and both residences are unfinished as of yet. Developer Louis D’Angelo said in the article that the new owner of the biggest unit would probably spend another $200 per square foot to finish the condo. If that holds true, the end price would be somewhere around $7.5 million.

About 80 percent of the 242 Chicago condos at Metropolitan are under contract. There are still around 48 left for sale and range in price from the $500,000s to just over $1 million. The conversion of the tower began in 2004 and although there have been quite a few jokes about the blue light atop the building, it has also been praised for its architectural value and attention to detail. You may want to check out the remaining units at Metropolitan if you like a bit of history with your condo, or you may want to opt for one of the Chicago New Construction Condos for sale right now.

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This entry was posted on Tuesday, November 11th, 2008 at 4:58 am and is filed under Luxury Condos(t) . You can leave a response.