Condo Heights & Prices Are Soaring...

The heights of the new downtown Chicago condos is skyrocketing and the cost of these projects, both in terms of building them and buying the condos, is also reaching new levels.

There is an old saying in real estate and that is that there is no new land. That being true, the only place left to go is up. After September 11, a lot of the wind was knocked out of the high-rise boom. But the confidence of both the developers and the potential buyers of Chicago condos has since moved up and with it so has the number of floors in the buildings. Even the current down trend in market conditions hasn't leveled off the really lofty projects. In fact it may have even helped to keep the buildings moving up because spectacular, unobstructed views are obviously the main draw to these towers.

Another major factor that makes building tall attractive to developers is the astronomical increase in land prices in Chicago. With more floors and thus more Chicago condominium units to sell, the developer can spread out his cost over more buyers. This translates into more profits. And architecturally, the taller, thinner buildings are becoming more appealing on several points than shorter, stockier buildings. They cast less of a shadow and create less of a impedance to the views of other towers. The slimmer design also, along with the technological advances in structural components, fares better in the wind and sways less. And finally, the more narrow width satisfies those with a bent towards ecology because they present less of a flight hazard for migrating birds and in some cases give off less reflective heat.

The thirty year hold that the 1,450 foot Sears Tower had on being the world's tallest building slipped some time ago. There has been a major growth spurt since then. Several towers currently being constructed may not top Sears but they come close enough to have bragging rights all their own, and that is another selling point that may consciously or subconsciously drive buyers to these high-rises. You drive the best car, eat in the finest restaurants and live in one of the tallest buildings. It's all part of the mentality of the marketing campaigns for some of these Chicago condo developments.

The Chicago Spire tops the list for tallest building proposed. At 2,000 feet and 150 stories, everything will literally look up to this building. Prices range from $750,000 to a whopping $40 million for the penthouse suite. The project is also said to include a small number of lower priced units in the mid to upper $200,000 range. Whether or not Shelbourne Development can actually get it off the ground remains to be seen, but for now we'll let it have its place at the head of the class.

At 1,362 feet the Trump International Hotel and Tower weighs in with 92 stories. The hotel portion of this development is slated to open this December. Unit prices cost from the upper $500,000 mark to just over $9.5 million.

With 90 stories and 1,047 feet, the Waterview Tower ducks just under the chin of Trump. This is another pricey high-rise with unit prices starting in the low $600,000 range and going all the way up to well over $8 million.

We get a bit of a drop with the next development. The Mandarin Oriental Tower will be 930 feet and have 74 stories. The prices don't drop much though with condos costing anywhere from $520,000 to $21 million dollars.

Perhaps the most unique design to actually get built so far is the rippling Aqua Lakeshore East. With 80 floors, it has more stories than the Mandarin but will stand at 822 feet. Again, height comes with a lofty price. The Chicago condominium units at Aqua are selling for $650,000 to $3 million a piece.

Next in line is the Legacy at Millennium Park. This tower will have 72 floors and reach 819 feet in height. The starting price is a bit lower at $430,000 and goes up to the mid $4 million dollar range.

At 734 feet, One Museum Park will be the has four feet over its next closest competitor. This Chicago condo building has 62 stories and units start out at a high $1.2 million on up to $2.7 million.

And the baby of this group of giants is One Museum Park West, The companion building to One Museum Park...the west tower. It measures up as 620 feet and 53 stories. If you want a view there, you can have it for $440,000 to $2 million dollars.

High-rises, high prices and high expectations. It all adds up to some tall stories, in more ways than one.