Malibu East

Buyers on the market for a new luxury condominium in Edgewater have several excellent choices in the neighborhood.

One of the most popular condo developments in the area is Malibu East, a 45-story luxury tower offering nearly 500 condominiums. Malibu East is located at Sheridan Road and Glenlake Avenue, just steps from Lake Michigan.

Buyers can choose from several different floor plans at Malibu East. Each floor offers a total of 12 units, with one 3-bedroom condominium, nine 2-bedroom condominiums, and two 1-bedroom units.

Each unit offers incredible views of the downtown Chicago skyline and Lake Michigan from the private outdoor balconies. The standard array of stainless steel appliances, granite countertops, and custom cabinets are also offered at Malibu East.

The building has an impressive list of common amenities. Residents of Malibu East enjoy a billiard room, modern health club, racquetball court, and tennis courts, making the building one of the best options for a healthy and active lifestyle.

Residents also enjoy two outdoor pools, a jogging path, and three saunas at Malibu East. Other amenities include extra storage, valet parking, and 24-hour doorman service.

Malibu East is an excellent choice for both families and young professionals. Commuters enjoy easy access to downtown Chicago. An express bus whisks residents to downtown, and El trains offer easy links to most parts of the city from the stations on Granville Ave and Thorndale Ave.

The building is also just steps from Loyola University, making Malibu East an excellent choice for professors and students.

There are several parks and beaches along the Lake Michigan waterfront that offer an excellent getaway from the summer heat. Take a walk or go for a bike ride along one of the many paths offering incredible views of downtown Chicago.

Residents of Malibu East enjoy access to the Captain’s Walk Colonnade, which features the Malibu convenience store, a personal trainer, doctor, dentist, bank, and management office.

If you’re in the market for a condominium in Edgewater, keep up to date with the latest news coming out of the real estate market in the neighborhood.

According to the Chicago Association of Realtors, sales of condos in Edgewater have dropped during the last two years. A total of 247 condominiums were sold in the neighborhood during the third quarter, a 12 percent drop from the same period last year.

The drop in demand has meant longer turnover times for condos on the market in the area. If you’re selling your condo in Edgewater, it may take you longer than you expected to find a buyer. It now takes an average of 118 days, or nearly four months, to find a buyer in the neighborhood.

This is three percent higher than last year, and the longest turnover time for Edgewater in more than 15 years.

Despite the drop in sales and increasing inventory of unsold condos in the area, the average sales price posted a 6 percent gain during the third quarter.

Buyers should beware of entering the market at its peak. If demand continues to drop and the supply of condos for sale grows, prices should start to drop in Edgewater.

Look out for better deals in the neighborhood over the next few months.

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