What Chicago neighborhood is home to more art galleries than any other outside of New York and has the second tallest condo high-rise in the city?
The answer is River North, and in this trendy, booming, neighborhood there are over 540 condos and town homes for sale in early August, 2011. Prices on those units run anywhere from the $120,000s to more than $8 million, with just about every other price in between listed on the market...
According to MRED ( Midwest Real Estate Data, LLC) data, 90% of all residences in River North are either apartments or condos. Buyers can expect to pay an average of $550,000 for a typical River North condo, but there are one bedroom condos available from the $150,000s at several developments. While there isn't a huge oversupply of inventory in this neighborhood, there is a very good selection of condos and town homes for sale right now.
Besides the availability of condos in many price tiers, some of the biggest draws that River North has to offer are the many retailers, boutiques, shops, and restaurants walking distance to the Magnificent Mile. And there is also the two block long Merchandise Mart, exclusive East Bank Club, Hard Rock Cafe, House of Blues and dozens of art galleries, studios and antique shops that give the neighborhood it's feel. The condos and town homes there reflect that unique style, and some examples of what's available are listed below.
The 92 story Trump Tower Chicago on North Wabash may be the most well-known River North luxury high-rise. The 486 residential condos and 339 hotel condos in the tower are over 60% sold, according to the developer.
In mid 2011 about 50 units were up for sale. Those included resale condos from individual owners and investors plus developer units. Hotel studios can be found from the $340,000s and residential studios are currently priced from the $450,000s. The one bedroom condos average from the $450,000s and up depending on the floor and two bedrooms generally start in the $950,000s. Buyers can also now get a feel for how a furnished Trump condo will look by touring one of the five furnished models that opened in February 2011.
Ever since Silver Tower faced foreclosure in 2010, priced in the 38 story, 229 unit River North high-rise have been cut by 20% to 30%. The price drop worked, and the tower was one of the best-selling last year. Don't look for any more price cuts though. The Davis Company of Boston recently paid off the balance of the construction loan on Silver Tower and took control of the remaining 60 empty condos. Mr. Davis has stated that the units won't turn rental and he is even considering raising prices because of brisk sales.
Right now prices start in the mid $200,000s. Pets are welcome, the units have lake and views, there is a Sky Lobby with fitness center plus landscaped garden and 24 hour doorman.
At Marina City on 300 North State Street you can find some pretty low prices on condos. The two 60 story towers hold a total of 896 units and as of July 2011 there were studios priced from $140,000. One bedroom units were listed from the low $200,000s and two bedroom condos were priced from the low to mid $500,000s. Marina City has a bowling alley, marina, fitness center, pools, skating rink, laundry on each floor, theater, auditorium, restaurants and sculpture garden.
There are penthouse units still for sale at the The Residences at Grand Plaza on 545 North Dearborn. The building has a selection of 283 two to three bedroom converted condos that are priced anywhere from the $250,000s to over $1 million. There are eight penthouse units that range in size from 1,690 to 2,507 square feet and are priced from $613,000 to $947,000. This is a full amenity building.
Developer Gammonley Group keeps coming up with incentives at 757 Orleans. Free parking has been in play at the 22 story, 198 unit tower. Everything from $25,000 off to a $5,000 closing credit has been offered as well. Right now prices run anywhere from the $180,000s to the low $400,000s for the studio to three bedroom condos. Building amenities include a 24 hour doorman, exercise room, bike storage, party room, business center, indoor and outdoor pools, sundeck and conference room.
The 28 story The Montgomery has 250 condos. Before the conversion it was the old Montgomery Ward catalog company. Right now the developer has three units for sale. They are two bedroom, two bath condos that range in price from $325,000 to $849,000. Building amenities include a fitness center, steam room and one acre park.
For privacy, there is 30 West Erie. This tower has just two units per floor with a total of 20 in the whole building. They are all three bedrooms, two baths, two balcony units with prices running from $1.5 million. The building has garage parking and a fitness center.
There are around ten developer units left for sale at Superior 110. The 27 story tower has 57 condos with one to three bedrooms. JFJ Development has some three bedroom, 2.5 bath condos listed right now. Those units range in size from 2,120 to 2,290 square feet and are priced from $1,199,900 to $1,279,000. Building amenities include a 24 hour doorman, business lounge and fitness center.
JFJ Development also has Superior at LaSalle, which is located on 150 West Superior. This tower has 55 one to three bedroom units that run from the high $300,000s and up.
At Ontario Place Ontario Place there are 467 studio to two bedroom condos in the pet-friendly 51 story tower. The developer is American Invsco and prices start in the mid $200,000s.
Another American Invsco tower is 200 North Dearborn. This is another development that has been offering price cuts for some time. The developer needed 36 more sales to meet Fannie Mae requirements and has been offering price reductions of up to 55%. Prices on studios have been as low as $140,000.
Kingsbury Plaza plans on being smoke-free by then end of 2011. The 46 story, 420 unit apartment tower is around 96% leased. The pet friendly apartments have city and river views and rent from $1,300 and up.
The The Parc Huron on 469 West Huron Street managed to be the most expensive rental tower at $2.73 per square foot. The 21 story, 221 unit tower had originally been planned as a condo tower before switching to rental. Average rent for a unit there is about $2,628 per month as of mid 2011.
At The Residences at Left Bank on 300 North Canal you can find studio to three bedroom condos that rent from $1,000 to $3,800 per month. The tower has 37 floors, 451 units and is pet-friendly.
The The Larrabee is also pet-friendly and the 72 one to three bedroom condos are priced from the mid to upper $350,000s.
Prices for the 132 one to two bedroom condos at Riverbank Lofts on 550 North Kingsbury run from the $200,000s and up. The lofts welcome pets.
Domain Lofts on 900 North Kingsbury is also pet-friendly. The 11 story tower has 75 lofts that are priced from the $300,000s.
River North has a wide a variety of condos and prices as it does art and entertainment venues. The ones listed above will give buyers a good taste of what's out there, but there still are more to be sampled.