Platinum Tower

Development of luxury condos and lofts continues on the Near West Side as young professionals look to the neighborhood for its low cost and convenient location.

One of the newest developments to come to the area is Platinum Tower, located at 700 W. Van Buren. This mid-rise development is a project by Keating Development Group and Property Consultants, based in Chicago.

Buyers can choose from several floor plans in this glass and steel tower. A total of 90 units were built, with half sold before the start of construction. One and two-bedroom condominiums are still available, ranging in size from 649 square feet to 1,579 square feet.

Prices for these luxurious units start at $159,900 and range up to $459,900 for the largest condominium at Platinum Tower.

Residents enjoy a number of modern amenities, including a European style kitchen offering a designer appliance package, laminated countertops, and a choice of cabinets in several different styles. Private balcony space and floor-to-ceiling windows allow residents to enjoy incredible views and plenty of natural light throughout the day.

The master bath comes with marble countertops, an oversized mirror, and ceramic tile tub surround. Each unit also comes with exposed concrete ceilings, oak hardwood floors, and plush carpeting in the bedrooms. An optional gas fireplace can be added to each unit. Penthouse units offer a private rooftop terrace.

Covered, heated garage parking, extra storage, and on-site management services are all included at The Platinum.

One of the main draws for new residents at The Platinum is the development’s incredible location in the middle of the best that Chicago as to offer. The area is home to several world-class restaurants, art galleries, boutiques, and essential services. The Near West Side also offers one of the best options for a night on the town of any neighborhood in the city.

Commuters can forget about taking the train or bus to work everyday. The Platinum is within a 10 minute walk of most of the downtown Chicago business district. Residents can also get to other parts of the city in minutes via Metra and El connections found throughout the neighborhood.

If you’re in the market for a new luxury condo on the Near West Side, keep up to date with the latest developments and statistics coming out of the real estate market in the neighborhood.

According to data from the Chicago Association of Realtors, a total of 383 condos were sold in the neighborhood during the third quarter. This is a 31 percent drop from the same period in 2006, and the lowest total sales for the quarter since 2002.

However, despite the drastic drop in sales, the inventory of unsold condos on the market remained steady, taking pressure off of prices in the neighborhood. The average turnover time for condos sold during the third quarter was up four days from the previous years, to stand at 149 days.

Prices for condos sold during the third quarter rose yet again. The average sales price during the quarter was up 11 percent from a year previous, and could continue to rise due to the neighborhood’s excellent location and steady inventory.

Discover why so many young professionals are choosing to live in this popular corner of downtown Chicago.

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