The Gold Coast offers some of the best new and Chicago re-sale condominiums on the market. The neighborhood is one of the most prestigious in all of Chicago, and is an excellent choice for young professionals, families and retirees looking to enjoy a quality urban lifestyle close to downtown.
One development that offers a number of luxury condominiums in the Gold Coast is located at 21 E Chestnut. This 23-story building was built in 1963, and offers a total of 162 units, with floor plans ranging from studios to three bedrooms.
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There are currently several units listed on the market both for rent and for sale at 21 E Chestnut. The most affordable condominium is a one-bedroom and one-bath unit with 875 square feet of living space. This unit is priced at just $175,000, an amazing price for a one-bedroom condominium in the Gold Coast. A studio unit is also available, and is priced just slightly higher at $179,000. One studio unit is also available for rent at 21 E Chestnut. This unit is priced at $1,150.
Previous sales data taken from the MLS show prices for studio units typically ranging from $120,500 to as much as $179,000. One-bedroom condominiums are priced from $169,000 to $270,000. Two-bedroom condominiums have been sold as low as $285,000, with prices ranging as high as $445,000. Rental units typically range between $850 and $2,550 at 21 E Chestnut.
Residents enjoy a number of luxury amenities at 21 E Chestnut. Each unit comes with a renovated kitchen packed with stainless steel appliances, granite countertops, and 42-inch maple cabinets. Each unit also includes hardwood floors throughout the main living areas.
This full-amenity building gives residents an excellent lifestyle, with many services located right in the comfort of their own home. Residents enjoy a rooftop pool and sundeck, with excellent skyline views. The development also offers a sauna, fitness room, laundry room, and plenty of extra storage space. The only drawback to this Near North Side condominium is the lack of onsite parking.
However, the location can't be beat. Residents are steps from the best restaurants, nightlife, entertainment, and cultural events that the city has to offer. Shoppers will love the brand name shopping along the Magnificent Mile, as well as excellent art galleries around River North.
If you work downtown, you can do away with the daily commute and walk to work. Most of the downtown Chicago business district is located within walking distance of 21 E Chestnut. Those who work in other neighborhoods in the city can find buses and trains all within a couple of blocks.
The Near North Side continues to see a decline in demand for condominiums, particularly for lower priced units in the neighborhood. According to data from the Chicago Association of Realtors, a total of 557 condominiums and lofts were sold during the first quarter in the neighborhood, down from 679 units sold during the same period a year ago. This is the third straight year of declining sales during the first quarter.
However, despite the drop in sales, buyers continued to focus on the most luxurious condominiums in the neighborhood. The average sales price for units sold during the first quarter soared 24 percent during the first quarter, and could continue to rise as more luxury developments open their doors on the Near North Side.