Sue Fox, @Properties. Direct 773.816.1788

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Downtown condos with stunning lake views for under $700,000

filed under: Buyers, Chicago home prices, Loop posted on July 14th, 2011

A CONDO WITH A VIEW:

A CONDO WITH A VIEW: This is the view from the southeast corner of Aqua, located at 225 N Columbus Drive. A 2-bedroom/2-bath condo on the 55th floor is now available there for $625,000 (marked down from $705,000 after 19 fruitless months on the market.)

Recently I helped one of my clients find a 2-bedroom condo in downtown Chicago. But this wasn’t just any 2-bedroom unit she was after; it had to be above the 15th floor with a fabulous, unobstructed view of Lake Michigan. Two baths, a balcony, and parking were also on the list.

We searched on and off for months, exploring high-rise buildings along the lake like 1212 Lake Shore Drive and 1300 Lake Shore Drive. Then we moved further south, where we saw plenty of units in newer luxury buildings such as 225 N Columbus Drive (“Aqua”); 420 E Waterside Drive; 340 E Randolph Street; 130 N Garland Court; and 60 E Monroe Street, among others. One of the nice upsides to our prolonged real estate downturn is that the Chicago Loop is now swimming in condos, many of them still owned by developers — and this oversupply means buyers can now get a piece of prime downtown property for a reasonable price.

Take 130 N Garland, a high-rise built in 2005 that directly overlooks Millenium Park, with the lake shimmering behind the grassy expanse and the Pritzker Pavilion. In 2007, several 2-bedroom/2-bath units sold in the building at prices between $800,000 and $850,000. But this summer, my buyer was able to find an east-facing condo on the 23rd floor for substantially less.  It had been on the market for two long years, originally priced at $795,000 (with parking sold separately for another $40,000.)

My buyer closed last week… for $690,000, including parking. Just in time to watch the Fourth of July fireworks from her new balcony overlooking the lake!

These are the kind of deals people are now finding in downtown Chicago. Almost new units in almost new buildings, in the heart of the city with a true lake view. Many of these 2-bedroom units can now be had for less than $700,000. Call me at 773-816-1788 if you’d like to see some.

Written by Sue Fox //

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