The Most Expensive Condo in Chicago, IL.
So as I am sitting here thinking about what to write about, I stumbled upon a short ad for the most expensive condo in Chicago, IL. Right away I clicked on it thinking, how much is it, what does it look like and what area in Chicago is this monstrosity, oh and what is so spectacular about this place that it would be priced at $14,000,000 for a condo in Chicago.
So I did a little research and got my questions answered. Currently the most expensive condo in Chicago is located at 65 East Goethe Street in Chicago, IL. The current price of the condo is $14,000,000. After looking at the pictures and reading the description, it was easy to see why. At 12,000 square feet this Condo boast a 3,000 square foot private roof deck space, six car parking and the opportunity to choose any exposure including lake views. The unit consists of 6 bedrooms and 6.3 baths and a total of 13 rooms. So aside from the mortgage, how much does this condo cost to live in, you may be wondering? The taxes are $28,086 a year and the monthly assessments are $11,365.
Some of the interior features include a balcony, vaulted and Cathedral Ceilings, a deck and a hot tub. There are also a total of three fireplaces. The exterior is comprised of Limestone and concrete. The building is located in school district 299. The Elementary and Middle Schools include Latin School of Chicago, Ogden Elementary School, Franklin Fine arts Center, and Ruben Salazar Bilingual Center. The Middle Schools include, Latin School of Chicago, Cornerstone Academy, Walter Payton College Preparatory High School, Metro Preparatory High School, and Francis W. Parker School.
The most expensive unit in Chicago is located in the lovely area of the Gold Coast, which in the late 1980s; the Gold Coast and neighboring Streeterville comprised the second most-affluent neighborhood in the United States. Today, the neighborhood is a mixture of mansions, high-rise apartments and row houses. Some of the highlights include the Astor Street District and the James Charnley House. There are also some well known residents that live in the Gold Coast, Cyrus Hall McCormick, head of the International Harvester Co. and Potter Palmer, owner of the Palmer House just to name a few.
So it appears that this large unit with many perks combined with this affluent neighborhood and location make up for a high price and luxury living.
Chicago Condo Development
When choosing a Chicago condo development there are many things you should always keep in mind. Some things are obvious to us all but others may not be.
We all know we need to check out the structure of the building. Was it really designed to be a condo or townhome complex or was it a conversion? At first glance you may not be able to tell because conversion many times can look even better than the old design. If you really want to know you can check with the local city planning office and ask for the plans that were submitted by the developer. You think a conversion may not matter with today's building codes but noise and insulation problems may arise since the design was made for different purposes. You should always insist on a building inspection that you are interested in purchasing. Most inspections will cover the common areas of the building but you might want to take a more invasive approach to identify structural and integrity concerns.
When you are searching for a Chicago condo development an obvious area to check out before you buy is the community. Try to find out if there is a sense of community within the complex. One of the best ways to find out is to spend some time in the common areas. Do the residents seem happy and satisfied? Do they respect each other and their privacy? Ask some questions while you are there, such as what they like and dislike about their community. Smiling and making eye contact while talking with your potential neighbors can speak volumes about the place in which you are about to invest.
Make sure check into some of the extras that may be offered. Is there a parking space included in the price and where is it located? Is the location convenient and safe? Are there extra storage areas, are they free and secured? If there are pools, hot tubs, gym areas, are they well maintained and clean? Do they meet legal and safety regulations? These extras may make the difference in how well you enjoy your new condo.
One last area that may not be as obvious but is becoming more prevalent is green living. More and more condo buyers are embracing the green living concept and many Chicago condo developers are meeting the challenge. Developers are seeing the change in mood of condo buyers and are now seeking to be certified by the United States Green Building Council. Buyers today are looking for green living developments not only due to energy saving features but as a way for them to lessen the impact on the planet for future generations.
Chicago Condos
Where can you find the best Chicago condos? Chicago is such a mix of cultures and nationalities with over 77 different neighborhoods that condo buyers have a variety of choices from the more upscale Gold Coast to the excitement of River North. There is no place like the city of Chicago and all it has to offer from the dozens of museums to professional sports for those who want to live in one of the most exciting cities in the world. Chicago condos have become one of the fastest growing segments in the residential real estate market for first time homebuyers or those looking to experience the excitement of downtown living.
There are literally hundreds of condos to choose from at almost any price. There are several major developments currently going on downtown and many developers are rolling out new incentives for pre-construction Chicago condos. Some developers are offering credits as high as $30,000 toward furniture as well as the services of a professional interior designer who sign up before a deadline. Others developers are offering a wide range of incentives from free parking spaces to options on floor plans at no cost and price guarantees.
Some of the best Chicago condos are scattered throughout the city and below are just a few.
- Century Station
- Trump Tower
- Kinetic Condos
- Walton on the Park
- Silver Tower
- The Chicago Spire
- Ecologic Lofts
- University Commons
There is no better time to start looking for the best Chicago condos than now. Interest rates are low and pricing is the most reasonable in years with developers and sellers offering incentives to make their units stand out. That is why choosing the right Real Estate Agent to represent and market your property is a smart move. Your agent will review with you the different kinds of listing agreements or sales contracts and recommend the structure that would work best for your marketplace and property. But no matter who you choose, always look for these four parts in the agreement.
1. Timing - duration of the agreement should be clearly stated
2. Compensation - fee structure and payout
3. Cancellation - What happens if you wish to cancel the contract
4. Disputes - How will disputes be handled.
The agreement is an important document. Read and understand all sections and if you don't ask a real estate professional or attorney.
Chicago Developments
When choosing Chicago developments there are many things you should always keep in mind. Some things are obvious to us all but others may not be.
We all know we need to check out the structure of the building. Was it really designed to be a condo or townhome complex or was it a conversion? At first glance you may not be able to tell because conversion many times can look even better than the old design. If you really want to know you can check with the local city planning office and ask for the plans that were submitted by the developer. You think a conversion may not matter with today's building codes but noise and insulation problems may arise since the design was made for different purposes. You should always insist on a building inspection that you are interested in purchasing. Most inspections will cover the common areas of the building but you might want to take a more invasive approach to identify structural and integrity concerns.
Another obvious area to check out with Chicago developments is the community. Try to find out if there is a sense of community within the complex. One of the best ways to find out is to spend some time in the common areas. Do the residents seem happy and satisfied? Do they respect each other and their privacy? Ask some questions while you are there, such as what they like and dislike about their community. Smiling and making eye contact while talking with your potential neighbors can speak volumes about the place in which you are about to invest.
Make sure check into some of the extras that may be offered. Is there a parking space included in the price and where is it located? Is the location convenient and safe? Are there extra storage areas, are they free and secured? If there are pools, hot tubs, gym areas, are they well maintained and clean? Do they meet legal and safety regulations? These extras may make the difference in how well you enjoy your new condo.
One last area that may not be as obvious but is becoming more prevalent is green living. More and more condo buyers are embracing the green living concept and many Chicago developers are meeting the challenge. Developers are seeing the change in mood of condo buyers and are now seeking to be certified by the United States Green Building Council. Buyers today are looking for green living developments not only due to energy saving features but as a way for them to lessen the impact on the planet for future generations.
Chicago Condo Developments
Chicago condo developments are scattered all over Chicago and the suburbs. We now see Trump Tower as part of the Chicago skyline matching heights with The Sears Tower and The John Hancock Building. What are the newest Chicago condo developments? Have you seen Aqua Tower? This is a beautiful condo development in Chicago’s Loop area. Silver Tower and Walton on the Park are both spectacular developments as well. If you go to OwnACondo.com’s website, you’ll see not only all the newest condo developments in Chicago, but you’ll be able to view all the individual condos that are for sale today.
For all you first time buyers wanting to buy into a Chicago condo development, now may be one of the best times in the history of buying to get a deal. The United States Government has put together a stimulus package called the $ 8,000 tax credit for first time buyers. Basically this means that if you buy a Chicago condo before November 30, 2009, you’ll receive an $8,000 tax credit check for your purchase. Many Chicago developers are matching this creating a $16,000 credit. With the interests as low as they are, coupled with these incentives, it’s really put a spark into the market place as of late.
Chicago condo developments have had trouble as of late with the market coming to a stall over the last three years. What this did is drastically reduce prices across the board. Right now, there are deals just to keep the Chicago developer’s heads above water. Some of these projects are in workout or foreclosure creating a second and third level of deals.
This is a great time to buy a Chicago condo. They’re everywhere and the developers are now finally responding. If you’re looking to purchase, now may be that bottow of the barrel line that you can get into hoping that the prices from this point on move up. If you’re looking for financing a condo, OwnACondo.com has a division that does just that. It’s called FinanceACondo.com and it can help you with just about any need you have when it comes to financing your condo.Â
In Chicago, a city as large as it is, it’s important to choose the right Realtor to help you with the largest investment of your lifetime. OwnACondo.com has dedicated fulltime Realtors that can do just that. They know condos like no one else. If you’re interested in buying into one of these Chicago condo developments, they’ll be glad to help.
