The condos at 1720 S Michigan, a 33-story tower planned in the South Loop, went like hotcakes in 2006, according to housing analyst Appraisal Research Counselors: 400 of 500 units sold last year, making it the top-selling condo development downtown.
Two other downtown condo developments had more than 200 sales last year: The Legacy at Millennium Park, the 70-story condo tower currently under construction at Michigan and Madison, and Aqua, the Jeanne Gang-designed hotel, apartment and condo tower at Lakeshore East that recently secured financing. The secret to the success of these projects (at least in terms of 2006 sales) was getting started early, said Gail Lissner of Appraisal Research Counselors. CMK Development Corporation, the developer of 1720 S Michigan, began a “teaser” marketing campaign in late 2005, giving it a running start, she said.
There were seven downtown condo projects with more than 100 sales in 2006, according to Appraisal Research: One Museum Park West, 1600 Museum Park, Burnham Pointe, Lexington Park, The Emerald, SoNo and X/0.
Maybe this article will finally shut that Prairie District guy up who keeps on claiming that X/O hasn’t been selling well and is a horrible project. Appraisal Research Counselors has it documented as one of the top 10 selling condo projects in 2006….even though it didn’t open sales until a month and a half before the end of 2006!
While I can see why units at 1720 S would have done well based purely on architecture (the building is an absolute stunner, I would lust for a unit there), I am a bit surprised it did this well being so far from an “L” stop. (which is why I signed a contract on a unit much closer to the Loop.) I really like that the parking is hidden behind units on the lower floors.
No wonder Meigs Field is closed. I’m just sayin’!
In 1720 the difference between penthouse and level 2 units is 23 ft, and there is much more outdoor space on the 2nd level. Safety factor? One can only guess. Not all bedrooms get windows.
The master bedrooms are larger than average. Great balcony space, too. Units 208 and penthouse 5 are the most diverting. A den in penthouse 1 lends physical solitude, outside of a bedroom, for a second occupant, should there be one, but the rest are lacking, which menas it’s probably geared toward s the second home buyer. Window walls will keep the cleaning services in business.
One Museum Park West is certainly well rounded architecturally as you angle your way through.
A departure from the straight line. A library wall adds functional charm. But I’m confused. Your guests get a suite and you don’t? Larger master bedrooms are still small for 3000 sq ft., but the spectacular Master Bath makes up for it. A W I Coatroom? Interesting touch. More elbow room to do your own thing is a step above the average. Hope one amenity is an on call window washer. Look out for the sonic boom.
What do all of last year’s best-selling projects have in common? Listen, Jeffery -they are all high-quality contemporary designs. This is not only what informed architecture fans demand, this is what the market demands!! What a welcome change from just 5 years ago, when it was overwhelmingly assumed by developers, commercial lenders and real estate agents that residential projects needed to be retro or blend in with surrounding historical structures in style, scale, etc to be able to sell. Of course we now know this is pure rubbish Modern architecture not only makes good design sense – it also sells big time! This is not a fad either – this is one trend with some very long legs
By the way – you gotta love CMK! That firm is one helluva development machine. And guess what the top-seller for 2007 will undoubtedly be? That’s right – their next project – 235 W. Van Buren. It’s got the design, the size, the location and the price points. I wouldn’t be surprised if it sells more than 500 units this year – even in this decelerated market!
Devyn,
I think a big part of the success of 1720 South Michigan is that the units in it (and in 1620 S. Michigan) were priced so competitively. Burnham Pointe actually is just as competively priced as 1720 South Michigan (at least for 1-bedrooms, maybe not 2-bedrooms) and is closer to the loop and the el, so I wonder why Burnham Pointe hasn’t sold more units. They have sold almost 50%, but I would think given their prices, good building, and great location, it would be even higher. Maybe the Folio Square malcontents scared off a few potential customers. I’m sure that isn’t a concern anymore now that Burnham Pointe has broken ground and the sales office is no longer by Folio Square anymore.
Sam – you are completely right about CMK and 235 W. Van Buren. I think that they can sell 500 units at that building in 2007 too. CMK seems to always have nice-looking, modern buildings, a good marketing plan, and great prices. I wonder where the location of CMK’s next building will be?
Keith,
Funny you should bring up Burnham Pointe. I am one of those 50% folks that signed a contract last year on a unit there. You are right that the price points at BP are quite competitive. I actually feel I got an exceptionally good deal when I factor in square footage, the fact that the bedroom really is a seperate room with windows, and the level of standard features and amenities is actually really good as well.
I think the reason that BP hasn’t sold as well is related to Terrapin’s limited promotion of the building. Nobody really knows about it. They rarely run ads featuring only BP, instead they run ads where BP is one of four buildings they are building. And those ads are usually no larger than a half page. I have always been a bit suspicious of any developer that needs to constantly run large ads for thier projects (can you say Ontario Place anybody?) but in the case of BP, I think they would do better with more promotion. I really think they need to set up a new sales center in the neighborhood instead of 1.7 miles away on Jefferson and Lake in the West Loop.
Even now when I look at projects comming on line, I have yet to find anything that comes close to what BP offers for the price.
I am not very surprise that 1720 South Michigan condo was last year’s best selling condo in downtown Chicago. I bought one unit myself and for 3 main reasons: up & coming convenient location in South Loop, competitive price* and yes, modern contemporary design. (* except the parking which I think is over-priced in that area)
So YES, I support Sam’s comment that modern design is what the market wants, not some classic/old looking condo that “needs” to blend in. In fact, while many of Chicago’s developers and architects are world-renowned, I recommend that they also look and study the modern & functional condos in cities like Washington DC, Dallas and even Shanghai and modern Singapore (which to me has one of the best contemporary and high quality building architectures in the world).
In theory the designs on South Michigan like 1720 Michigan were supposed to be nice on paper, but look at the other 3-4 similar designs next door that are completed .
It really like inspiring architecture when you drive by and see everyone’s furniture, personal belongings, dirty cloths piles up in front of the window, and laundry hanging in the window. (Drive on Michigan or Wabash anytime)
I suppose the design was supposed to conjure up some modern clean line feel, but the reality with the various shades and junk in the windows, looks a little “Beruit-ish”.
Add the real cool look of hundreds of the cheap one-room wall mount furnace vent panels facing glorious Michigan Avenue. Throw in the nice ridged horizontal panels covering the the garage facade for about a block. I can hear JJ Walker now…”Dynomite!”
The crown of Burnham Pointe are the duplexes despite the fact that the volume living/dining area is essentially wasted space…and so 1995. All the bedrooms, though small, have views and there’s elbow room.
Another distinction in the 2 bedroom penthouses is the double suite-like designs, I guess leaving the powder room for brief guests, or emergency entrances.
Otherwise these particular 2.5 bath layouts really don’t make sense.
You might be able to talk down the 700,000+ an owner is asking for their duplex.
I guess they’ve outgrown it.
Jeffery – are you for real? Some times I can’t tell if you’re just putting us on! You don’t like the incredible design of 1620, 1720 Vue, etc because you’re afraid of what you might see in the windows?? Huh?? I think it’s more like what you don’t see – stuffy Victorian furniture – I know how that type of junk must inspire you! Honestly I think you might not be for real because frankly it’s hard to imagine (even though everybody has their own tastes, etc) that you actually believe what you type. Also, it’s hard to fathom that such a complete lack of aesthetic sensibility and atrocious tastes could be concentrated in just 1 human being!
Sam – where in the post did I insult you or address you? You should be willing to say the same things to someone in person, but I do not think you would do that. You seem to have a problem with diversity of thought – when all else fails, hurl labels on people.
Drive or walk by these new buildings and it is so obious. You think your belongings should be displayed in everyone’s face all the neighborhood to see, “Oh boy…Look at me guys…see stuff”
Let me guess, this is what you have sitting in your window for everyone to see:
http://www.claytonartworks.com/BoyGeorge.html