More than 55 percent of downtown Chicago’s new condo and townhome developments reported an increase in the number of units sold from the fourth quarter of 2009 and the first quarter of 2010, according to the latest Downtown Chicago Residential Benchmark Report from Appraisal Research Counselors. Even then, the increases tended to be minimal, except in buildings with aggressively discounting or auctions. Luxury developments saw little activity, due to their smaller bases of buyers and a lack of discounting on high-priced units.
The 14 units below recorded the greatest net increases in sales from 4Q ’09 to 1Q ’10:
- 565 Quincy, 565 W Quincy St in the West Loop: 59 sales, average list price per square foot of $300 – $399
- 200 North Dearborn (above), 200 N Dearborn St in the Loop; 50 sales, average list PSF $200 – $299
- Library Tower (below), 520 S State St in the South Loop: 32 sales, average list PSF $300 – $399
- Museum Park Place South, 1901 S Calumet Ave in the South Loop: 28 sales, average list PSF $300 – $399
- 1400 Lake Shore Drive, 1400 N Lake Shore Dr in the Gold Coast: 26 sales, average list PSF $200 – $299
- Metropolitan Tower, 310 S Michigan Ave in the South Loop: 23 sales, average list PSF $300 – $399
- Emerald, 123 S Green St in the West Loop: 22 sales, average list PSF $300 – $399
- Pearson on the Park, 222 E Pearson St in Streeterville: 20 sales, average list PSF $300 – $399
- ParkView Condominiums, 505 N McClurg Ct in Streeterville: 11 sales, average list PSF $400 – 499
- 235 Van Buren, 235 W Van Buren St in the Loop: 11 sales, average list PSF $300 – $399
- Michigan Avenue Tower II, 1400 S Michigan Ave in the South Loop: 10 sales, average list PSF $300 – $399
- Prairie District Lofts, 1727 S Indiana Ave in the South Loop: 10 sales, average list PSF $200 – $299
- Parkside of Old Town, 465 W Division St on the Near North Side: 10 sales, average list PSF $200 – $299
- Union Row, 622 W 16th St in East Pilsen: Eight sales, average list PSF $100 – $199
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