Now we know what we should have been doing two years ago – plonking down money on a highrise condo in the Loop.
The median price for condos has leapt nearly $100,000 between 2003 and 2005, according to the Chicago Association of Realtors. Back in 2003 it was $219,450, but by the end of 2005 it stood at $305,000.
That probably explains why all those balconies at highrises like The Lancaster at Lakeshore East are empty even though we are told the building is virtually sold out. I guess you can tell how many investors have bought into a building by how few barbecues are sitting out on balconies.
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