According to housing analyst Appraisal Research Counselors, new-home sales were strong during the first half of the year, and even luxury product priced from $500 to $699 a square foot sold well. Sales were much slower for the highest priced new-construction units, the small but growing club of projects priced at $700 a square foot and up. But The Ritz-Carlton Residences, the priciest development on the local market at average prices of – hold onto your caviar – $1,076 per square foot, seems to be selling well.
Rubloff Residential Properties has sold more than 25 of the 86 condos in the 40-story tower planned for 664 N Michigan Ave. Not bad when you consider the price range of $1.25 million to $9 million in a slowing market. Of course, if you can afford one of these, you’re probably not overly worried about the health of the real estate market, rising interest rates or, really, much of anything involving money.