Where does all the money come from? It’s a question we hear all the time at Yo from friends in our paltry income bracket wondering where so many buyers of so many pricey condominiums can possibly be coming from. One answer is clearly the suburbs, and at projects like Lakeshore East, it’s apparently the answer.
Magellan Development Group, master developer behind the 28-acre mixed-use project south of the Chicago River along Lake Shore Drive, reports that suburbanites moving back to the city or buying second homes there account for about two-thirds of the 1,100 condos sold so far (the above construction photo of Lakeshore East high-rise 340 on the Park was taken this summer). Most of those buyers, by the way, are moving back to the city, according to Magellan, and only a small number are keeping their suburban houses.