According to the latest Appraisal Research Counselors report on downtown homes, there’s a good chance we’ll see several new-construction towers go the rental route in the next year. Some, like Terrapin Properties‘ Burnham Pointe, already have.
On the flip-side, there are still a number of older buildings downtown where buyers can find a newly converted unit. Many of these homes are smaller and less expensive than their new-construction counterparts, and most likely cater to the second-home buyer looking for a place to kick back during a weekend excursion to the Magnificent Mile or the Theater District. But a few, such as the three-bedrooms at Six North Michigan and 474 North Lake Shore, are priced at $1 million or more, thanks in large part to their penthouse views and proximity to the lake.
The following are the downtown conversions listed at NewHomeNotebook.com:
Gold Coast:
- 1400 North Lake Shore, 1400 N Lake Shore Dr (above): 97 available two- and three-bedroom condos priced from the $140s to $450s (Rate and review)
- The Ambassador, 1300 N State Pkwy: 38 two- to five-bedroom condos priced from $1.1 million (Rate and review)
Loop:
- 200 North Dearborn, 200 N Dearborn St: 309 studios and one- to two-bedroom condos priced from the $270s to the $560s (Rate and review)
- Six North Michigan, 6 N Michigan Ave: 117 one- to three-bedroom condos priced from the $320s to $5.5 million (Rate and review)
- Metropolitan Tower, 310 S Michigan Ave: 25 available one- to three-bedroom condos priced from the $300s to the $900s (Rate and review)
- Park Monroe, 55 E Monroe St: 38 available one- and two-bedroom condos priced from the $450s to $1.7 million (Rate and review)
River North:
- Ontario Place, 1 E Erie St (above): 17 available one-bedroom condos priced from the $380s to the $490s (Rate and review)
Streeterville:
- 474 North Lake Shore, 474 N Lake Shore Dr (above): 36 available studios and one- to three-bedroom condos priced from the $290s to $1 million (Rate and review)
- Pearson on the Park, 222 E Pearson St: 25 available two- and three-bedroom condos priced from the $360s to the $530s (Rate and review)