About Chicago's Gold Coast

This market update is specifically for 2 bedroom condos in the Gold Coast.

Looking at the last 12 months of sales data, the median sale price of a 2 bedroom condo in the Gold Coast is $360,000. The average market time is for those units was 235 days.

Gold Coast 1 Bedroom Condos

Market Update

All sold information was for the last 12 months. If you would like more information about the recent sales or market trends in the Gold Coast please contact me by commenting to this post or calling me at 708-763-1165.

The data for the rows and bars markted "other" are for cancelled or expired listings.

102 1 bedroom condos have sold in the Gold Coast in the last 12 months at a median sales price of $165,750. There are currently 113 1-bedroom condos on the market with a median list price of $227,312.

There is around 1 years worth of inventory currently on the market and on average it took 196 days to sell a condo in the Gold Coast.

It seems that the change in season did not bring in a change in buyer's activity for condominiums in downtown Chicago.

Last week, I briefly chatted with Gail Lissner of Appraisal Research Counselors regarding Chicago activity and she noted that it wasn't any better than the prior quarter and activity was less than the same period last year.

Quick summary: if you are looking to buy a condo right now in the downtown area, you will not be overwhelmed by hoardes of people camping outside the doors waiting to get in at 8am the next morning. Quite the contrary, it may be more like a scene from the old west, tumbleweeds rolling down the street and the eerie sound of the wind blowing due to so little activity. So, YES, it is a BUYER'S market when it comes to downtown condos.

For those that would like more detailed information, Gail and her firm publish a quarterly report on the Chicago condo market with building by building analysis.

If you are not inclined to go that route, then you can follow this simple guide....if the condo market wasn't good in the second or third quarter of 2011, then for sure, the fourth quarter is going to be similar or worse (unless a condo building decides to go forward with a Black Friday sale)

Michael Hobbs, PahRoo Appraisal & Consultancy

In 1882, millionaire Potter Palmer moved to the area bounded by North Avenue, Lake Shore Drive, Oak Street and Clark Street and built the Palmer Mansion, a 42 room castle-like structure. Other wealthy Chicagoans followed suit and the Gold Coast continues to be one of the wealthiest neighborhoods in Chicago. The neighborhood contains the Astor Street District, named after John Jacob Astor, one of the richest people in the country. While he did not live in Chicago, his name afforded the area a wealthy and pristine status which remains to this day. Two entire blocks of Astor Street, from Schiller to North Avenue, are listed on the National Register of Historic Places.

1240 N. Lake Shore #12A is a three bedroom, two and a half bathroom residence that certainly caught our eye. The amenities in this place alone scream luxury living: A 24 hour door person, rooftop sundeck, heated parking garage and a workout room. The views aren’t anything to turn your nose up at either: Beautiful Lake Michigan with its calm or choppy waters, depending on the time of year. 21 E. Goethe #B is all about the numbers: Four bedrooms, four bathrooms, two fireplaces, two outdoor parking spots and a grand living room with three front windows overlooking historic Goethe Street.

If you can tear yourself away from your glorious condo or manse, a vibrant hotspot of trendy bars, nightclubs and restaurants awaits you at Rush and Division. Have an amazing steak dinner at Tavern on Rush, or enjoy an after-dinner cocktail at the Hunt Club. Tired of store-bought vanilla or chocolate cupcakes? Head to More Cupcakes for an adventurous twist on cake and frosting with goat cheese pear walnut or maple bourbon options. Sundays are meant for brunch at LuxBar, followed by an afternoon of shopping-perhaps head to the Magnificent Mile, or stop by Oak Street and take a gander at Barney’s New York or Prada if luxury living is your middle name.

see Chicago Condos in the Gold Coast

Chicago Near North Luxury Market Charts in the Gold Coast and Lincoln Park area's. Data is from Illinois MRED from time period listed. For more Chicago Luxury real estate information go to http://JonathanTuttleLuxuryProperties.com or http://TheChicagoLuxuryAgent.com