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540 Lake Shore

Streeterville continues to see some of the best new luxury condominiums in the city. The neighborhood benefits from an excellent location close to many of the best restaurants, nightlife, and cultural events in Chicago.

One of the premier properties in Streeterville is located at 540 Lake Shore Drive. This 7-story building offers a total of 150 loft style condominiums.

Buyers can choose from a total of 25 different floor plans at 540 Lake Shore. Units range from 490 square feet to as much as 1,470 square feet. Prices for these luxury lofts start at $200,000 and range up to about $700,000 for the largest penthouse unit.

Residents of 540 Lake Shore Drive enjoy an number of luxurious amenities. Each unit comes with exposed brick walls, 11-foot timber ceilings, and hardwood floors. Residents also enjoy a stainless steel appliance package, granite countertops, and the best fixtures on the market. Large windows offer incredible views of Lake Michigan from many units.

The luxury building offers a 24-hour doorman service, a fitness center, bike storage room, laundry room, and extra storage space. An outdoor parking garage is also available. One of the highlights of this incredible true loft building is the rooftop deck. Residents can enjoy the air show and fireworks coming from the Navy Pier, or just enjoy a relaxing afternoon taking in the downtown views.

The neighborhood is one of the biggest attractions for buyers looking at units at 540 Lake Shore Drive. Residents live steps from the downtown Chicago business district. The area offers some of the best shopping along the Magnificent Mile. This famous stretch of Michigan Avenue is home to the best brand names in the world, as well as famous designers.

Commuters can do away with the daily trek to work on crowded public transportation. The downtown Chicago business district is within walking distance. Enjoy a leisurely walk to work and take in the sites of Millennium Park and Grant Park or just grab a taxi for a quick ride during the winter.

The area is also popular for local residents looking for the most popular beaches. The lake shore also offers bike and walking paths.

If you're in the market for a new condo on the Near North Side, keep up with the latest news coming out of the real estate market to make the best decision.

According to data from the Chicago Association of Realtors, the Near North Side continues to be the most active real estate market in the city. A total of 846 condos were sold in the neighborhood during the third quarter, down from 887 sold during the same period in 2006.

However, despite a pullback in sales in the neighborhood during the last four years, prices have continued to rise as new developments bring ultra luxurious units to the market. The average sales price climbed by another five percent during the third quarter, to stand at $526,148.

Prices could continue to rise as major developments such as the Chicago Spire and Trump Tower continue to add prestige to the neighborhood and attract the wealthiest Chicagoans back to downtown Chicago.