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Harbor Point

The New East Side of Chicago is an emerging neighborhood downtown that has benefited from the improvements made by the city in the area.

The recent construction of Millenium Park is one of the best examples of urban renewal in the country. The park, opened in 2004, serves as a draw for tourists from around the world and has brought the immediate neighborhood to the forefront of Chicago.

Harbor Point is one of the iconic buildings in the neighborhood north of Millenium Park. The development, completed in 1974, is located at 155 N. Harbor Drive, just north of E. Randall Drive.

Harbor Point offers one-, two-, and three-bedroom condominiums, many with incredible lake and city views. The building enjoys permanent views to Lake Michigan.

Prices start at $324,500 for a one bedroom and range up to as much as $1,230,000 for a three-bedroom luxury condominium. The 54-floor building has a total of 742 units.

Amenities in the building include many luxuries such as an indoor pool and valet parking. Residents who want to enjoy an active lifestyle can take advantage of the modern health club, raquetball and basketball courts, and nearby jogging trails.

Residents also have access to dry cleaning and laundry services. There is a community room with catering service for private parties and meetings.

This downtown Chicago building is close to many of the most important landmarks in the city. Millenium Park is just one block away, giving residents plenty of green space to get out and enjoy a warm day.

The location of Harbor Point can’t be beat for buyers looking to live in the middle of everything. The property is within blocks of many of the best restaurants and nightlife spots in the city.

There are also several museums within a few blocks, such as the Art Institute of Chicago, one of the premier museums in Illinois. The real estate market in downtown Chicago, and particularly around Millenium Park is one of the hottest markets in the city.

According to Forbes, the median sales price for a condominium around Millenium Park during 2005 was $710,000.

More recent numbers for downtown Chicago from the Chicago Association of Realtors show that the Chicago Loop is facing some downward pressure in sales and prices.

Sales in the downtown area are down. During the second quarter of 2007 a total of 211 condominiums were sold, compared to 264 for the same period during 2006.

If you own a condominium in the Loop it will take you longer to sell it this year, according to the Chicago Association of Realtors.

The average turnover time in the area was up to 108 days, 30 percent longer than during 2006. This is just above the overall Chicago average of 100 days.

The average sales price in the neighborhood is dropping. During the second quarter of this year there was a slight drop of less than one percent in the average sales price of condos in the Chicago Loop. A buyer looking for a condo in downtown Chicago will now have to pay an average $363,000.

However, despite this drop in sales and the leveling off of prices, buyers could still find the right deal for a condo around Millenium Park. Vacancy rates in the neighborhood are under 4 percent, according to Crain’s Chicago Business.

Rent prices are moving up in the area and should help to maintain condominium values in the downtown Chicago real estate market during the short term.

New major constructions in the immediate area, such as the Mandarin Oriental, Chicago Spire, and Trump International Tower, will bring many new luxury condominiums to the market by 2009.