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Residences at 900

Luxury Chicago condominium developments continue to change many neighborhoods around the city. There are several major developments currently underway in downtown and the Gold Coast.

One of the newest luxury condo developments to be completed in the city is the new condo conversion at 900 Michigan Avenue.

JMB Realty is the developer behind the conversion of the high rise building at 900 N Michigan Avenue. The building is home to Bloomingdale's and a Four Seasons Hotel, and will now offer luxury condominiums at the Residences at 900.

Forty-eight new Chicago ultra luxury condominiums will take the place of the former office space that towered over the Magnificent Mile.

Prices for the units start at just over $1 million and range up to as high as $5 million for the largest penthouses. The condominiums are located in the 21st to 28th floors of this landmark Chicago building.

Floor plans range from one to three bedrooms. With high ceilings and large windows that offer excellent views of the downtown Chicago skyline and Lake Michigan, these residences offer an open and luxurious living space.

Amenities include designer appliances in the gourmet kitchens, oak floors, and the best fixtures on the market throughout the condominium.

Residents will be just steps from the most popular parts of Chicago. Shopping options on the Magnificent Mile range from the best brands to boutique shops. There are several shopping centers within a few blocks of the Residences at 900.

Fine dining, cultural events, and some of the most important historical landmarks in the city are all within walking distance of the Residences at 900.

Popular attractions along Michigan Avenue include the Drake Hotel, Museum of Contemporary Art, and the distinctive Palmolive Building.

Lake Michigan is just a few blocks away, offering residents walking trails and incredible views of the Chicago skyline. Millenium Park is the newest gem in the Chicago park system. The new park is a few blocks south of the Residences at 900.

The Residences at 900 are opening to a difficult real estate market. When the project was envisioned two years ago, condo values were increasing and sales were at a pace that seemed to have no limit.

Today, however, the market in Chicago for condominiums has changed. Many neighborhoods around the city are seeing a drop in sales, including the Near North Side.

According to the Chicago Association of Realtors, the Near North Side saw a decrease of almost 5 percent in total condo sales during the second quarter of this year.

However, the average sales price continued to increase. According to the report, a condo sold for an average $513,203 during the second quarter on the Near North Side.

Luxury condominiums continue to show some resistance to the downturn in sales across the city. Condo conversions, such as the Residences at 900, that offer a higher level of luxury and exclusivity are marketed to baby boomers entering in retirement.

These clients do not face the same difficulty in obtaining a mortgage as those looking for their first Chicago home.

Developers are gambling that prices for luxury condominiums close to downtown will maintain values. Over the next two years, several developments will join the Residences at 900 on the luxury condo market. The Trump Tower, Chicago Spire, and several other major developments are all planned for completion before 2010.