The Ritz Carlton Residences
Downtown Chicago, the Gold Coast, and Streeterville are all seeing heavy development of luxury condominiums. The market for luxury developments continues show signs of strength in the city.
There are currently several major ultra luxurious projects under construction in the city. Trump International Tower, the Mandarin Oriental, and the Chicago Spire are all landmark buildings that will be completed in the next two years.
The Ritz Carlton also has plans for luxury residences in the heart of Chicago. Construction is currently underway on the corner of Erie and North Michigan Avenue.
The Ritz Carlton is developing some of the most luxurious condominiums on the Magnificent Mile. The company, known throughout the world for its luxury hotels, will offer 86 condominiums and penthouses that will provide residents with the best amenities and services.
The developer, Prism Development Company, has worked with real estate projects around the country. The company has been involved in more than 77 million square feet of real estate development.
As of July, 33 of the 86 units had already been purchased. The 40-story building offers buyers a range of units, from 1,370 square foot condominiums to 6,500 square foot penthouses.
Prices for the one-bedroom condominiums start at $1.25 million, with delivery planned for 2009.
Amenities will include a full range of services that would be expected from a five-star hotel. Concierge, valet, housekeeping, and security all will be available at the Ritz Carlton Residences.
Residents will also be able to purchase additional services, such as a personal trainer or dog walker, as well as dry cleaning and laundry service.
Private cooks and maids are also available upon request.
Residents have access to a full-floor private club, designed by the renowned firm Darcy Bonner and Associates. The club will include a grand salon, billiard room, wine storage, and modern fitness center.
The Magnificent Mile is one of the most desired neighborhoods in all of Chicago. The area is home to the best restaurants, nightlife, and cultural events in the city.
Millenium Park, the newest landmark in Chicago, is one of the best parks in the city and is just a few blocks from the Ritz Carlton. There are bike paths and walking trails offering incredible views of downtown.
The Navy Pier is located just a few blocks to the east. This area is popular among tourists and residents during the summer, offering many activities and cultural events for the entire family.
There are many restaurants offering cuisine from around the world within a few blocks of the Ritz Carlton.
The luxury market in Chicago is crowded with many competitors. However, the city is also home to many wealthy residents who are looking for the best home in the heart of the city.
However, the real estate market for condominiums in Chicago is showing some weakness overall. Condo sales in the Chicago Loop have dropped off from their high of 264 during the second quarter of 2006 to 211 during the same period this year, according to the Chicago Association of Realtors.
The average sales price has also dropped for the first time in a decade in downtown Chicago. During the second quarter of 2007, the average sales price for a condominium was $363,256, down just under one percent from last year.
However, other data from the downtown Chicago real estate market shows that the vacancy rate for condominiums in the neighborhood is under 5 percent, with demand high for the best properties in the area.
With so many new luxury developments planned for completion over the next two years, the vacancy rate should increase in the short term. However, this niche market could maintain its current level despite the overall downturn around Chicago.