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200 North Dearborn

A 46-floor tower in the heart of Chicago’s Theatre District will be converted into luxury condominiums. The property was purchased by American Invesco, a Chicago company that has been in the business for almost 40 years.

The tower, located at 200 North Dearborn, will offer buyers studio, one-, and two-bedroom units. Floor plans will range from just under 600 square feet for studio units to over 1,200 square feet for the largest two-bedroom units.

Amenities at 200 North Dearborn will include the standard package of stainless steel appliances in the kitchen, walk-in closets, and hardwood floors throughout the unit.

Residents will also enjoy excellent views of the Chicago skyline and Lake Michigan from private balconies included with each unit.

Other amenities include a 24-hour doorman service, laundry facilities, and valet services. There is also an indoor pool and modern fitness center for residents who want to enjoy an active lifestyle in the convenience of their own home. A sundeck is also available for all residents.

Prices for studios at 200 North Dearborn start in the low $200s. One bedroom condominiums are starting in the mid $200s, and two bedroom condominiums are priced as high as $530,000 for the largest units.

200 North Dearborn is located in the heart of downtown Chicago. Residents who work downtown will love the easy commute. Most of the downtown Chicago business district is within walking distance of the building.

Millenium Park is also just a few blocks away. This popular new Chicago attraction offers a break from the city. Enjoy a cultural event, take a walk, or have a picnic while enjoying excellent views of downtown.

There are several world class restaurants within a few blocks of 200 North Dearborn. Shoppers will find the best brand names and original boutiques on the Magnificent Mile, as well as around the rest of downtown.

200 North Dearborn is coming on the real estate market at a difficult time. Sales of condominiums around the loop are down.

According to the Chicago Association of Realtors, during the second quarter of 2007 a total of 211 condos were sold in the Loop. This is down 20 percent from the same period of 2006.

The average sales price has leveled off in the neighborhood after several years of increases. During the second quarter of 2007, condominiums in the Chicago Loop sold for $363,256, down less than one percent from 2006.

Turnover time is also becoming a problem in the Chicago Loop. It now takes an average of 108 days for condo owners to find a buyer. This is up from 80 days during the second quarter of 2006, according to the Chicago Association of Realtors.

However, the rental market for luxury condominiums downtown remains steady. The vacancy rate for condominiums in the area is under 5 percent, and demand remains strong for the best units. This could keep prices up in the short term around the Chicago Loop, as many people look to the neighborhood for its convenience and vitality.

200 North Dearborn is an excellent option for buyers looking for luxury condominiums in downtown Chicago. The location and amenities offered at the building are among the best in the city.