30 West Erie
Chicagoans looking for the best luxury condominiums and lofts agree that the Gold Coast is one of the premier neighborhoods in the city. The area is home to several luxurious developments that are close to some of the best that Chicago has to offer.
One new development underway in the heart of the Gold Coast is located at 30 West Erie. Designed by Hartshorne + Plunkard, Ltd, the luxury building is a new construction that maintains the historic architectural integrity of the neighborhood.
The ground breaking for the 13-story building was in early 2006, and construction has already been completed. There are a total of 20 boutique condominiums available.
The developer, Schillaci Birmingham Development IV LLC is responsible for several real estate developments around the city. They are currently working on Schubert Condominiums and Old Town Condominiums.
Three bedroom units are available, offering two baths and a library. Floor plans range from 2,288 square feet to as much as 2,775 square feet.
Amenities include two balconies per apartment, a common deck, security system, and high speed internet access. There is also an fitness center and dog run available for added convenience.
Kitchens in each unit come with the standard array of amenities, including 42-inch cabinets, granite countertops, and stainless steel appliance package.
Units also come with 10-foot ceilings, washer and dryer, and oak hardwood floors throughout the main areas of the condominium.
The master bathroom includes a separate shower and bath. Designer fixtures and marble countertops add to the luxury of the unit.
Prices for the three bedroom units range from $1.1 million to as much as $1.5 million. Added amenities can also be purchased.
The Gold Coast neighborhood is home to some of the best cultural and entertainment landmarks in Chicago. The Art Institute of Chicago, Chicago Theatre, Civic Opera House, and the Ford Center for the Performing Arts are all within blocks of 30 West Erie.
There are limitless opportunities for dining in the immediate area. Bice Ristorante, the Ritz-Carlton Dining Room, Caliterra, and Bin 36 are just a few of the many popular restaurants on the Gold Coast.
The Gold Coast is also one of the most popular neighborhoods in Chicago for shopping. The Magnificent Mile is home to the most exclusive brands in the city. Gucci, Sony, Saks Fifth Avenue, and many other luxury brands all have locations in the neighborhood.
The real estate market in the neighborhood is one of the most expensive in all of Chicago and the rest of the country.
Recent numbers for the Near North Side, which includes the Gold Coast show that the real estate market in the area could be cooling off.
According to the second quarter of 2007 report from the Chicago Association of Realtors, the number of sales of condominiums dropped by 15 percent over last year.
The neighborhood is also experiencing a glut of inventory. Turnover times are up over last year. During the second quarter of 2007, it took an average of 124 days to sell a condominium on the Near North Side.
This is not as long as in many neighborhoods. In Albany Park, for example, it takes an average of six months to sell a condominium.
Prices for condominiums on the Near North Side continue to rise. The average price rose about one percent in the neighborhood. However, there are signs that prices may be leveling out. Previous years saw double digit growth in the neighborhood.
The luxury condominium market may maintain prices as many people look to the Gold Coast for the amenities the neighborhood offers.