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30 West Oak

The Near North Side of Chicago is the busiest market for new condominiums and lofts in all of Chicago.  One of the newest condominium developments is located on the Gold Coast at 30 West Oak, near the corner of N. State. 

This luxury development offers from one- to four-bedroom condominiums.  Floor plans for the one-bedroom units start at 1,257 square feet and go up to as high as 1,336 square feet.  The largest units have as much as 3,715 square foot plans. 

The 24-story glass and steel building that was completed in October 2006 is an innovative addition to this Chicago neighborhood.  A total of 46 units were built, all with excellent views of the downtown Chicago skyline. 

Prices for these luxury condominiums range into the millions.  A three-bedroom and three-bath unit sold in July for $2,500,000 after three months on the market. 

Amenities at 30 West Oak include two rooftop terraces, a fitness center, and 24-hour doorman.  Residents also enjoy an indoor heated garage and extra storage space. 

Units come with 10 foot ceilings and floor to ceiling windows that open up to views of Lake Michigan and downtown Chicago.  Each unit also has a large terrace or balcony. 

Each kitchen comes with a package of amenities such as designer appliances, granite counters, and an open floor plan that allows for gourmet cooking.  Baths come with a separate shower and tub and marble finishes. 

The Gold Coast neighborhood is one of the best in the city.  30 West Oak is just a few blocks from the Magnificent Mile and is close to several Chicago landmarks. 

Restaurants such as Gibson’s Bar and Steakhouse, located at 1028 N Rush Street and Spiaggia, located at 980 N. Michigan Ave are popular choices for a night out in the neighborhood. 

There are several parks within just a few blocks.  Seward Park and Lake Shore Park are both within a short walk of 30 West Oak.  The Lake Michigan shoreline also provides many opportunities to jog or ride a bike while enjoying unparalleled views of downtown Chicago. 

Commuters are within walking distance of many parts of the downtown Chicago business district.  There are also several El train connections to downtown and other neighborhoods around the city. 

The real estate market in Chicago is going through a rocky period.  The Near North Side is feeling many of the effects of problems in the condominium market.  Sales in the area are down.  Owners and developers are also facing longer turnover times for condos in the neighborhood. 

According to the most recent report by the Chicago Association of Realtors, sales of condominiums in the neighborhood were down during the second quarter of 2007.  A total of 867 condominiums were sold in the neighborhood, down 15 percent from the same period last year. 

Sales of condominiums in the neighborhood have dropped during the last three consecutive years. 

The time it takes to sell a condominium on the Near North Side has also increased.  During the second quarter of 2007, a condo was on the market for an average 124 days before being sold.  This represents a 23 percent increase over the same period of 2006. 

Despite inventory problems and lower demand, the price of condominiums continues to increase.  The second quarter saw a 1 percent increase in the average price.  However, the market is showing signs of slowing as this increase is much lower than the double digit increases of the last few years. 

Buyers looking for a condominium on the Near North Side should watch for changes in the real estate market in the neighborhood.  As more condominiums stay on the market longer, sellers should be forced to bring prices down to attract more buyers.