HACKER SAFE certified sites prevent over 99.9% of hacker crime.
Request more information:
*Your First Name:
*Your Last Name:
*Primary Email Address:
*Primary Phone Number :
Comments:
*Please type this code:
437d6

* Denotes a required field.

Privacy Policy: We will never sell or give your email address to any unauthorized third party. You will only receive information about this condominium development, and you can unsubscribe at any time.

-The ChicagoCondoDirectory.com Team


50 East Chestnut

Work is scheduled to finish on one of the most luxurious developments to come to the Gold Coast in recent months.

The $47 million building will feature 34 full-floor luxury condominiums that will offer more than 3,000 square feet of living space.

The developer, Jameson Development LLC has been active in the Chicago real estate market since 1991. They have been responsible for over $600 million of real estate development in the city.

The glass and steel structure was designed by Solomn Cordwell Buenz & Associates, a firm with a long history of landmark buildings in Chicago.

Each condominium offers incredible views of the Gold Coast and downtown Chicago. Residents have 270-degree views of the city, one of the best of any luxury condominium development.

Condos come standard with floor to ceiling windows, hardwood floors, and custom finishes that add a touch of luxury to 50 East Chestnut. The building also offers amenities such as a modern fitness center and 24-hour doorman service.

There are also two luxury penthouses offering incredible views and large private terraces. Floor plans for the building range from 3,550 square feet to as much as 3,905 square feet.

Prices start at $2.3 million for the smallest units.

The neighborhood around 50 East Chestnut is one of the most luxurious in the city. The area is home to many landmark buildings, excellent shopping, and world-class restaurants.

The Magnificent Mile is just steps from the condominium project, with luxurious brand name shopping.

Chicago cultural landmarks in the area include icons such as the Orchestra Hall, Civic Opera House, Shubert Theatre, and Terra Museum.

The Lake Michigan waterfront is just a few blocks to the east, offering several areas for biking or walking while enjoying the incredible views of downtown Chicago.

Some of the best restaurants in the city are found within blocks of 50 East Chestnut. Les Nomades, Chicago Chop House, and the Signature Room are just a few of the many choices for residents.

The neighborhood is also popular because of its proximity to the downtown Chicago business district. Commuters will love the convenience of walking to work.

The Chicago real estate market is going through a difficult period. Condominium sales are down across the greater Chicagoland region and sellers are facing longer turnover rates.

The latest numbers for the Near North Side of Chicago, which includes the Gold Coast, show that the area is also facing the same problems.

According to the Chicago Association of Realtors, the area saw a 15 percent drop in sales during the second quarter of 2007. There were a total of 867 condominiums sold during the period, the lowest amount since 2003.

Fewer buyers on the market mean that condominiums are sitting on the market longer. The average turnover rate for the Near North Side was up 23 percent to 124 days.

Prices continue to remain resistant, but longer waits and financial pressure could force many sellers to drop their price. This could cause a general drop in prices for condominiums throughout the Near North Side.

However, the Gold Coast neighborhood is a luxury niche market that attracts well-heeled buyers from around the region. Luxury condominiums in the neighborhood are highly sought after, but will continue to face added competition.

Several new developments, such as the Trump International Tower and Hotel, Mandarin Oriental, and the Chicago Spire are slated for completion during 2008 and 2009. This could lead to a glut of inventory for luxury apartments in the short term and keep prices from rising.