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Lakeview is home to some of the most affordable new luxury developments under construction around downtown Chicago. The neighborhood is a great choice for buyers looking to enjoy a convenient location and plenty of excellent amenities.

One new development that is located close to the Lake Michigan shoreline in Lakeview is located at 3177 N Hudson Ave. This 12-story mid-rise building is located at the corner of Hudson and Belmont. The development, known as H3177, is a project by developers Steve Lome and George Bahramis, and is one of the most distinctive new buildings in Lakeview.

Buyers can choose from a number of floor plans in this 56-unit building. Deliveries of these luxury units are planned for sometime in late 2008 or early into the next year. The most affordable condominium at H3177 is a one-bedroom and one-bath condominium that is priced at $294,000. Other one-bedroom condominiums are priced up to $334,000.

Several two-bedroom condominiums are also available at H3177. These units are priced from $359,000 to as much as $534,000. Three-bedroom condominiums are priced in the $600s. The largest three-bedroom units offer nearly 1,500 square feet of total living space. Penthouse condominiums are also available, with prices reaching well over $1.4 million.

Residents of this new luxury condominium development in Lakeview will enjoy a long list of amenities. The gourmet kitchen will offer stainless steel appliances from Viking, granite countertops, and Grohe faucets. Residents will also enjoy hardwood floors throughout the main living areas and plush carpeting in the bedrooms. Balconies are included with each condominium, while owners of the penthouse units will enjoy a private deck. Each unit will also offer floor-to-ceiling windows.

The development will offer a number of common amenities, including a heated parking garage. One space is included in the purchase price.

The neighborhood offers a long list of amenities which include easy access to lakefront parks, beaches, walking trails, and bike paths. The harbor is also just a short walk from the front door.

Residents will be able to find some of the best restaurants and bars in the neighborhood just a couple blocks to the west at Broadway and Belmont Avenues. Public transportation to downtown Chicago is available via CTA bus and El train service. The closest El train station is located at Sheffield and Belmont.

The Lakeview condominium market has seen a drop in sales in the past few months. According to data from the Chicago Association of Realtors, a total of just 318 condominiums were sold during the first quarter 2008, down from 409 condominiums sold during the same period in 2007. It was the second straight year of declining sales in the neighborhood, and the worst result for the first quarter since 2000.

However, buyers are continuing to show interest in the most expensive properties on the market around Lakeview. The average sales price rose by 12 percent from the same period in 2007, and could continue to rise as developers focus on bringing ultra luxurious Chicago condominiums to the market.