In a market that has been increasingly defined by renting properties, two luxury condos in Lincoln Park and North Michigan Avenue are distinguishing themselves with their qualities – and price tags.
Lincoln Park 2520 and the Ritz-Carlton Chicago, the two properties in question, are the only sizable condos in Chicago that will deliver properties within the next year. That fact is a reminder of how radically Chicago’s market has changed in recent years. In 2007, for instance, 4,800 condos came online.
However, the two units are earning distinctions not for their affordability, as seems to be the trend today, but for their cost. In terms of prices per square foot, Lincoln Park 2520 is $800, while the Ritz-Carlton is priced at nearly $1,200.
“They’re an elite little group,” said Gail Lissner, vice president of Appraisal Research Counselors. “They’re attracting the wealthy homebuyer but with very different types of location and lifestyle. They’re both going to be amenity (filled) buildings.”
Closings have not yet begun, so no public records exist on how successful the buildings have been; estimations, though, put the Ritz-Carlton at 50 percent under contract and Lincoln Park 2520 at 40 percent.
The Lincoln Park development, which is on the site of the former Columbus Hospital, is the first large-scale condo building in Lincoln Park since 2120 North Lincoln Park West was completed in 2001. As such, its development, which officially began in 2007 but was delayed because of financing difficulties, has been closely watched.