Outpacing the Market Despite Luxury Price Points

by Stephanie Sims

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According to Appraisal Research Counselors’ most recent report, Lincoln Park 2550 is outpacing the new construction market despite its high price point. At $877 per square foot, the luxury building appears to be selling faster than lesser-priced buildings. The Legacy at Millennium Park is priced at $600 to $699 per square foot, and is not far behind in terms of the percentage of closed sales, but has more units yet to be closed. There are no new construction projects in the $500 to $599 price per square foot range, so we’ve included The Grant’s sales statistics, which is in the $400 to $499 range, from the report as a comparison.

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