Two luxury high rise buildings are in the news…

Ritz Carlton Residences

The Ritz Carlton Residences, 644 N Michigan Ave, are not able to deliver their units, due to a dispute with the Terra Foundation. Since the Foundation refuses to close on the Prism build-out of their space, the homeowners who have planned to move in to the RC Residences are unable to move into their condos. As a result, lawsuits are being filed by homeowners, asking for their earnest money back.

The residences use the 118 E Erie address, and currently 7 are listed in the MLS, ranging in price from $ 1.5MM to 4.8MM. The listings represent 7 different tiers in the building, so presumably there are more residences available than just these 7.



To see listings currently available through the MLS at the Ritz Carlton, select this link.

Read more about the building’s trouble in Crain’s by selecting this link.

2550 N Lakeview

Originally marketed as 2520 Lincoln Park (select this link to see the website), this Lucian LaGrange building held an open house for Baird & Warner agents last week. Tom and I toured the models and common areas – it was the first time I had been in the building since the sales office left the John Hancock building.

The sales office for 2550 Lincoln Park is in the south tower, and the views were every bit as sensational as I expected. The common areas are lovely, and the private park is unique for the city’s high rises, even luxury buildings.The building staff was not just cordial – they were friendly and welcoming.

Here are my random thoughts from the visit:

  • So many public areas – media room, billiards room, game room, reception room… perhaps one doesn’t need so large a home when all these other spaces are available?
  • I got the impression that the building was designed for families as well as your typical high end single/couple — I kept thinking how much my teenagers would love the billiards room, game room, and theater. If only we could all afford $2MM condos AND private school!
  • There are lots of public rooms, but there’s a void in the grocery/restaurant options. Except for North Pond, there aren’t a lot of restaurants, and I don’t consider the nearby grocery stores to be adequate for the discriminating shopper. If I’d been the developer, I might have taken 600 square feet on the ground level for a gourmet take-out or commissary.
  • It was a total letdown to leave the sales office, a 2600+SF unit with south/city views, and then travel to the 9th floor north tower for the typical 3 bedroom model. It was significantly smaller, with  many square feet were lost to hallways and odd angles.
  • I was told that the building is about 50% sold. The kitchens have been finished, so buyers don’t get the typical new construction perks of choosing their own finishes. That’s too bad – most high-end buyers want their own choices. (The penthouse units are unfinished, however.)

Listings in the building begin at $ 1,048,000, and the highest price available through the MLS is price at $ 6,092,000. Unlike the Ritz, closings have taken place at 2550, and the highest reported sales price is $3,587,407.

To see listings and get more information about condos for sale at 2550 N Lakview, select this link.

Take a video tour of 2550 Lincoln Park by watching this video from Alby Gallun of Crain’s Chicago Business.


Other newer luxury condo buildings and projects in Chicago:

Search Chicago Luxury Condos

Want to view luxury condos for sale online?

   Select this link to get a current list of luxury condominiums for sale in Chicago.


Luxury Condo Sales in Chicago over the last year

Are you interested in knowing just how much people are paying for condos in Chicago? Only 2 condos in Chicago have sold for over $ 1000 per square foot over the last year -65 E Goethe and 11 Walton.

See the chart below for condos that sold for over $ 2,750,000 this year.

HSNSTR#List PriceSales PriceSFPrice/SFDate ClosedRMSBRFull BA1/2BA
840Lake Shore1701$4,295,000$3,695,0004300$859.3012/15/119431
840LAKE SHORE1601$3,995,000$3,600,0004350$827.599/22/127441
445North Water2701$3,350,000$3,075,0005200$591.357/2/129331
199Lake Shore6E$2,800,000$2,750,0004600$597.837/17/128332




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