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Chicago Neighborhoods

While some of Chicago’s neighborhoods are known for their overall architectural grandeur and expensive property values (think the Gold Coast), there are examples of luxury housing options in every corner of the city.

Luxury Neighborhood Properties

Gold Coast

The Gold Coast has the highest average home sale price in Chicago, so it’s not surprising homebuyers start here when looking for their next luxury property purchase. Multi-million dollar real estate is commonplace in this prominent Near North Side neighborhood where Old World elegance meets the best modern conveniences money can buy.

If you are going for top dollar, the most expensive detached, single family home listed on the Chicago market today is a palatial stone residence located in the Gold Coast at 25 East Banks Street. The massive 19th-Century structure was designed by notable Chicago architect Marvin Herman (Marvin Herman & Associates continues to be a reputable name in architecture today). The 15,000-square-foot home is currently priced at $12 million—a steal for this immaculately preserved, historically significant Chicago gem. Four expansive floors house 26 rooms and an immense 900-square-foot rooftop sundeck. This house contains everything you would expect of a grand European castle with sweeping circular staircases, interior pillars, marble tile, ornate moldings and the finest finishes.

Other luxury homes in the Gold Coast are not as pricey as 25 East Banks, but still offer homeowners extravagant living spaces on picturesque, tree-lined drives. Astor Street, Elm Street, Dearborn Parkway and State Parkway boast many of the neighborhood’s prime luxury properties. The real estate values along these exclusive blocks range from $1.6 million to $9.9 million. The architectural styles vary as well, offering homebuyers modern rehabs with a contemporary look and vintage row homes dripping with late 19th-Century charm.

Luxury home-seekers are sure to find several beautiful, detached dwellings in the Gold Coast, but there are a large number of posh condominiums and penthouses on the market here, too. The high-end units are valued at close to $6 million however, there are plenty of $750,000 condo units available in the Gold Coast that furnish upgraded amenities and top quality finishes without breaking the bank.

The Elysian Hotel and Private Residences, located at 11 East Walton, is a new luxury home construction that offers homebuyers both price points, and everything in between. The Elysian’s French chalet-inspired, vintage exterior presents a stately sophistication that other new Chicago projects rebuff in lieu of more contemporary designs. A one-bedroom condo in this majestic, limestone high-rise will cost around $800,000, a three-bedroom unit knocks the price up to over $2 million, and condos with four bedrooms in the Elysian are listed at four to six million dollars. No matter what you pay for your condo, residents at this posh Chicago address will benefit from all the features of a five-star hotel with around the clock in-room dining service headed up by renowned Chicago chef Charlie Trotter.

The Palmolive Building Condos, located just down the street at 159 East Walton, has been around for many years and has become a landmark Gold Coast luxury homestead. A one-bedroom, one-bathroom unit in the Palmolive goes for around $750,000 (a parking space is an extra $50,000). The penthouse is listed at $10 million, which will get you a twelve-room unit with three bedrooms, 5.1 baths and absolutely breathtaking views of the lake. Luxury services at the Palmolive include a doorman, valet parking, dry cleaners, state-of-the-art exercise facilities and health club.

The luxury condominiums located at 10 East Delaware Street are also popular with homebuyers looking for upscale real estate in the heart of Chicago. This new construction high-rise will have 121 units, an onsite health spa, outdoor pool and sundeck when it is completed in 2009. Upmarket condos in this building cost as much as $2.4 million per unit—for the cream of the crop—however there are still units available for half that price as well.

River North

River North is an up-and-coming Chicago neighborhood that has seen the addition of a lot of new construction luxury condominiums in the past five years. Many of them are being built as we speak!

Who knows more about upmarket real estate than Donald Trump? He has impressed the world with his extravagant buildings in New York City, Las Vegas and Florida—and now his sights have turned toward the Midwest. Donald has handed over the reins of Trump International Hotel & Tower to his budding business tycoon daughter, Ivanka Trump. She is overseeing the completion of this mega-luxury condo/hotel just across the Chicago River from the downtown Chicago Loop. This 90+ story, glass skyscraper will be the second tallest building in the city when construction is done in 2009. The Tower will house 486 residences which include studios, one-, two-, and three-bedroom condos, and penthouse suites that are priced up to $8.3 million. In true Trump tradition, the building will encompass the epitome of grandeur with five-star amenities, state-of-the-art fitness facilities, first class services and a top-quality health spa.

Another well known name in luxury accommodations is Ritz-Carlton. There just so happens to be an example of the company’s handiwork in River North at 664 North Michigan Avenue. The Ritz-Carlton Residences will be managed by the world famous hotel entrepreneurs after its completion in 2009. These posh properties offer occupants superior services such as a door person, valet parking, dry cleaners, in-house chef, spa and salon, fitness center, communal billiard room, movie screening area and wine cellar. The luxurious individual units have recessed private balconies or terraces, high-end appliances, marble tiling, hardwood flooring, ten-foot ceilings, spacious floor plans and expensive interior finishes. Condominium prices begin at around $1.2 million for a one-bedroom and escalate up to almost $5 million for the lavish three-bedroom, three-bath units. Parking garage spots are available for $85,000.

Superior 110 is a 27-floor, luxury condominium in River North also in the midst of construction. This ultra-modern residence offers homebuyers gorgeous three-bedroom units starting in the upper $900s. Two-bedroom units are available for $750,000 and under. Some of the customary upmarket features at Superior 110 include marble bathrooms, oak hardwood floors, subzero refrigerators, plasma television home theaters with multi-speaker sound, high-end kitchen appliances and private decks or patios.

The Loop

Chicago’s city center is home to a large number of luxury condo developments that are attracting the attention of many Chicago homebuyers who want to live in the heart of this exciting cosmopolitan area. The neighborhood is occupied by many new construction condos that incorporate up-value amenities and fine finishes as their standard.

The Waterview Tower is a soaring, futuristic Chicago condominium currently under construction at 111 West Wacker Drive at the northern border of the Loop neighborhood. The jaw-dropping, full-floor penthouses at Waterview Tower are listed on the market for between $6.2 and $8.8 million. The top story pad will get one lucky homeowner six bathrooms, four bedrooms, a 540-square-foot outdoor terrace, heated floors, and breathtaking views of downtown Chicago. Talk about living the highlife! The rest of the condo units at Waterview are nothing to scoff at—they still offer posh two- and three-million dollar properties with lavish marble-covered bathrooms, designer kitchens and superior, upscale finishes. Building amenities enjoyed by both the penthouse-owner and other Waterview Tower condo-owners are: onsite indoor pool, health spa, sauna, steam room, whirlpool, exercise center, sundeck and restaurant, among others.

Luxury lives on in the Loop at the Heritage at Millennium Park (130 North Garland Court). Besides having an absolutely priceless location, this 356-unit, new construction condominium presents Chicagoans with first-class residences and top-of-the-line features. For less than three million dollars, homebuyers can have unobstructed views of Lake Michigan and the Chicago skyline from their plush downtown condo. Heritage gives residents the option to buy their new luxury home furnished or unfurnished, and two deeded parking spots are included in the price of this sought-after Chicago dwelling.

When it is completed in mid-2009, the Mandarin Oriental Tower will encompass 74 stories of lavish, upscale residences and hotel condominiums at its location at 230 North Stetson. This premier Chicago address isn’t even habitable yet and it is catching the interest of potential homebuyers from all over the city and the world. The rave reviews and prestigious honors of the Mandarin Oriental brand have led these celebrated, luxury condo units to fly off the market. A few properties do remain for prices in the million-dollar-plus range. The high-end living spaces at this highly-regarded downtown residence are complemented with five-star hotel services (including house-keeping), fully-loaded health club & deluxe spa (and a pet spa), private elevator access, and onsite fine dining restaurant.

More Chicago Neighborhoods...