Chitownproperty

In his always excellent Deal Estate column, Chicago Magazine’s Dennis Rodkin reports on the surprising boom in luxury condos downtown. While the condo market around most of the city has been down, 40 condos have been sold for $2 million or more downtown through May of this year. Part of the reason is that people who can afford such places weren’t hurt as much by the recession, and are ready to strike a deal. But Rodkin also explains that it’s simple timing:

What’s driving the sales? To update an old real-estate adage: timing, timing, timing. Many of these new elite homeowners made their decision to buy several years ago, while buildings were under construction or still in the planning stage—and before the recession punctured the real-estate boom. With those condo towers now ready for residents, the folks who agreed years ago to buy are finally inking the deals.

Normally we wouldn’t be happy with a listing that sat on the market for years, but in this case we might make an exception. Check out these pictures of JPMorgan Chase CEO Jamie Dimon’s home in the Gold Coast. He hasn’t lived there since 2004, and originally put it on the market for $13.5 million. Current price tag: a bargain at $9.5 million.

If you’re in the West Loop this weekend, you may be wondering about all the commotion and the kids in the skinny jeans. It’s the Pitchfork Music Festival, the lesser-known of Chicago’s two major summer concerts (after Lollapalooza) at Union Park on Lake and Ashland. Between that and filming for Transformers 3 downtown this weekend, CTA trains and buses may be a mess. Plan accordingly, and stay out of the heat!

Two bedroom condo in heart of West Loop

Price: $299,900 + 30K parking
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Welcome home to one of the West Loop’s most centrally located and sought after buildings. This highly up-graded and spacious 2 bedroom, 2 bath condo has gleaming hardwood floors, 10 ½ ft ceilings, and tons of light. A true chef’s kitchen is finished with cherry cabinets, stainless appliances, granite counters which extend to a full height backsplash, under cabinet lighting, and a large island for entertaining. Both large bedrooms boast many closets and the bathrooms are finished with beautiful marble– the master is all-inclusive with double vanity, ample storage space, and walk-in shower. The spacious living room, which has enough space for a full dining room set-up, includes a gas fireplace, surround sound, and a full wall of windows. A north facing balcony, which is the perfect size for a grill, table & chairs, completes the package. This unit comes with a full storage cage on the same floor as the condo and a, prime, first floor, garage parking space for $30K. This professionally managed building also has a work-out facility, sun deck and Starbucks.

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