Buying a Condo in Chicago
If you’re buying a condo in Chicago, you’ll be happy to find that there are plenty of options available to you. Condominiums make up a significant portion of Chicago’s real estate market and they have consistently been a popular choice among home buyers, mostly due to their convenient locations, minimal upkeep requirements, and exceptional amenities.
Common Types of Condos in Chicago
For homebuyers who are searching for top-of-the-line luxury real estate in the Windy City, there is an array of high-end properties on the lakefront and in the heart of downtown, both of which are highly desirable locations. These condos often feature exceptional finishes and amenities like pet care, fitness classes, spa services and 24-hour doormen.
What’s more, many of the condos in Chicago are within high-rise buildings. With some of the tallest and most notable condo buildings including the Trump Tower and the John Hancock Center, Chicago is an ideal city to find upscale properties with incredible views. Many of the taller condo buildings are actually near the lake, giving some residents prime views of the water.
However, for the homebuyers who need a more budget-friendly option, there are also many Chicago condos with price points that are more affordable than their luxury counterparts. Buildings that are farther away from downtown and the lake tend to sell for significantly less money. If you want to be close to the heart of the city and still be able to snatch a good deal, several condo building include mini-condos units, which contain fewer than 800 square feet - These are available at lower prices.
Popular Condo Locations in Chicago
One of the biggest benefits of choosing a condo over a house is that condo complexes are generally located closer to the attractions and businesses within the city. While you can certainly find condos located all throughout the city, you’ll discover a higher concentration of condo buildings within and nearby downtown Chicago. Not only do residents living in downtown Chicago condos have close access to their offices, but they are also within walking distance of some of the city’s top restaurants, The Magnificent Mile shopping district, and Millennium Park.
You can also find a higher concentration of condo buildings on Lakeshore Drive, which is the major street that runs along the shore of Lake Michigan. Chicago condos along the lakeshore are highly valued because of their stunning views and convenient access to the lakefront trail, where residents enjoy walking, biking and running.
Chicago's Condo Costs
If you’re buying a condo in Chicago, you’ll find units in a variety of price points. For a large luxury condo with views of the lake and a close proximity to downtown, homebuyers will encounter prices from the high hundreds of thousands to millions of dollars.
On the other hand, mini condos in prime locations can range from the low to mid $100,000’s, giving home buyers options that are affordable but still attractive. According to the Chicago Tribune, the median sales price for Chicago condo purchases is $208,000, which is still within reach for many home buyers.
Whether you’re looking for a prime location, a luxurious lifestyle, or affordability; you’ll discover a great deal of variety and flexibility when buying a condo in Chicago.