This Gold Coast condo tower just set a record for $3 million-plus sales

Looking to spend big on a Chicago condominium? Then you might want to explore No. 9 Walton, a Gold Coast condo tower.

 

As Crain’s Chicago Business recently reported, this condo tower in Chicago’s Gold coast neighborhood earlier this year set the record for the most sales of $3 million or more in a Chicago building in a year.

 

In early May, the 20th sale of a condo unit for $3 million or more closed. That gives No. 9 Walton the edge over the previous record-setting condo tower in Chicago, 4 E. Elm, where 18 condominium sales of $3 million or more were recorded in 2016 and 2017.

 

No. 9 Walton isn’t a huge building. It boasts 68 condo units. Its percentage of pricey sales, then, is truly impressive.

 

Of course, Chicago’s Gold Coast neighborhood is no stranger to big real estate sales. The neighborhood is one of the city’s wealthiest, and is dotted with high-end condominium towers.

 

This news might not mean much to you. After all, the majority of buyers searching for Chicago condo units will be searching for ones that cost far less than $3 million. But the strength of this particular building, and the Gold Coast neighborhood in general, bodes well for the entire Chicago housing market.

 

It’s true that Chicago’s residential real estate market has been a bit sluggish these days, both in terms of the number of homes sold and the median prices of these homes. Prices have been rising for more than four years now, good news for sellers. But prices aren’t rising nearly as fast as they are in most other big markets in the country.

 

But when pricey condos do sell, that’s a sign that a housing market is attractive to the wealthiest of buyers. And if these buyers believe in the market enough to sink their dollars in it? That’s an important vote of confidence in the local home-buying scene.