What Would You Pay? Chicago Condo on Market for $1,714 Per Square Foot

Would you be willing to spend $1,714 per square foot for your next condo? That’s what you’d have to pay if you wanted to buy the duplex penthouse unit at the Aqua condominium tower at 225 N. Columbus Drive in the River East neighborhood of Chicago.

Chicago Magazine recently highlighted the unit as it went on the public real estate market earlier this month. The unit’s asking price might seem amazing — and it is — but to me it’s another sign that Chicago’s condominium market is a hot one.

Yes, few of us will ever pay such a high price for a condo unit. But the fact that such luxury units are on the market in Chicago is good for all condo owners here. Demand for city living is high today. And the owners of condos in Chicago will find that there are plenty of buyers out there looking to move into modern condominium properties in the hearts of the city’s busiest neighborhoods.

The condo unit at Aqua is especially notable. It’s on floors 80 and 81 of the tower, so it offers breathtaking views of the city. To get those views, though, you’ll need millions of dollars. According to Chicago Magazine’s story, the unit comes with an asking price of $6 million.

It’s per-square-foot price of $1,714 is near record status in Chicago. The magazine says that the only property in the city that has earned more per square foot is a 2012 purchase of a penthouse unit in the Park Tower condo building at 800 N. Michigan Ave. The buyer of that property spent $15 million, or $1,899 per sqft.

If you want to buy a condo in the city’s Near North neighborhood (comprising the Gold Coast, River North and Streeterville), you better be prepared to spend. Chicago Magazine did a study of that neighborhood and found that last year condo properties here with at least three bedrooms and three-and-a-half bathrooms closed for an average of $5.1 million.

Of course, you don’t have to spend millions of dollars to find a Chicago condo that works for you. There are plenty on the market today in all of Chicago’s top neighborhoods. If you’re in the market for urban living, it’s time to hire a RealtorĀ® who knows the neighborhood(s) you want to live in and get out there.