New condo developments are popping up in the desirable area
Home to golden beaches, beautiful architecture and quiet, leafy streets, it’s not difficult to see the appeal of Chicago’s Gold Coast district. Centrally located, historic and by the shores of Lake Michigan, it offers laid-back big-city living and a glamorous waterside setting.
“The Gold Coast district has always been the most desirable place to live in the city and it continues to be so,” says Mark Icuss at Conlon Real Estate, an affiliate of Christie’s International Real Estate. “The architecture is beautiful, it’s a short walk from the lakefront and the shopping and dining are world class. In a nutshell, it’s everything you would want from an urban setting.”
The neighborhood is bounded by North Avenue to the north, Chicago Avenue to the south and Clark Street to the west and the shores of Lake Michigan to the east.
Prices for entry-level condominiums can be quite affordable–just don’t expect anything too chic. A one-bedroom apartment in an older high-rise block can sell for as little as $220,000.
The most expensive homes tend to be deluxe apartments in new developments. At the Waldorf Astoria, a hotel with private residences located at 11 East Walton, standard half-floor apartments sell for around $1,000/$1100 per square foot, depending on the floor, according to Mr. Icuss.
Prices for homes at No 9 Walton, a new residential tower, are even higher. “Nearly all the homes have sold and the majority have gone for north of $1,200 per square foot with penthouse units commanding much more,” says Mr. Icuss. That particular building, he says, is in the center of the neighborhood, within short walking distance of restaurants and shops, “and the level of finish is unmatched.”
Featuring a precast limestone, granite and glass exterior, No 9 Walton has 67 two- to five-bedroom condominium homes with private terraces and 10- to 12-foot ceilings and custom tailored floor plans. A 1,950-square-foot two-bedroom apartment on the fifth floor is on the market for $1.75 million and a 7,100-square-foot five-bedroom full-floor apartment with outdoor space on the 35th floor is selling for $12.95 million.
Houses, in general, tend to be less expensive than these new apartments. An unmodernized home would sell at $400/$500 per square foot and a fully updated home with the latest finishes and technology would roughly cost from $700 to $850 per square foot depending on the block, according to Mr. Icuss.
The area has everything from historic mansions and townhouses to co-op apartment buildings and deluxe high-rise condos, including newly built developments.
Astor, Dearborn and State streets are the most sought-after roads, according to Mike Kravitz, CEO of the real estate website Reside360.com, and Genna Hill of Jameson Sotheby’s International Realty. Located in Gold Coast proper, they are home to historic and beautiful brown and greystone houses.
South of Division Street, a road that runs through the middle of the neighborhood, has a large concentration of high-rise apartment blocks. Lake Shore Drive, which runs the length of the shoreline, is mostly lined with high-rises and older co-op buildings.
Oak Street, a quaint shopping street home to luxury goods shops, has a number of low-rise condominiums with views of the lake.
What makes it unique?
Traditionally an upper class neighborhood, Gold Coast is tranquil, residential and rich in heritage.
Located a mile from downtown Chicago, it’s fully walkable. You’ve got some of the city’s best shops and restaurants on the doorstep.
Positioned at the southern end of the neighborhood is the Magnificent Mile, sometimes referred to as the “Mag Mile,” a luxury shopping destination that is home to upscale department stores including Bloomingdale’s, Saks Fifth Avenue and Nordstrom.
It’s right near Lake Michigan and the Lakefront Trail, a paved path located along the lake’s foreshore and beaches. Thanks to the lake’s calm blue waters, it’s a popular place to go boating; the neighborhood is home to one of the most sought-after marinas: the Dusable Harbor.
The lakefront really buzzes during the summer, says Mr. Icuss. “Runners, rollerbladers and cyclists are on the path, families are out for walks, there’s volleyball matches going on and the beachside restaurants are packed.”
There are posh shops galore on Oak Street including Jimmy Choo, Hermes and Prada and the aforementioned Mag Mile is on the doorstep.
The neighborhood’s most popular and well-known bars and restaurants are clustered around Mariano Park. Tavern on Rush, an upscale steak restaurant, café and bar, Nico Osteria, a fine-dining spot serving rustic Italian fare and Gibsons, a classic American steakhouse with a bar, are among the best.
There is also Hugo’s Frog Bar and Fish House, a seafood restaurant known for its steak, frogs’ legs and crab legs, and Maple and Ash, a modern steakhouse which opened earlier this year.
Housed in the showroom of the furniture retailer Restoration Hardware is 3 Arts Club Café, a café set in a covered courtyard with a glass ceiling and lush greenery.
Who lives there?
Old-money families as well as well-paid professionals such as business and tech executives, high-level financiers, lawyers, bankers and a host of professional athletes.
Chicago Bulls player Dwyane Wade is said to be renting a home in the neighborhood.
Agents say that luxury condominium developments such as the Waldorf residences and No 9 Walton are selling well. Ms. Hill says: “There is huge demand at the top end of the market for high-spec contemporary homes.”
“Older, outdated homes in co-operative buildings do not command the same premiums as full-amenity newly built condominium buildings, but they are still attractive to buyers who want unobstructed views of the lake,” says Mr. Icuss.
Mr. Kravitz agrees: “Older properties with high asking prices are not selling. The fastest selling homes are at 4 East Elm and No 9 Walton.”
Source Mansion Global