With new construction on the rise all over the country, Chicago is thriving with a yearly increase of 44% from 2012. July 2013 turned out to be big month for Chicago home sales, and reports of increases in building permits, housing starts and housing completions nationally have been in the headlines. One might ask, just how much of that is new construction sales in the “City of Big Shoulders.”
LeapRE, an online real estate tool used by residential agents based in Northbrook, IL, broke down data for the 10 highest producing new construction projects in Chicago in terms of number of units and dollar volume.
235 w. Van Buren developed by CMK Cos, award winning urban development company in Chicago, closed the most units in total. In total dollars closed and under contract, 235 W. Van Buren brought in approximately $30 million. CMK Cos has made affordable luxury housing a focus of theirs. Currently units seem to be moderately priced from one bedroom units starting in the high $230’s to penthouse units that start in the high $340’s.
The Grant, at 1201 s. Prairie Avenue, one of three Chicago properties by Related, is a true statement of luxury living right off Lake Michigan, was top of the list when it came to total dollars closed and under contract, over $40 million. The Grant has also become a unique addition to Chicago’s skyline along with Harbor View, another Related property just a few blocks south at 1901 s. Calumet Avenue.
Harbor View also was a contributing factor to Chicago new construction sales and was the second highest in total units sold. Together, the two Related properties accounted for more than $60 million in total units sold under contract.