1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.
The 323-unit building, located at 1000 S. Michigan Avenue, across from Grant Park, has paced the new-construction condo market throughout the fourth quarter of 2017 and first quarter of 2018, logging 38 contracts, or roughly a third of all new development sales downtown, noted @properties, the exclusive sales firm for the building.
1000M’s sales are more than double the next fastest-selling development, the 94-story Vista Tower, and represent approximately 34 percent of all development sales downtown. The figures are based on data from two sources: Midwest Real Estate Data, LLC, which operates the Chicagoland Multiple Listing Service, and the 4Q17 Downtown Chicago Condo Report compiled by Intregra Realty Resources.
New-construction inventory remains at historically low levels, while demand for luxury condominiums downtown has surged. Year to date, sales at the upper end of the market have significantly outperformed 2017, both in terms of the number of units sold and the price of those units. A number of recent sales have occurred between $1,300 and $1,400 per square foot, and the sale of the penthouse at 9 West Walton late last year topped $2,000 per square foot for raw space.
At 1000M, condominiums under contract range in price from approximately $600 per square foot to more than $1,000 per square foot, @properties noted.
“Virtually every contract we take at 1000M sets a record over what has previously sold south of Millennium Park. Certainly, at the high end of what we’ve sold, we are shattering pricing records for the area,” said John Goldsworthy of @properties, director of sales for 1000M.
“It shows that the market sees exceptional value in 1000M’s architecture, interiors and amenities, our unobstructed views, and our location on Michigan Avenue. We continue to work through a robust list of interested buyers, and we look forward to a strong spring and summer,” Goldsworthy added.
In addition to its fast start, 1000M has also won several awards, including Modern Luxury Interiors’ Best New Development of 2018 and the 2018 Gold Award for Best Presentation Center from the National Association of Home Builders.
1000M is anticipated to break ground in 2019 and be completed by 2022.
Photos courtesy of Millerhare
