$5.6 West Loop condo deal marks Chicago neighborhood’s ascendance

A penthouse condo in Chicago’s West Loop sold for $5.6 million, a sign of the neighborhood’s growing popularity among young, wealthy buyers.

Out-of-towners, whose names have not yet appeared in property records, made the purchase on Jan. 4 within hours of the listing, Crain’s reported. Americorp Real Estate brokered the deal.

The property, on the ninth floor of Noir Residences at 900 W. Washington Boulevard, spans 4,950 square feet. It’s the second property in the neighborhood to sell for more than $5 million. The other purchase, $5.72 million for the other half of Noir’s ninth floor, came in 2019.

The West Loop has become an increasingly popular neighborhood for younger buyers with tech and stock wealth, the broker told Crain’s. Chicago-based Taris Real Estate, Noir’s developer, calls it the city’s “most coveted neighborhood” in marking materials.

Seven of the building’s 22 units have sold since last summer at prices ranging from $2.3 million to $2.65 million. Four are unsold.

Chicago’s condo market surged in 2021 after a slump in activity during the pandemic’s first several months. “Condo sales, in particular, reflect the resiliency of Chicago’s market and the momentum we continue to see,” Antje Gehrken, president of the Chicago Association of Realtors, said in December.

A $8.2 million sale at the St. Regis Chicago — formerly known as the Vista Tower — marks a recent high-water mark for Chicago luxury residential sales. The 6,121-square-foot Unit 7801 in the 101-story residential and hotel tower was first listed on Nov. 3 for $9.1 million, and went into contract on the same day, according to Zillow.

The median home price in Chicago was $327,000 at the end of November, a 10.8 percent gain year over year, data from Illinois Realtors showed.

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