Affluent buyers looking for second homes are returning to downtown Chicago’s condominiums, judging from recent sales activity at Cirrus, a 47‑story luxury tower in Lakeshore East.
According to Brad Brondyke of Jameson Sotheby’s International Realty, who leads sales for developers Lendlease and Magellan, about 30 of the 50 condos put under contract in 2025 have gone to second home buyers, Crain’s Chicago Business reported.
For several years, affluent buyers have largely avoided purchasing downtown condos, citing concerns about safety, urban vitality and long‑term value. The reversal of that trend at Cirrus is notable because second home buyers historically fueled much of Chicago’s luxury condo market.
Brondyke described the uptick as “great news for the city,” signaling that lingering fears about downtown living may be diminishing.
Cirrus, at 211 North Harbor Drive with views of Du Sable Lake Shore Drive, offers high‑end finishes, lakefront vistas and proximity to cultural attractions. These features aim to appeal to buyers seeking a pied‑à‑terre or weekend retreat. Of the 50 contracts signed this year, three are not yet closed but are expected to finalize by year-end.
Chicago’s downtown condo market has faced challenges since the pandemic, with sluggish sales and price stagnation compared to suburban and single‑family homes. Safety concerns and perceptions of urban decline further dampened demand. The recent momentum at Cirrus suggests a turning point, particularly among affluent buyers who can afford discretionary purchases.
While the number of contracts is modest compared to the overall market, the proportion of second home buyers — roughly 60 percent of Cirrus’s 2025 sales — is significant. It highlights renewed confidence in downtown Chicago as a desirable destination, even for part-time luxury living.
This trend also aligns with broader patterns in Chicagoland’s luxury housing market, where multimillion‑dollar sales in both suburban and urban areas have surged in 2025.
The most recent second-home purchase at Cirrus was last week at $4.05 million for a unit on the 47th floor, Brondyke said. That represents a nearly 19 percent discount from the developers’ original asking price of $4.98 million in October 2022.
The unit has about 3,650 square feet with a terrace facing Lake Michigan and is the third condo at Cirrus to trade at $4 million or more, Brondyke added. The average sale price for a Cirrus unit runs about $1.3 million.
—- Joel Russell