47-story Lake Shore East Tower Makes a Sales Comeback

Scant inventory and an aging population returning to the city is helping Chicago’s downtown condo market stage its comeback.

Sales volume at Cirrus Condominiums more than doubled in the first half of 2026, according to data from Jameson Sotheby’s International Realty, which took over the listings at the 47-story luxury Lakeshore East condominium tower in 2024.

Once plagued with concerns over safety, urban vitality and long-term value, signs of a trend reversal emerged in December when a notable surge in second home buyers showed interest in the lakefront building.

The property closed on 46 units with an additional 15 residences under contract, totaling 61 sales in the first half of 2026. During the same period last year, the building sold 24 units. And further back, between January and June of 2023, only 13 units were sold, according to data from Jameson Sotheby’s team.

“I wish we had a lot more inventory to sell now,” said Sarah Rodriguez, vice president for development at Jameson Sotheby’s.

Cirrus, at 211 North Harbor Drive, began pre-sales in April 2019 and welcomed its first residents in early 2022. Australian developer Lendlease and Chicago-based Magellan Development secured a $283 million construction loan in 2020 to build the 47-story tower and its neighboring 37-story apartment building — the Cascade. Upon completion Cirrus added 350 condos downtown ranging from one- to four-bedroom layouts, in addition to the penthouses and townhomes.

The lack of inventory in Lakeshore East is also visible in other parts of the city. In May 2026, only 3,337 homes were on the market for sale in the city of Chicago, a 30 percent decline from the 4,766 homes on the market in May 2025. The median home price was $420,000, according to Illinois Realtors. Chicago showed the strongest rate of growth nationally at 6.5 percent annually among 20 major cities, an S&P report found.

Units at the Cirrus tower averaged $1.24 million in 2026, with the priciest sales ranging from $2.4 million to $2.9 million in May and July. Costs per square foot ranged from $800 to $1,000, depending on size and unit layout, with the east-facing penthouse homes selling at a higher premium, according to Rodriguez.

“Nowadays our buyers are older professionals looking to downsize and really simplify their lives, and it’s almost a lifestyle-play for them,” Rodriguez added. She estimates the buyer pool’s average age to be 50 to 60, with many hoping to find a secondary residence to be close to their children and their grandchildren.

Michael Rosenblum, an agent with Berkshire Hathaway HomeServices Chicago who sells luxury homes downtown, agrees that the profile of buyers is typically people who are either downsizing from big homes in the suburbs, wanting to return to the city or people with acquired or generational wealth looking for second homes.

Shrinking inventory, rising demand and a lack of new construction are also recasting perceptions.

“People are willing to do the work now. They’re buying units and they’re redoing them. And they might not have looked that way if there was newer inventory,” Rosenblum said.