Gold Coast’s First Condo High-Rise In Seven Years
The seven-year itch must also apply to real estate cycles and the condo market. After a long hiatus, the Gold Coast will soon be home to 4 East Elm, a 27-story luxury condo building with 35 units. Attendees at yesterday’s groundbreaking, above, included Ald. Robert Fioretti (2nd), deputy mayor Steven Koch, Convexity Properties’ Don Wilson (the site’s developer), and @properties Thad Wong. There’s huge market demand and short supply of large luxury units, Thad tells us, and these half- and full-floor condos (just under 3,100 SF to more than 6,600 SF) will be priced from $2.2M to $7.2M. (@properties was tapped to market them.)
As rental rates skyrocket, especially for luxury product (soon $4/SF won’t even seem crazy), more and more would-be renters are thinking about settling down and buying. This includes families deciding to stick around the city to raise their kids and empty nesters reintroducing themselves to downtown. Since this cycle has seen rental towers adding in condo-caliber amenities for years now, condos have to raise the bar even higher to compete. Thad says that means 10’ ceilings, totally customizable systems (audio, video, lighting, etc), and amenities like a sundeck and outdoor pool (above). 4 East Elm is scheduled for completion in early 2016.