A
luxury condo on the Gold Coast recently sold for $1.02 million, significantly less than its original price over three decades ago. The 2,700-square-foot unit in the Bloomingdale's building at 900 North Michigan Avenue fetched about $378 per square foot, a sharp decline from the $596 per square foot it commanded in 1989 when adjusted for inflation.

    The seller, Gerardo Madrigal, had purchased the condo in 2000 for $1.8 million and listed it for just under $1.4 million before selling it at a loss. The unit's need for modern updates and lack of outdoor space were factors in its sale price, as buyers increasingly prioritize features like private balconies and contemporary finishes.

    Chicago's downtown condo market has seen substantial depreciation due to pandemic-related remote work shifts, concerns over crime, and changing buyer preferences. Other notable transactions have also resulted in losses for sellers, including a 48th-floor Walton Street condo that sold for $3.55 million, down from its 2021 price of $4.95 million and its 2011 price of $5.5 million.

    The Bloomingdale's tower unit is structurally sound but requires significant investment to modernize its aesthetic, including updating interior features like granite countertops and kitchen tile that date back to the late 1980s. The condo market in older downtown buildings continues to experience price stagnation or depreciation, while some neighborhoods like the West Loop have held their value.