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10 East Ontario finds a bottom

10 East Ontario

While scanning the MLS the other day, I noticed an interesting trend over at the 10 East Ontario also known as Ontario Place Condominiums located in the heart of River North. There are currently 15 condominiums at 10 East Ontario ranging from a studio residence to a two bed/two bath all on the market with 14 of those condos under contract. The studio, obviously having the lowest price, is at $139,900 while the 2-bedroom/2-bathroom condo has an extremely fair asking price of $299,900. The 49-story Ontario Place Condos were originally built in 1983 but over the years the building has maintained a very prestigious reputation given its prominent and very desirable location. Even the 1-bedroom condos on the 45th and 46th floors some with indoor parking are priced below $199,900 which is certainly not typical for the larger square footage and large balconies. So with 10 E. Ontario having these low price, are the high number of contracts a clear sign that investors feel this building has reached its bottom level? I’d say the sales numbers speak for themselves and that the time to buy for this building, and perhaps many others in Chicago, is NOW. It’s safe to say that the Chicago real estate market will take years to reach levels it was once at before the mortgage crisis- but it feels good to see more contracts being negotiated and more condo buildings being filled in the mean time. To see the remaining one-bed/one-bath condo at 10 E. Ontario for sale  give me a call @ 312-810-6693.

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