LOGAN SQUARE — A realty group marketing a block of new luxury condos on Milwaukee Avenue say the project marks a milestone for the neighborhood.
The $500,000-plus condos are on the "cutting edge" of a real estate boom moving northwest along Milwaukee, according to Taylor Sullivan, an agent with the North Clybourn Group.
"In the past in Logan Square and Humboldt Park there was a lower level developer quality," Sullivan said. "Here it just crossed the threshold."
The condo development at 2503 N. Milwaukee Ave. is a short walk from Logan Square proper and across the street from the proposed Logan's Crossing project that is replacing the Mega Mall.
The North Clybourn Group thinks the project fills a demand gap in the neighborhood, stating that most of the development in Logan Square has focused on large-scale luxury rental or entry-level single family homes.
The condos feature luxury spa baths, large patios and private rooftop decks for every unit.
Residents who are moving in are used to West Loop and East Village-type design, according to Sullivan.
"When we are talking about million dollar condos in Wicker Park and in Bucktown, it just makes more sense to go to Logan Square," he said. "What we've seen is just a hop of Blue Line stops."
Sullivan said the project is geared toward first- and second-time buyers.
Median home sale prices in Logan Square have been trending up consistently since the pit of the recession, according to data from Zillow.
The median home sale in July 2015 was $290,424, compared to $274,691 in July 2014 and $241,799 in July 2013.
The condo project includes three buildings along the 2500 block of North Milwaukee Avenue. The first phase's six units all sold before the building was complete in April, according to Sullivan.
The second phase is still under construction and will be move-in-ready by December.
A third phase, an additional six-unit building, could end up as rental units depending on how sales of the first two condo buildings go.
"It's sort of on the cutting edge," Sullivan said. "The people who have been renting in Wicker Park, in Bucktown, they just can’t afford to buy there."
The project includes first-floor retail along Milwaukee and garages for each unit.
All the condos include three-bedrooms. Second floor units are priced at $499,900, third floor at $524,900 and fourth floor at $554,900.
The realty group is hosting a kickoff party for sales Oct. 22 that will be catered by Honey Butter Fried Chicken.
"We have found that the demand is there," Sullivan said.
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