Penthouse is tops in condo living

A luxury condominium penthouse in the city really is a "mansion in the sky," real estate experts say.

These high-rise homes currently are the height of elegance in luxury housing in Chicago -- from the Loop and West Loop to Streeterville and Lakeview. And, if you shop around, you can even find penthouses in the suburbs.

Though usually priced a bit higher than standard condominiums, penthouses are loaded with Manhattan-style amenities and legendary features only seen in Hollywood movies, experts say. Private elevators, spectacular views from rooftop terraces, tall ceilings and palace-quality upgrades are common features that represent the mystique of the penthouse.

"In downtown Chicago, penthouses in a wide range of sizes and price points are always in demand," said Keith Giles, president of Frankel & Giles Real Estate, co-developer of Metropolis, a luxury Loop condominium at State and Monroe.

"Living in a penthouse is more than just prestige, it's being able to have the best money can buy," said Mark Sutherland partner in Sutherland Pearsall Development, developers of 550 St. Clair in Streeterville.

Views usually steal the show in penthouse living, including vistas of the famed Chicago skyline and Lake Michigan serving as the stars.

A spacious terrace, often standard equipment with a city penthouse, provides outdoor space and a perfect perch to take in picture-perfect views. And according to real estate experts, buyers are willing to pay more for the fantastic view.

Here are details on some of the plushest new-construction penthouses now available to Chicago home buyers:

• Metropolis. A one-of-a-kind top floor duplex penthouse at The Metropolis, a historic 170-unit adaptive-reuse high-rise at 8 W. Monroe St. in Chicago's Loop, is being sold with three free parking spaces in a final-units-remaining special.

The parking spaces are valued at $43,800 each, for a total incentive of $131,400, said Brian Berish, sales manager for Frankel & Giles Real Estate, the exclusive sales and marketing agent.

The 4,061-square-foot duplex penthouse, which features a private terrace and spectacular Lake Michigan and downtown views, is dry walled and ready for finishes. It is priced "as is" for $2.2 million.

Metropolis' sales center and models are located at 8 W. Monroe. The center is open Thursday to Monday from noon to 5 p.m. or by appointment. For more information, call (312) 384-0888, or visit www.metropoliscoridominiums.com.

• 550 St. Clair. The penthouses in this 26-story condominium, currently under construction just east of Michigan Avenue in the Streeterville neighborhood, are located on the top four floors of the building.

Available penthouses offer three bedrooms, three or four baths, 2,175 to 3,075 square feet of living space with 11-foot ceilings and amazing views and outdoor space. Prices range from $1.218 million to $1.768 million.

One of the prime penthouse residences still available is Residence 2402, a three-bedroom, four-bath layout with south, east and west views and 3,075 square feet of living space. It is priced from $1,798,500, including parking.

The sales gallery and model center for 550 St. Clair is located on the 4th floor at 201 E. Ohio. Sales gallery hours are Monday through Friday from 10 a.m. to 6 p.m. and Saturday and Sunday from 11 a.m. to 5 p.m.

For more information on 550 St. Clair, call (312) 222-0550 or visit www.550StClair.com.

• The St. Clair at CityFront Plaza. Penthouse residences showcasing two-bedroom and three-bedroom floor plans with exceptional views are offered at The St. Clair at CityFront Plaza, a 41-story luxury condominium development planned at 200 East Illinois, a half-block east of Michigan Avenue's "Magnificent Mile" in Streeterville.

Sneak preview sales are now under way. Penthouse residences range from 1,597 to 4,986 square feet of living area, and are priced from the $900,000 bracket.

The 253-unit St. Clair is the second phase of CityFront Plaza, a three-tower, $700 million luxury condominium development now under way on a full city block bounded by St. Clair Street, Illinois Street, Columbus Drive and Grand Avenue, said John McLinden, partner in Centrum Properties, Inc., the developer.

A sneak preview sales registration program is now under way online at www.CityFrontPlaza.com. For additional information, call (312) 923-9990. The sales center for The St. Clair at CityFront Plaza is located at 240 E. Illinois, on upper Illinois Street a block east of Michigan Avenue. The sales center is open weekdays from 10 a.m. to 6 p.m. and Saturdays and Sundays from 11 a.m. to 5 p.m.

• 740 Fulton. Stunning views of the Chicago skyline are showcased from the two penthouses still available at 740 Fulton, a 14-story boutique high-rise with loft-style features and amenities in the West Loop's Fulton Market District.

They are priced at $895,990 and come with two parking spaces, and an impressive list of "rough-in" upgrades with the finishing touches placed on hold for the buyer.

First, Unit 1402 is a three-bedroom, 2½-bath with 2,215 square feet of space and a southwest view, soaring 11-foot to 18-foot ceilings and large outdoor terrace. It is priced at $895, 990.

Unit 1406 is a three-bedroom, 2½-bath layout with 2,204 square feet of space and a northwest view, soaring 11-foot to 18-foot ceilings and large outdoor terrace. It is priced at $895,990.

Many luxuries are standard at 740 Fulton, including high-speed Internet, satellite TV, stainless-steel upgraded kitchen appliances, granite countertops, oak hardwood flooring, exposed ductwork and in-home washer/dryer.

Building amenities include private fitness center, business center with high-speed Internet access, as well as a doorman/concierge, which offers theater and restaurant reservations and a dry-cleaning drop-off service, among other services.

The sales center and furnished model for 740 Fulton, located in the building, is open daily from 11 a.m. to 6 p.m. For more information, call (312) 902-1200 or visit www.ThrushHomes.com for a virtual tour.

• The Residences at the Vic. Several penthouses are part of the mix at this 51-unit new-construction luxury condominium at 3140 N. Sheffield Ave. in the heart of the Lakeview neighborhood.

"Penthouses at The Residences at the Vic have sold quickly," said Joe Hitt, sales manager for Joseph Freed and Associates LLC, the developer.

Unit 701, one of the five remaining penthouses, is priced at $1.2 million. This three-bedroom, 2½-bath, 2,400-square-foot penthouse is situated at the southeast corner of the building and offers a spacious 1,000-square-foot patio with panoramic views of Chicago's downtown and the city.

Not all penthouses are priced at more than $1 million. For example, Jeanne and Mike Saliture selected a penthouse at The Residence at the Vic with a city and lake view and it was priced in the $600,000 bracket.

"It has just a breathtaking view of the city," Jeanne Saliture said. "We have a chef's kitchen with beautiful granite and marble, and wood floors. It's an open floor plan with three bedrooms and three baths. It's close to 1,800 square feet."

Prices for other remaining penthouses available for immediate occupancy range from $629,990 to $715,990. All prices include one underground heated parking space. Parking for 233 cars is provided in a new-construction parking garage.

The Residences at the Vic sales center on the sixth floor at 3140 N. Sheffield Ave., is open Monday through Friday 11 a.m. to 6 p.m. and Saturday and Sunday 11 a.m. to 5 p.m., or by appointment.

For more information about The Residences at the Vic, call (773) 975-9100 or visit www.VICcondos.com.

• The Waterford Condominiums. A limited group of loft-like penthouse residences are being offered at this new three-building enclave in downtown northwest suburban Des Plaines.

"Ten light-filled, spacious and airy penthouses located on the 5th floor at The Waterford were customized by our design team to include ceilings that soar to 10½ feet, and interior doors that rise to a height of 8 feet," said developer Ray Franczak, partner in R. Franczak & Associates.

"To let even more sunlight pour into the penthouses, 2-foot-high glass transoms were added over the windows and sliding-glass balcony doors," Franczak said.

The 118-unit Waterford development is located on a tree-lined boulevard and offers one-bedroom-plus-den to three-bedrooms-plus-den residences ranging in size from 1,130 to 1,864 square feet of living space. Prices range from $249,900 to $415,400.

Some of penthouses at The Waterford also offer rooftop terraces, master suites with luxurious spa showers and a variety of open floor plans with island kitchens which are great for entertaining, said Lynne Gregg, sales manager for R. Franczak & Associates.

To date, there are two 6th-floor rooftop terrace penthouses for sale -- The Fairfax II and the Lennox II models. Here are details on the residences:

The Lennox II. Priced from $359,900, The Lennox features 1,557 square feet of living space with two bedrooms plus a den and two baths.

The residence has a large island kitchen which opens to a spacious living room with access to a balcony. The den just off the kitchen offers access to a rooftop terrace.

The Lennox II also has a master bedroom suite with a large walk-in closet. The master bath has a linen closet and 4-foot shower with a seat.

The Fairfax II. This plan offers 1,456 square feet of living space. The two-bedroom-plus-den residence also has an island kitchen which opens to a large great room and access to the oversized rooftop terrace. The great room also has access to a balcony. A spacious office with built-in desk completes this unit. This home is priced from $339,900.

The Waterford also has four of the special 5th-floor penthouse floor plans available: The Abbey, The Lennox, The Princeton and The Regency. Mere are details on these designs:

The Abbey, unit 510, is a 2-bedroom, 2-bath residence which offers 1,444 square feet of living space. Upon entering the residence, one is immediately impressed with the size of the great room which is more than 28 feet long.

The spacious kitchen with 42-inch cabinetry features a peninsula that seats four for casual dining. This plan offers split bedrooms and baths. All rooms view the beautifully landscaped courtyard. The Abbey is priced at $312,400.

The Lennox, unit 501, is R. Franczak's newest and most popular 2-bedroom, 2-bath-plus-den floor plan. Therefore it made perfect sense to include several special features.

The 9-by-14-foot kitchen features a six-foot island, 42-inch cabinetry, two lazy Susans and spacious pantry. A cozy den adjacent to the kitchen features a 2-foot glass transom over the 8-foot-tall entry.

The 18-foot master suite enters off the living room and has floor to ceiling windows, spacious walk-in closet and oversized bath. The Lennox is priced at $329,900.

The Princeton, residence 505, features 2 bedrooms, 2 bath-plus-den floor plan with 1,557 square feet of living space. The island in the gourmet kitchen provides an informal and friendly area to chat. The Princeton features an open almost urban feel to the design and decor. It is base-priced from $335, 900.

The Regency, residence 506, is one of the exceptional fifth floor penthouse units available at The Waterford. The Regency has 2 bedrooms, 2 baths and 1,405 square feet of living space. The Regency is base priced from $312,900.

The Regency penthouse features a dramatic 10½-foot ceiling throughout, 8-foot doorways, as well as light beech wood floors through the main living spaces.

It also features designer paint colors, granite with Italian marble mosaic tile back splash, 42-inch Cherry Mocha Polo cabinetry, an upgraded stainless steel appliance package and custom three-inch window and door casings and five-inch baseboards with solid two-panel doors.

"Buyers are getting the trendy 'downtown' finishes and floor plans without the city price tag," Gregg said. "We listen to what our buyers are looking for with each community, and implement those ideas."

Recently, that has meant opening up floor plans, offering standard granite and Corian countertops, hardwood flooring in kitchens and other finishes that are nearly always found in the city, she said.

For a private presentation of the Waterford penthouse plans, please visit the sales center located at 799 Graceland in Des Plaines. It is open daily from 10 a.m. to 5 p.m. For more information, call (847) 297-6769 or visit website www.rfranczak.com.