Chicago and Milwaukee condo presale market, 2026
Chicago is building condos again: 1282 W Washington presold 12 of its 16 homes, Fulton Bond and Marielle on the Park are selling before construction, and new product is quoted at about $1,300 to $1,400 per square foot. Illinois keeps every deposit in escrow until closing. Milwaukee added about 8 condos a year from 2021 to 2025 and is now testing demand with Zenith.
Condo projects selling now
Named for-sale projects selling or preparing to sell in 2025 and 2026, from public reporting. Rental towers are excluded. Facts from Crain's are cited through the outlet that summarised them.
| Project | Area | Developer | Units | Pricing and status | Source |
|---|---|---|---|---|---|
| Fulton Bond, 1325 W Fulton St | Fulton Market | Sulo Development | 149 | Penthouses above $7.6M; an $8.5M penthouse under contract unbuilt; sales centre opened March 2026 | The Real Deal, 27 Feb 2026 |
| Marielle on the Park, 23 S Sangamon St | West Loop | Fern Hill | 70 | Approved Oct 2026; top duplex asking $10M (about $1,587/sq ft); presales before a construction date | The Real Deal citing Crain's, 13 Oct 2026 |
| 1282 W Washington Blvd | West Loop | ZSD Corp and Corwin Partners | 16 | 12 of 16 presold at $1.75M to $3.2M; delivery fall 2027 | The Real Deal citing Crain's, 24 Jun 2026 |
| One Chicago, 14 W Superior St | River North | JDL Development | n/a | Nearing sellout; the city's two highest home sales of 2026 at $8M and $7.9M | The Real Deal, 12 Sep 2026 |
| Cirrus, 211 N Harbor Dr | Lakeshore East | Lendlease and Magellan Development | 350 | 61 sales in H1 2026 against 24 in H1 2025; average $1.24M | The Real Deal, 17 Jul 2026 |
| Beman, 2700 N Pine Grove Ave | Lincoln Park | n/a | 22 | Church conversion; addition topped out Aug 2026; sales launching | Hoodline, Aug 2026 |
| Foundry Park condo building | Lincoln Park and Bucktown | JDL with Kayne Anderson | n/a | Mostly rental megaproject; condos quoted $2.6M to $12M | Chicago Agent, 7 Sep 2026 |
| Optima Lumina | Wilmette (North Shore) | Optima, Inc. | 133 | Sales began July 2026; from the $595,000s; opening 2028 | Urbanize Chicago, 30 Jul 2026 |
How fast new condos are selling
Chicago added about 971 condo units a year from 2021 to 2025, new construction plus conversions, against about 7,102 a year from 2004 to 2008.
Wisconsin Policy Forum, Sep 2026In April 2024 there were no downtown condo projects under construction or planned, and about 600 of the 2,500 downtown condos delivered since 2015 were still unsold. No newer count has been published.
The Real Deal citing Integra Realty Resources, 10 Apr 2024Cirrus in Lakeshore East recorded 46 closings and 15 contracts in the first half of 2026, against 24 sales a year earlier.
The Real Deal, 17 Jul 2026One Chicago sold 16 condos in three months once demand returned in late 2024 and early 2025, and is now nearing sellout.
The Real Deal, 12 Sep 20261282 W Washington presold 12 of 16 four- and five-bedroom homes before construction.
The Real Deal citing Crain's, 24 Jun 2026Months of supply for new Chicago condos is not published.
Not published
What new condos cost
JDL's Jim Letchinger puts new Chicago condo pricing at about $1,300 to $1,400 per sq ft, against about $2,000 entry level in New York (developer statement).
Chicago Agent, 7 Sep 2026Cirrus units averaged $1.24M in 2026, at $800 to $1,000 per sq ft.
The Real Deal, 17 Jul 2026Marielle on the Park's top-floor duplex is asking $10M for 6,300 sq ft, about $1,587 per sq ft.
The Real Deal citing Crain's, 13 Oct 202618 Chicago condos have sold for $7M or more in five years, 17 of them east of Clark Street.
The Real Deal, 27 Feb 2026An official citywide price per square foot for new condos is not published.
Not published
Deposits, and the law that protects them
Under 765 ILCS 605/24, every deposit on an initial sale is held in a separate escrow until title passes, in an interest-bearing, federally insured account. Interest goes to the buyer unless closing is within 45 days.
Illinois Condominium Property Act, 765 ILCS 605 (sections 22 and 24)The Act gives developers no right to spend deposits on construction, and creditors of the developer cannot attach the escrow. Only payments for extras the buyer orders in writing are excluded.
Illinois Condominium Property Act, 765 ILCS 605 (sections 22 and 24)No statute sets a deposit size. Brokers report developer asks of 10%, sometimes split into 5% with the offer and 5% after attorney review.
Baird & Warner broker blog (undated)Under 605/22, if required documents were missing at signing, the buyer can void the contract until 5 days after the last one arrives. If the developer fails to make full disclosure, the buyer can rescind before closing with interest.
Illinois Condominium Property Act, 765 ILCS 605 (sections 22 and 24)
What a developer must file before selling
Before the contract, Illinois requires the declaration, bylaws, a projected operating budget and the unit floor plan. There is no state registration of the offering, unlike New York or Florida.
Illinois Condominium Property Act, 765 ILCS 605 (sections 22 and 24)Chicago requires a standardised Condominium Disclosure Summary filed with the city no later than 90 days before the first unit is offered, and handed out with marketing materials and at open houses.
City of Chicago BACP, condominium ordinanceProjects of more than six units also need a property report naming the developer, owners, construction lenders, sales agents, architects and contractors.
Chicago Municipal Code ch. 13-72 (copy hosted by IDFPR)Fines run from $500 to $5,000 for a first violation and $2,000 to $10,000 for repeats. Chicago's ban on misleading condo advertising carries a private right of action, so brochure claims need care.
Burke, Warren, MacKay & Serritella, 18 Nov 2015
What lenders require
The most recent published Chicago lender figure is from 2017: banks raising condo presale requirements to as much as 50%, depending on equity and sponsor. We found no newer published threshold.
Loop North News quoting Appraisal Research Counselors, 18 Sep 2017For buyers' mortgages to be Fannie Mae eligible, at least 50% of units in the project or phase must be sold to owner-occupants or second-home buyers, and the building must be substantially complete.
Fannie Mae Selling Guide B4-2.2-02, 5 Aug 2026FHA requires at least 30% owner occupancy for a new-construction condo project.
HUD Handbook 4000.1, section II.C
Who is buying
Downtown luxury buyers are mostly downsizing professionals aged roughly 50 to 60, many buying near children and grandchildren, with a rise in second-home buyers since December 2025.
The Real Deal, 17 Jul 2026Out-of-state relocators, Lincoln Park downsizers and young families are buying at One Chicago and Foundry Park; flip investors are scarce.
Chicago Agent, 7 Sep 2026Illinois took about 3% of US foreign-buyer purchases from April 2024 to March 2025, tenth among states.
NAR International Transactions report, Jul 2025
What presale marketing costs and converts, from our own Chicago work
Dated results from TERAMOK presale and launch campaigns. Clients are under NDA, so figures are published without names on our results page.
Under Illinois law no deposit money can pay for marketing, and Chicago's disclosure summary must be filed 90 days before the first unit is offered, so the presale campaign and the filing calendar have to be planned together. See published results and pricing.
Milwaukee: a condo market starting again
For Chicago-area developers weighing Milwaukee: the city has built almost no condos since the recession, Wisconsin's deposit rules differ sharply from Illinois, and the first new towers are testing demand now.
Named for-sale projects from public reporting.
| Project | Area | Developer | Units | Pricing and status | Source |
|---|---|---|---|---|---|
| Zenith, 711 E Kilbourn Ave | Downtown, East Town | New Land Enterprises | 226 | $457,990 to $2.975M; targeting 50% presold before a July 2027 start; Plan Commission approval Sep 2026 | Urban Milwaukee, 22 Jun 2026 |
| The Landing at Park Shore | St. Francis, Milwaukee County | Emem Group and Maharani LLC | 89 | 47 presold before construction; from $250,000; move-in summer 2027 | Spectrum News 1, 26 Sep 2026 |
Milwaukee sales pace and pricing
Milwaukee added about 8 condo units a year from 2021 to 2025, against about 309 a year from 2004 to 2008.
Wisconsin Policy Forum, Sep 2026The last downtown condos completed were 16 units atop The Moderne, around 2012.
Milwaukee Magazine, 20 Jul 2026New Land reported selling an average of two Zenith units a day in the first week after its June 2026 announcement (developer statement). No cumulative presale count is published.
Milwaukee Magazine, 20 Jul 2026Zenith's Plan Commission rezoning passed 5-0 on 28 September 2026; construction is planned for July 2027 if presale targets are met.
Urban Milwaukee, 30 Sep 2026Developers cite the need to presell at least half of the units before financing, which rentals avoid, as a main reason condos are rare in Wisconsin.
WPR, 13 Oct 2026
Milwaukee deposits and buyer rights
Wisconsin's condominium law has no developer deposit-escrow rule, unlike Illinois. Buyer protection comes from rescission instead.
Wisconsin Statutes ch. 703 (s. 703.33)Buyers can cancel in writing, for any reason, within 5 business days of receiving the full disclosure package, and again after any material amendment, with all deposits returned. The right cannot be waived and ends at closing.
Wisconsin Statutes ch. 703 (s. 703.33)The disclosure package, including a plain-language executive summary, must be delivered at least 15 days before closing. The condominium exists only once the declaration and plat are recorded with the county.
Wisconsin Statutes ch. 703 (s. 703.33)If a broker holds the earnest money, it goes into a state-registered trust account, with the interest paid to the state, not the buyer.
Wisconsin Statutes s. 452.13Construction defect claims are limited to 7 years after substantial completion.
Wisconsin Statutes s. 893.89
Questions developers and buyers ask
Is my deposit safe if I buy a preconstruction condo in Chicago?
Yes. Under 765 ILCS 605/24 the developer must hold every deposit in a separate, interest-bearing, federally insured escrow until title passes, with interest credited to you unless closing is within 45 days. The developer's creditors cannot attach it.
Can a Chicago developer spend my deposit on construction?
No. The Illinois Condominium Property Act keeps deposits in escrow until conveyance and has no construction-use exception. The only carve-out is payment for extras you order in writing.
How much deposit do Chicago presale condos require?
No statute sets a percentage and no market-wide figure is published. Brokers report developer asks of 10%, sometimes 5% with the offer and 5% after attorney review.
Can I cancel a new-construction condo contract in Illinois?
Yes, if required documents were missing when you signed: you can void the contract until 5 days after the last one arrives, or until closing. If the developer fails to make full disclosure, you can rescind before closing and recover your deposit with interest.
What must a Chicago condo developer disclose before selling?
The declaration, bylaws, projected budget and floor plan under state law. Chicago adds a Condominium Disclosure Summary filed with the city at least 90 days before the first unit is offered, and a property report for projects over six units.
How many units must be presold before a Chicago condo tower can start?
There is no legal minimum. The latest published lender figure, from 2017, is up to 50% depending on equity and sponsor. Fulton Bond and Marielle on the Park are selling before construction but have not published their thresholds.
What do new condos cost per square foot in Chicago in 2026?
Published figures run from $800 to $1,000 per square foot at Cirrus to about $1,587 asked for the Marielle on the Park penthouse. One developer quotes about $1,300 to $1,400 per square foot for new product.
Does Wisconsin require developers to escrow condo deposits like Illinois?
No. Wisconsin's chapter 703 has no deposit-escrow rule. Buyers are protected by a 5-business-day cancellation right with a full refund after receiving the disclosure package, and broker-held money goes into a trust account.
How many presales does a Milwaukee condo tower need before construction?
There is no legal minimum. New Land is targeting 50% presold for Zenith before a planned July 2027 start, and The Landing at Park Shore in St. Francis presold 47 of 89 units before building.
Sources and method
Compiled on 20 October 2026 from statutes, lender guides, market reports and established local press, each named next to the figure it supports. We publish only figures with a named source; where nothing current is published we say so rather than estimate. TERAMOK campaign figures are our own, from clients under NDA. Free to cite with a link to this page. Corrections: info@teramok.us.
Not yet published anywhere we checked: a citywide price per square foot for new Chicago or Milwaukee condos, a current count of unsold downtown Chicago inventory, a market-standard deposit schedule in either city, a current lender presale threshold, presale percentages at Fulton Bond, Marielle on the Park and Zenith, and the foreign and investor share of buyers.
- Wisconsin Policy Forum, Sep 2026
- The Real Deal, 27 Feb 2026
- The Real Deal citing Crain's, 13 Oct 2026
- Chicago YIMBY, 1 Oct 2026
- The Real Deal citing Crain's, 24 Jun 2026
- The Real Deal, 12 Sep 2026
- The Real Deal, 17 Jul 2026
- Chicago Agent, 7 Sep 2026
- Urbanize Chicago, 30 Jul 2026
- Hoodline, Aug 2026
- The Real Deal citing Integra Realty Resources, 10 Apr 2024
- Illinois Condominium Property Act, 765 ILCS 605 (sections 22 and 24)
- City of Chicago BACP, condominium ordinance
- Chicago Municipal Code ch. 13-72 (copy hosted by IDFPR)
- Burke, Warren, MacKay & Serritella, 18 Nov 2015
- Loop North News quoting Appraisal Research Counselors, 18 Sep 2017
- HUD Handbook 4000.1, section II.C
- Baird & Warner broker blog (undated)
- NAR International Transactions report, Jul 2025
- Urban Milwaukee, 22 Jun 2026
- Urban Milwaukee, 30 Sep 2026
- Milwaukee Magazine, 20 Jul 2026
- Spectrum News 1, 26 Sep 2026
- WPR, 13 Oct 2026
- Wisconsin Statutes ch. 703 (s. 703.33)
- Wisconsin Statutes s. 452.13
- Wisconsin Statutes s. 893.89
Planning a presale launch?
We build the presale system around these rules: positioning, film, the launch website and paid media, measured against reservation milestones.