Many of Chicago’s most prominent neighborhoods sprung up following the Great Chicago Fire of 1871, which wiped out much of the city’s population and buildings. The Gold Coast, a prosperous neighborhood settled by Chicago’s wealthiest residents, was one of these.
According to the Gold Coast Neighbors, among those living in the Gold Coast during those pioneering days were the likes of businessman Potter Palmer of Palmer House hotel fame, Chicago Tribune founder Joseph Medill and Robert Todd Lincoln — the only surviving child of Abraham and Mary Todd Lincoln. The neighborhood, bounded by North Avenue, Lake Shore Drive, Oak Street and Clark Street, is considered a historic district and located right off Lake Michigan. Adjacent neighborhoods include Old Town, River North and Streeterville.
The Gold Coast is home to more than 66,000 residents, who represent a mix of affluent seniors, families and young professionals, according to Truepad. The average sales price for homes is $724,196, but these properties tend to sell for $20,605 less than their listings. The standard price per square foot is $500. The neighborhood offers a variety of different types of residences, including opulent mansions, high-rise condos and historic brownstones. According to Mansion Global, the more affordable homes in the Gold Coast are typically one-bedroom condos, with higher-end homes selling for $1,200 per square foot or more.
As far as schools go, the Gold Coast neighborhood is home to the private Latin School of Chicago and Walter Payton College Prep, a public magnet high school. Loyola University also boasts a campus here.
The Gold Coast is right off the Magnificent Mile, considered to be the city’s luxury shopping district. This is where shoppers indulge in high-end retail shops and stores like 900 North Michigan Shops, Chanel, Gucci and Neiman Marcus. The Oak Street Shopping District is in the heart of the Gold Coast and features similar shopping destinations like Barneys New York, Harry Winston and Jimmy Choo.
Living in the Gold Coast affords residents the opportunity to walk to some of the most celebrated restaurants in the city. Rush Street serves as the neighborhood’s pulse for dining and nightlife. Gibson’s Steakhouse, Hugo’s Frog Bar, Le Colonial, Maple & Ash and Nico Osteria are popular with residents as well as visitors to the area. The Gold Coast is also home to a number of luxury hotel properties, including the Four Seasons, Park Hyatt, Sofitel and Thompson.
The Newberry Library, which has been around since 1887, is not only a landmark but also serves as a highly respected institution for research and the humanities. It boasts a collection of more than 1.5 million books, 5 million manuscript pages and 500,000 historic maps.
Getting Around Town
Most parts of the Gold Coast are walkable, especially along the Rush Street entertainment district which contains many of the dining and drinking destinations. Residents can walk to Oak Street Beach, North Avenue Beach and Navy Pier. Lake Shore Drive, an expressway connecting the North and South sides of Chicago, runs parallel alongside the shoreline and is the quickest thoroughfare in the area. Public transportation is easily accessible. According to Choose Chicago, CTA bus routes include #151 Sheridan, #146 Inner Driver/Michigan Express, #22 Clark and #36 Broadway. The Red Line subway also runs through the Gold Coast. Drivers must pay to park on all major streets, including on holidays.
If you’re thinking about making the move to this vibrant neighborhood, head to Owners.com for the resources you need to make the transition.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Owners.com, Altisource or any other Altisource® business or entity. The foregoing content is not intended to constitute, and in fact does not constitute, financial, investment, tax or legal advice by the author, Owners.com, Altisource or any other business or entity.
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