Phenomenal Sales Month for Chicago Luxury Homes in April

Spring is here, and so are the buyers. Last month’s numbers are in, and it seems that people who can afford luxury real estate in Chicago are coming out of the woodwork, which led to 56 luxury ($1 million-plus) homes sold in April. Of those 56, 15 homes sold for more than $2 million.

Trends Among Luxury Chicago Real Estate Sales

You’ll see a few commonalities among these sales, especially in location. Three of the top 5 homes sold were in Lincoln Park and 2 were in Lakeview. I am noticing that the Lakeview area is becoming popular among luxury buyers—particularly those who want larger rooms, an extra wide lot and new construction. Those features run considerably more expensive in Lincoln Park, plus land is limited, so such lots are much harder to come by.

Another trend is one we’ve been witnessing for awhile—extra-wide lots. Even a stretch of only a few feet past the standard lot size can afford a home more square footage, a more open layout and larger rooms, and these are all things buyers want in a new Chicago home. Last month’s sales in Lincoln Park are on extra wide lots and one is of the most exclusive blocks in the city.

With that, here’s a closer look at the top five most expensive sales last month, in descending order:

1874orchard1874 N Orchard
Original list price:
$5.975 million
Sold price: $5,927,483
Last month’s most expensive sale is truly special and checks off just about everything a luxury buyer is looking for. Foremost, the space is absolutely huge. At 35 feet x 131 feet, the lot is extra wide and extra deep—I might even call it extra, extra large. Plus, this street in particular lacks an alley in back, allowing the 8,530 square foot home to benefit from an attached, front-loaded garage and an enormous rear yard measuring 37 feet x 35 feet. That size outdoor space is practically unheard of in the city.

Secondly, the home was sold as proposed construction—which means brand new, plus the buyer can work with the developer to make customizations to their liking. While many details were TBD at the time of sale, there was one spectacular inclusion: a 5-stop elevator to provide access to the home’s massive penthouse roofdeck with exceptional city views. And one last (but most certainly not least) feature: the location is one of the most coveted in Lincoln Park, as Orchard is a prestigious block home to many beautiful mansions.

2032NClifton2032 N Clifton St
Original list price:
$3.75 million
Sold price: $3.5 million
Built in 1883, this brick and limestone home was recently rehabbed on its fabulous Lincoln Park block. Details inside include a custom O’Brian Harris kitchen, Calcutta Gold marble counters, walnut cabinetry and Wolf and Miele appliances. An extra large master suite includes a huge chaise lounge shower, dual vanities and custom closets, and 4 additional bedrooms feature their own private paths as well.

2017NFremont2017 N Fremont St
Original list price:
$2.95 million
Sold price: $2.775 million
This 5,000+ square foot home was a 3 flat converted into a single-family home on the ever-charming Fremont Street. Each corner was built to the highest quality, with luxe materials and finishes, limestone countertops, a gorgeous kitchen and a new lower level that could serve as a great room or guest suite. Plus, a 2-car heated garage, 3 heating/cooling zones, 4 fireplaces and 5 skylights are just a few perks throughout.

jansen3446 N Janssen Ave
Original list price:
$2.995 million
Sold price: $2.75 million
Another just-finished new construction home on an extra-wide (37.5 feet!) lot, this Lakeview home offers loads of space: 6,200 square feet and 6 bedrooms. That allows plenty of room for a huge professional-grade kitchen, massive family room, a deck above the 3-car garage and much more. Beautiful details are found throughout, from the solid brick/limestone exteriors to the interior hardwood floors, custom millwork, spa-caliber baths and radiant heated floors.

lakewood3649 N Lakewood Ave
Original list price:
$2.85 million
Sold price: $2.75 million
Six bedrooms, 6,000 square feet and a stunning addition to the Southport corridor—this Chicago new construction home has plenty to boast about. Ideally located in the Blaine School District, the home was built on an extra-wide, 30-foot lot, allowing for generous space throughout. The home features quality millwork throughout, custom designed kitchen, a penthouse rec room, smart home integration, plus radiant heat on the lower level, baths and front steps. An attached three car garage is a rarer find among urban real estate, as is the abundant outdoor space.

Last month’s sales are proof that space is a luxury among Chicago homes—buyers covet square footage as much as a prime location newer properties. And many want all three of those and more! This is why I think it’s important for potential home buyers to keep an eye on what’s selling on the Chicago real estate market from month to month. If you’ve got a big list of “wants” for your own purchase, seeing what sold for what price can help you set expectations for your budget.

For more details on last month’s single-family home sales or to see luxury homes in Chicago on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Living in a Chicago Luxury Condo Right Near the Art Institute

CHicago real estate near the Artt InstituteWhen it comes to urban living, it’s hard to beat a downtown Chicago condo. For starters, many of luxury condo buildings bring the best of both worlds—upscale amenities of luxury city living, with all the square footage you might miss from the suburbs. Plus, you’re in the heart of everything the city has to offer—culture, shopping, great food, the city’s landmarks.

One of those jewels of the city is Chicago’s Art Institute, located near Millennium Park on the east side of the downtown loop. Not only is there plenty to do in this area, there are a number of Chicago real estate options that put it all just a few steps from your front door.

The Art Institute Getting a Big Upgrade

The Art Institute is on the verge of being better than ever, having just received a gift of 42 pop art works from the likes of Andy Warhol, Jasper Johns, Roy Lichtenstein and others. The gift is valued at roughly $500 million combined. The Warhol collection alone will bring in 9 silk screens, adding to one single Warhol painting.

It’s the largest gift in the 136-year history of the Art Institute. It’s also a huge addition to the museum’s contemporary collection, putting it on par with its signature impressionist pieces. The works range from abstract 1940s and 1950s pieces to 1960s pop art and are set to be installed at the end of this year and ready for public viewing in January 2016.

Chicago Real Estate in the Center of City’s Culture

The Art Institute is only one of the major attractions found near downtown Chicago real estate. Other gems in this neighborhood include:

Chicago Symphony Center: Consistently hailed as one of the greatest orchestras in the world, the Chicago Symphony Orchestra performs more than 100 concerts each year right here in downtown Chicago.

Millennium Park: Along with a garden and winter ice skating rink, Millennium Park is home to several architectural wonders. One is Cloud Gate, the mirrored sculpture that’s quickly become one of the city’s most loved attractions. You’ll also find the Pritzker Pavillion, an architectural bandstand designed by Frank Gehry as a coveted destinations for outdoor musical performances.

Maggie Daley Park: Still under construction, this new park will be named after Chicago’s longtime first lady, and will include an interactive skating rink, a field house, climbing park and much more to make it the ultimate destination for play in downtown Chicago.

Theaters: The Chicago Theatre and the Cadillac Theater are a few nearby hot spots for seeing everything from Broadway to standup comedy.

Finding Chicago Real Estate for the Art Enthusiast

Something else to consider with the idea of being close to art is finding the right real estate in Chicago for an art collector themselves. I’ve worked with a number of collectors and art enthusiasts to find a property that accommodates their collection, whether it be a single statement piece on the wall or a major sculpture collection.

I am also connected to one of the most prestigious lighting experts in the city, who can work with you on hanging and properly lighting your most precious pieces, from small to larger collections.

Chicago real estate truly has something to offer for every taste and interest (such as art), and I would be happy to help you find a property that’s the perfect fit for you and your family. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Larger Lot Sizes Dominate Chicago Luxury Homes Sales for March

Most of my clients, when beginning their search for Chicago luxury real estate, have some sort of wish list in mind. Maybe it’s a particular neighborhood, a certain school, a glamorous closet or enviable outdoor space.

There’s another feature that buyers have been stating upfront they are looking for in their luxury home search: a large lot. The standard lot size for a Chicago home is 25 feet x 125 feet; anything wider than that is considered a large lot, and this is a huge differentiating factor among properties. A large lot allows for larger rooms and more square footage on the interior of a home—two things that carry a lot of weight when it’s resale time.

Last month, four of the top five most expensive homes sold were on larger-than-standard lots. One was even a whopping 55 feet wide, more than double the standard. Each of the top properties sold in March takes full advantage of those large lots, with loads of space, rooms and square footage. In March, 46 luxury homes were sold for a total sales volume of $86 million.

In ascending order to the priciest March sale, here’s a look at the top single-family homes that sold last month:

441wbelden441 W Belden Ave
Original list price:
$4.395 million
Sold price: $4.325 million
When it comes to large lots, this one takes the cake—a generous 55 square feet wide. This turn-key Lincoln Park home was a rare opportunity for a luxury buyer to purchase a like-new property that spared no details on a 2011 remodel. A kitchen with top-end appliances, an enormous great room, 6 total bedrooms including a big master suite, a lover level family room and play room, and a full in-law apartment are just a few of the exquisite features.

1442wberteau1442 W Berteau Ave
Original list price:
$3.879 million
Sold price: $3.777 million
Another newer property (built in 2009), this Ravenswood home sits on an extra-wide 42-foot lot that allows for 7,000 square feet of living space. The limestone façade displays sophistication on the outside, with a highly upgraded custom inside. Features include a top-quality kitchen with butler’s pantry, 4.5 bedrooms with an opulent master bedroom, a paneled study/media room with full bar a state-of-the-art wine cellar, gym, penthouse den with wet bar, 2 laundry rooms, an elevator and mud room. The exterior space also includes a bluestone terrace, 2 spacious decks and a heated sidewalk.

1845nmohawk1845 N Mohawk St
Original list price:
$3.85 million
Sold price: $3.65 million
Just built in 2010, this home is a premium, custom-built masonry home in much-loved Lincoln Park. Upgrades are found throughout, including fully automated security, snowmelt, 4 home automation systems, 8 HVAC zones and sprinkler system. An attached 2.5-car heated garage is the ultimate luxury for winter months. Inside the home, you’ll find custom millwork, four fireplaces, a chef’s kitchen with banquet seating, a master suite with luxe bath, plus 3 decks with gorgeous city views.

144wmontana1144 W Montana St
Original list price:
$3.395 million
Sold price: $3.27 million
This Lincoln Park home is a brand-new addition from Environs Development. Built on an extra-wide, 32-foot lot, this home was 6,140 square feet of turn-key perfection. The floor plan includes four bedroom suites on the second level, including a luxurious master suite with sitting area. Other rooms include a huge kitchen and great room, a penthouse level with giant family room, bedroom and roofdeck, and a lower level with a rec room, exercise room and guest room. The home is fitted with exquisite finishes and attention to detail throughout, and includes a 3-car heated garage and 4-stop elevator.

1500ndearborn1500 N Dearborn Pkwy
Original list price:
$3.95 million
Sold price: $3.25 million
This Chicago mansion sites on a prime corner lot measuring 30 feet by 150 feet, compared to the standard lot size of 25 ft x 125 ft. The property includes a coach house above the attached 3-car garage, with an interior courtyard in between it and the main house. The stately stone façade is only the beginning of this home’s elegance, as the interior boasts original millwork, many unique details, large living spaces and fabulous light.

No matter what’s on your own wish list for a Chicago real estate purchase, it’s important to see how those features stack up against recently sold homes. That will give you a good idea of the value of certain things—like the ever covetable large lot—and what that means for your real estate budget.

To learn more about the properties that sold in Chicago last month, or to see current listings with the features you’re looking for, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Pace of Chicago Luxury Condo Sales Continues in March

Chicago luxury condo sales continued to chug along right into spring last month, with 45 luxury condos sold. Luxury condos are those sold for $1 million or more, and in March that range went up to $2.7 million for the highest-priced property sold during the month.

At the beginning of this year, luxury sales were more like ultra-luxury sales, with the most expensive sales reaching into the $3 million, $4 million and $5 million ranges. But those high-end price tags have come down as we’ve moved into spring. This month, the five most expensive sales were all in the $2 million range. They also shared a few other commonalities:

New construction: All of the top five Chicago condos sold in March were new or newer construction. These buildings were built within the last several years, making it lucrative for buyers who want a home that feels modern and doesn’t require a lot of updating.

Cash buyers: Cash also proved to be king once again in March—4 out of the 5 most expensive sales were paid for out of pocket. Even though lenders are making it easier and easier to mortgage a high-end property with a jumbo loan, many luxury buyers are still opting to pay cash for home purchases. Cash presents a much more lucrative offer to a seller, since the transaction won’t hinge on financing, so it’s possible buyers are playing that card to secure their offers rather than risk being involved in a multiple-bidding situation.

Here’s a look at the top five sales, in ascending order to the most expensive Chicago condo sale of the month:

Chicago condo at 450 N Water St405 N Water Street
Original list price: $2.29 million
Sold price: $2 million
This dramatic 4-story luxury townhome sits on the edge of the river, offering single-family living with all of the amenities of a 4-star condo: a fitness center, indoor pool, 24/7 doorman and indoor heated parking. This 3,766 square foot home features high ceilings, a fireplace in the formal living room, and closets galore. A huge master suite sits on the second level—and a second master suite is on the third floor. This home is ideal for entertaining in every season. The lower level houses a family room and entertainment center with wine fridge, and a rooftop terrace includes a grill, garden and entertaining space. It’s also worth noting that the buyer of this home also bought it with cash.

Chicago condos in Trump Tower401 N Wabash Ave., Unit 46I
Original list price: $2.1 million
Sold price: $2 million
Take in breathtaking views of the lake and river in this generous 2,200 square foot Chicago condo on a rarely-for-sale tier of Trump Tower. This 2-bedroom unit includes high ceilings, impeccable finishes throughout, Snaidero cabinets, Wolf, Miele and Subzero appliances in the kitchen. The 2.5 baths are fitted with limestone, slate and marble with Kohler finishes. The living room and dining room spaces are larger than most other floor plans. And in additional to Trump Tower’s top-notch amenities, residents here also have access to the five-star luxury hotel services, ranging from in-home catering to spa services.

CHicago condo at 419 E Benton Pl419 E Benton Pl., Unit 419
Original list price: $2.28 million
Sold price: $2.21 million
Built in 2009, this 4 bedroom, three-story condo spans 4,100 square feet with outdoor space on each level, including a rooftop deck. Inside the covetable kitchen, you’ll find top-of-the-line appliances, stainless steel double oven, built-in refrigerator and microwave, and plenty of luxury finishes are found throughout the home.. And one of the highlights of living in the Gold Coast is the neighborhood’s extreme walkability. Marianos, Three Forks, Cuticle, Mezcalina and Fillinis are all a quick stroll away from this home.

Streeterville condo at 450 E Waterside in Chicago450 E Waterside Dr., Unit 3201
Original list price: $2.85 million
Sold price: $2.535 million
This 3-bedroom penthouse unit boasts sweeping views of the city, lake and river from every single room—and those beautiful vistas come from 11-foot floor-to-ceiling windows. Inside, luxe finishes and improvements take this Chicago condo to the next level, well beyond a basic developer unit. The spacious master suite includes a reading room, walk-in closet, shoe closet and dressing room, topped off with a master bath with heated stone floors and a spa shower. The Streeterville building also features a rooftop indoor swimming pool and hot tub.

Chicago condo at 340 E Randolph in Chicago340 E Randolph St., Unit 4801
Original list price: $2.7 million
Sold price: $2.66 million
This 48th-floor 3-bedroom condo in downtown Chicago sold before it was even officially listed. The unit itself boasts more than 2,300 square feet, and the building includes amenities like a bike room, door person, exercise room, party room, sun deck, sauna and steam room and much more. This was the only home in the top five sales last month that wasn’t purchased with cash.

As we near the summer months and home-buying season, it will be interesting to see if those “ultra-luxury” properties make a return to the Chicago real estate market. To see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Consider New Paint Colors to Sell Chicago Luxury Real Estate Faster

Painting your Chicago home before selling

Spring is the prime time for kicking off long awaited home projects. Whether it’s a deep cleaning or a home remodel, a spring refresh is perfect for giving a boost to the resale value in your home if you’re planning to sell in the months ahead. But if you’re fixing things up, there are important considerations to make if your thinking about selling.

Trends in home design can have a huge effect on real estate. A certain feature or element could be just the thing buyers are looking for one year and in the next, that same feature could deter potential buyers. Even an update as minimal as a fresh coat of paint can determine your home’s success on the market.

But paint can go a long way to make a luxury home pristine to potential buyers and sell quicker. Considering the Chicago real estate market is very competitive right now, even seemingly small updates could be the key to a successful sale.

The Effect of Paint on Resale Value of Chicago Real Estate

Each season there’s a new “it” color or design scheme that homeowners are itching to incorporate into their home. It’s important to know that all popular hues don’t necessarily translate into every living space. Yellows and greens—popular colors that re-emerge in the spring months—could look fabulous in a room with plenty of spring sunshine, but covering all four walls (or more!) in an on-trend hue could be too much for a space.

Here are a few tips for picking the right paint colors, as highlighted in a recent Wall St. Journal article:

Consider neighboring rooms. Colors should complement, not contrast, each other from one room to the other. Imagine you were taking a birds-eye look at all of the rooms in your home—do all of the colors go together? The shades of paint don’t all need to be the same, but should flow and harmonize from wall to wall.

Work with what’s there. Unless you’re redecorating all together, choose paint colors that go with the furnishings already in your home. Think about the colors in a rug, or a statement furniture piece or a cherished piece of art work and pick shades that will blend right in.

Do a test run. You want to get a sense of what it will be like to live with a color before committing to it. Paint a patch of wall so that you can evaluate the color at all points in the day—in natural light, at dusk, in room lighting, etc. If painting part of the wall isn’t possible, a big board or canvas painting in the proposed color will do the trick. The key is to not rely on paint chips along to settle on the color of the whole room.

If you’re looking to increase resale value or speed up the sale process, fresh paint is a great first step I recommend to my clients. I also urge them to stick to a neutral palette rather than bold or varied shades that might make it difficult for buyers to envision themselves living in.

For more tips on readying your home for a spring or summer sale, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

 

 

Condos vs Co-Ops: Choosing the Right Chicago Property for You

 

Chicago co-op building

One of Chicago’s beautiful luxury co-op buildings at 209 E Lake Shore Drive

 

Many of my clients begin their search for luxury real estate in Chicago with a property type in mind: single-family home or condominium. The perks of a condo are abundant—many high-end buildings come with seemingly endless amenities, there is no snow to shovel or lawn to maintain, and condos here offer as much square footage as you would find in the suburbs.

But once you’ve decided on a Chicago condo purchase, you might then have another consideration: condo or co-op?

With cooperative buildings (commonly called co-ops), buyers purchase a share of the entire building, versus a condo, in which a buyer purchases the actual property of the unit for sale. As with many real estate decisions, determining which is the better option for you depends on your lifestyle.

Benefits of Co-Op Buildings in Chicago

One of the great things about co-op buildings in Chicago is that these are not “cookie-cutter” buildings as you might find in other cities. Here, co-op buildings are often pre-war, established buildings with tons of character and elegance.

Vintage buildings offer a variety of layouts, with classic features like large dining rooms, detail work and built-ins that make each unit unique from the next. And a vintage co-op building in Chicago certainly doesn’t mean outdated. The luxury co-ops (like many of the buildings that line Lake Shore Drive, including several Mies van der Rohe buildings) have earned a level of panache that has been built over many years, and you feel it the moment you step into the lobby (if not from outside the front doors!)

Buying a Chicago Co-Op is a Different Process

The difference between a condo and a co-op starts with your real estate search, and there are a number of differences along the way, including:

Time to sell: Luxury co-ops typically do not sell quickly. For one, the unique qualities of these buildings are usually very attractive to buyers coming from places like New York and San Francisco, and finding an out-of-town buyer doesn’t happen quickly. Secondly, potential buyers of a coop must go before the board, and that can be an unpredictable, lengthy process as well.

Financing: Borrowing a mortgage for a co-op purchase is also different. Lenders may have more questions than they would for a condo purchase, with additional considerations such as: if more than 10% of the building’s units are owned by a single investor; if too many units are sitting empty; or if too many association members are behind on their dues. If any of these are present, that could be cause enough for a lender to turn down a loan for an otherwise qualified buyer.

Some lenders keep track of this information on their own and maintain a list of pre-approved buildings, which could greatly simplify the process for both the bank and the buyer.

Board approvals: The buyer of a co-op goes through fairly intense scrutiny from the co-op board to gain approval for the purchase. The approval process is mostly based on financial standing, and would likely require the buyer to disclose assets.

And some boards may put limits on the method of financing itself. Some may not allow a purchase with a mortgage or others may limit the amount of the the purchase price that can be financed. If the buyer is obtaining a mortgage, the board might require him or her to show proof of cash reserves in the amount of the purchase price.

If a buyer does need to show cash assets, it may be possible to take out a margin loan against their stock portfolio, which is considered cash. That could help a buyer get approval from the board or make a more competitive bid if there are multiple offers.

If you’re deciding between a co-op and a condo, I would be happy to discuss more details about the pros and cons of each and help determine which is right for you and your lifestyle. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Home Sales Total $53 Million in February

It’s easy to see from month to month what puts particular homes at the top of the list for most expensive sales. From generous space (both in square footage and lot size), to floor-to-ceiling luxury to premium locations, the most expensive homes often have a number of common features that high-end buyers are searching for.

Another sure sign of hot property? Three words: Sold before print. Two of February’s top 5 most expensive home sales made it off the market as quick as they were listed. And it’s no surprise that the top 5 were all found in Lincoln Park, one of the city’s long sought-after neighborhoods for luxury homes.

33 Luxury Chicago Homes Sold in February

Luxury home sales for the month of February totaled $53 million (those homes sold for $1 million or more), but the top sales weren’t the extraordinary $4 million or $5 million homes we’ve seen in recent months. The most expensive sale, a brand-new beauty in Lincoln Park, was sold for just under $3.5 million.

Search luxury homes for sale in Lincoln Park

Here’s a closer look at the top five most expensive homes that were sold in February:

Luxury home for sale in Lincoln Park1861 N Fremont St
Original list price: $3.45 million
Sold price: $3,440,500
Handsome brick and limestone, 5,200 square feet and its location on a tree-lined street are just a few reasons why this new construction home sold before it was officially listed. Inside you’ll find custom cabinetry and millwork throughout, six bedrooms, a professionally designed natural stone bath and a radiant heated lower level. Outdoors, you’ll find a tremendous space with a garden and rooftop deck with covered patio and fireplace.

Luxury  home for sale in Lincoln Park at 2664 N Geneva Terrace2664 N Geneva Terrace
Original list price: $3.395 million
Sold price: $3.153 million
Built on an extra-wide lot, this 7-bedroom home in Lincoln Park was built by acclaimed builder Stuart Rose with plenty of luxury inclusions. Massive rooms spread over 7,800 square feet, with a huge master suite, a third-floor theater with wet bar and lower level rec room and office The eat-in kitchen boasts a 60-square foot island and Subzero, Thermador and Miele appliances.

Luxury  home for sale in Lincoln Park at 2100 N Dayton2100 N Dayton St
Original list price: $3.285 million
Sold price: $3.140 million
An all-brick single-family home on a corner lot in Lincoln Park, this 5-bedroom boasts tons of space: From the 5,600 square feet, to dramatic ceiling heights to a 900-bottle wine room. Eight south-facing windows bring in plenty of natural light, and four composite decks enable outdoor living to its fullest.

 

Luxury  home for sale in Lincoln Park at  2126 N Kenmore in Chcicago2126 N Kenmore Ave
Original list price: $2.995 million
Sold price: $2.85 million
Stunning, tasteful and elegant—this new construction single-family home in a great location features fine architectural details and high-end finishes throughout. With 5 bedrooms, 4.1 baths and 5,050 square feet, this Chicago home includes a sun-filled penthouse room, a wine cellar, four outdoor spaces, a courtyard and a garden, all in one of the most sought-after communities in Chicago.

Luxury new construction at 3726 N Bosworth in Chicago3726 N Bosworth Ave
Original list price: $2.3 million
Sold price: $2,335,135
This 5 bedroom, 4.2 bath home is brand-new construction on a tree-lined street in Lincoln Park. With a limestone façade on the outside, the inside spans 4,800 square feet and includes tastefully designed millwork and ceiling treatments, luxurious baths, a custom kitchen with commercial-grade appliances and a radiant-heated lower level. This home’s location puts it within the Blaine School District, one of the most coveted boundaries for parents who want their children to attend this top-rated elementary school.

Now that we’re officially into spring, the Chicago real estate market will likely continue to pick up momentum. I encourage all potential buyers to take a look at recent home sales such as this, so that you enter your search with a good idea of what is moving on the market and for what price. For additional details on recently sold homes or to take a look at what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

On the Chicago Real Estate Market: Dynamite Condo with Views in Boutique Old Town Buiding

Chicago condo for sale at 1212 N Wells

08873819_5

08873819_4

08873819_3

Perched on the 15th floor, this just-listed Chicago condo is located in a high-demand boutique building and packed with must-have features and amenities. Not to mention its coveted location in one of the city’s downtown-adjacent neighborhoods.

Address: 1212 N. Wells, #1504
Size: 2 bedroom, 2 bath
Neighborhood: Old Town
Price: $415,000

08873819_2

08873819_1

Here’s what you’ll find in unit 1504:>/strong>

  • Entertaining-friendly kitchen with island and 42-inch cherry cabinets
  • Brand-new dishwasher, oven and microwave
  • Generous natural light from east and south exposures
  • Separate dining area, fireplace and private balcony
  • In-unit washer/dryer

A sought-after boutique building, The Neapolitan has plenty of perks as well, including:

  • Assigned/deeded parking
  • A 24-hour doorperson
  • Ample storage space
  • Fitness center
  • Tennis and basketball courts
  • Clubhouse party room
  • Rooftop sun deck (just in time to welcome a warm Chicago summer!)

08873819_14

08873819_13

08873819_12

Chicago’s Old Town: One of the City’s Favorite Neighborhoods
The building at 1212 N Wells earns itself a walkscore of 95, a good indicator that its in the heart of plenty to do and see. One of the city’s more historic neighborhoods, Old Town offers everything from art to eats among its old brick alleys and charming Victorian-era building.

At the heart of Old Town’s entertainment is the comedy scene. The Second City and Zanies Comedy Club are two top choices for catching laughs in Chicago. A handful of top-notch local theaters call Old Town home as well.

Shopping options range from foodie boutiques to children’s shops to luxe pet stores. And dining runs the gamut from sushi to pasta to barbecue, most from family-owned restaurants unique to this neighborhood.

Old Town’s location between Lincoln Park and downtown Chicago means easy access to what the city has to offer. The purple and brown “El” trains and a number of CTA bus lines can zip you to other parts of the city for work or play.If you’re in the market for a Chicago condo, I encourage you to check out Old Town to see what it has to offer. This is a fantastic neighborhood for families, professionals, and anyone who wants a time-tested location for enjoying Chicago to its fullest. To learn more about this Old Town condo for sale or to take a tour of the neighborhood, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

08873819_9

08873819_6

08873819_19

08873819_18

08873819_17

08873819_16

08873819_20

Big Change for Chicago Luxury Condo Sales in February

After several months of strong sales in the luxury condo market, February’s numbers signaled a slowdown among luxury condo sales. As 2014 ended and we moved into the winter months, luxury real estate wasn’t showing many signs of hibernating, with high-end sales continuing all the way up into the $5 million range.

But last month, Chicago luxury condos—those sold for $1 million or more—totaled just $35.8 million. That number was not only a drop from January, but also indicated a shift in what types of properties were selling. There were considerably less ultra-luxury properties sold (those over $2 million) than we’ve seen in recent months. 

Of course, none of this is terribly surprising since Chicago is no stranger to a winter slowdown in real estate. The cold weather isn’t always so inviting for house hunting. But with spring right around the corner, I would guess that this market change will be fairly short-lived.

If you’re considering purchasing a home in the near future, it’s important to have some knowledge about what is currently selling on the market. Each month I like to wrap up the most noteworthy luxury deals—typically the most expensive—to illustrate what types of properties are going for what price. That way, you can get a sense of what features, amenities, space, etc. you might expect for your own budget.

Here’s a detailed look at the top 5 most expensive Chicago condo sales in February:

340 on the Park

340 E Randolph St., Unit 5403
Original list price: $2.8 million
Sold price: $2.58 million
Located in Chicago’s Lakeshore East neighborhood, this 2,750-square foot, 3-bedroom unit features one of the neighborhood’s trademarks—exquisite views of the lake, city, and parks below. Its location also offers easy access right into downtown, and is within walking distance to several parks, Michigan Avenue, the loop and the beach. Inside, you’ll a lovely kitchen with upgraded Snaidero cabinets, a custom Ann Sachs backsplash, Hyland Design custom shelving and much more (including bamboo floors!). The building itself offers residents a fitness center, indoor lap pool, steam/sauna room,H 24-hour door staff and a winter garden. It’s also important to note that the buyer for this sale paid cash.

Search Chicago condos for sale at 340 E Randolph

ritz118 E Erie St., Unit 29G
Original list price: $1,997,430
Sold price: $1,997,430
The Ritz-Carlton Residences is an exceptional, 89-unit building with 40 stories, a private city club and an unbeatable location just off of the Magnificent Mile. And of course, it’s all backed by the legendary service of The Ritz-Carlton, with a five-star staffed that has been trained by the renowned hotel group. The building’s Landmark Club includes a grand salon, private staff, a wine room, a billiards room, a screening room, plus athletic and spa facilities. This 2-bedroom unit stretches across 2,874 square feet high on the 29th floor.

View 118 E Erie condos for sale

415ENorthWater415 E North Water St., Unit 3106
Original list price: $1.999 million
Sold price: $1.95 million
A beautiful penthouse-level condo on the edge of Lake Michigan, this 3-bedroom unit has a gracious floorplan that features walk-in closets, and enormous living room, 2 spacious balconies and a custom kitchen. It’s 3.498 square feet also make it ideal for entertaining. The building itself also offers residents a full amenity package, putting everything you need just a few steps from the front door.

Search Chicago condos for sale at 415 E North Water

416 w deming416 W Deming Pl., Unit 3
Original list price: $1.849 million
Sold price: $1.78 million
This 3400+ square foot new construction condo in East Lincoln Park is the first resale in a boutique building developed by Larry Booth and Ogden Park. The 13-unit elevator building is just steps from North Pond Café and Lincoln Park. Taking up the entire 3rd floor, the condo features 9 ½-foot ceilings, fantastic views through floor-to-ceiling windows, a fireplace, high-end finishes, top-of-the-line appliances and a spectacular balcony that can be accessed through all bedrooms.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Dr., Unit 402
Original list price: $1.749 million
Sold price: $1.683 million
This stretch of Lake Shore Drive is one of the most sought-after addresses in the city, and this building one of the more coveted ones for luxury buyers. This 2-bedroom Chicago condo features 2,100 square feet, making it feel more like a spacious home in the ‘burbs than an urban condominium. The Parisian-style building was designed by Lucien Lagrange, and features amenities like a 24-hour door staff, valet parking, storage lockers, individual climate-controlled wine cellars and exercise facilities. This was also a cash sale.

Search Chicago condo listings at 840 N Lake Shore Drive

There are some buildings, such as those along Lake Shore Drive or the Ritz-Carlton Residences, that are often found among the top sales from month to month. But others—such as the new construction development in Lincoln Park—are appearing for the first time. Last month’s sales especially illustrate the range of what you might find among high-end Chicago condos at a variety of price points.

For further details on last month’s home sales, or to discuss what you might be looking for in your own home search, contact me for updated listings of what’s available: Call me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Condo for Sale: Unbeatable Views, Spectacular Updates in Lake Point Tower

Chicago has a number of truly show-stopping buildings—the one that stand out in the skyline and can be often be identified even if you’ve never been to the city.

Lake Point Tower is one such building, and what you see on the outside may only be topped by everything it has to offer on the inside. On the market now is a stunning two-bedroom unit with a long list of sought-after features:

Address: 505 N Lake Shore Drive, Unit 2910
Size: 2 bedroom/2 bath
Price: $695,000 (priced to sell!)

One of the most covetable offerings of this Chicago condo is the view. Uninterrupted southeast and southwest views make for breathtaking panoramas in the main living space and bedroom.

You’ll also find loads of upgrades: marble floors, top-of-the-line appliances, custom cabinetry and built-ins, brand-new carpet and fabulous finishes throughout. The kitchen and baths are both elegantly designed down to every detail.

Plus, a space for 2-car garage parking is also available for $115,000.

And that’s just the unit itself. Lake Point Tower is a favorite among luxury condo buildings in Chicago. Its unique architectural design, list of amenities and supreme location are just a few highlights. Some of the features you’ll find in Lake Point Tower include:

Skyline Park: This 2.5-acre wooded park sits three floors above the street. It includes a playground, duck pond, and an outdoor garden designed by renowned Chicago landscape architect Alfred Caldwell.

A motor court: One of few Chicago buildings with this luxury feature, Lake Point Tower’s motor court is one of distinction. It’s the largest pull-in, circular driveway in the city and sits under a two-story rotunda with an open skylight that illuminates the garden at the building’s entrance.

Privacy: The building literally stands alone on this part of Lake Shore Drive, surrounded by Lake Michigan on three sides. Not only does that create an urban home that feels “away from it all,” it also provides stunning unobstructed views of the lake and city skyline.

Amenities: Indoor and outdoor pools, an outdoor BBQ area with tables for enjoying the upcoming warm weather, and an on-property dry cleaner, dentist, spa, grocery store and restaurants.

Location: Within just a few blocks of Lake Point Tower is a few famed Chicago destinations: Navy Pier, shopping along the Magnificent Mile, Ohio Street Beach, the Art Institute, Symphony Hall, Millennium Park and the theater district are all a walk away.

If you’re in the market for a Chicago condo with an unbeatable location and killer views to boot, come see Lake Point Tower for yourself. You’ll be stunned at everything the neighborhood, building, and condo have to offer for this price. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.