Five Chicago Luxury Homes Sold for More Than $2 Million in March

March was a very interesting month for Chicago luxury real estate, particularly with single-family home sales. The top five sales all fell into the “ultra-luxury” category, selling for more than $2 million each.

Time will tell if the surge of ultra-luxury sales is an isolated situation, or if it could be the beginning of a trend where mega-luxury homes ($3 million and up) experience an uptick like they did last year. Check in next month to see if these high-priced homes continued to close in April. Regardless of price trends, it is clear that luxury buyers are looking for space—square footage, in-law suites and ample yard space.

This is often found in homes built on large lots. Buyers are going beyond the heart of key neighborhoods to find these sized homes. Lincoln Park is one of the most sought-after neighborhoods, but as large lots become more and more scarce and the cost of land increases, buyers are looking elsewhere, such as Lakeview and Bucktown.

It’s also worth noting that many of these homes sold for significantly below the asking price. This is the result of strong negotiation strategies on behalf of the buyer, which is something I always work to achieve for my clients. When negotiating a purchase offer, I strongly consider cost per square foot, time of the marketing and any history of the home as it pertains to real estate. It’s important to see what has happened with a home in the last year, to ensure it didn’t experience a reduction in price or get re-marketed as a new listing.

As we look at the top five Chicago homes that sold last month, remember that importance of space and lot size. Consider the negotiation that must be involved for these properties, given that these buyers each obtained a bit of a discount, despite the homes each boasting this coveted feature, larger lot size that allow for larger rooms.

Here’s a detailed look at the top five homes sold, starting with the most expensive:

1931-n-hudson1931 N Hudson Ave
Original list price: $3,499,900
Sold price: $3.3 million
A total stunner in East Lincoln Park, this home was the highest price sale last month, and it’s easy to see why. With 6,600 square feet on a highly sought-after street, the home features a huge functional living space with 12-foot ceilings, Brazilian walnut floors, custom lighting, professional grade appliances and an elaborate smart home system. Extensive millwork with built-ins can be found throughout, done with an unparalleled level of sophistication and finish. A number of additional features include custom window treatments, master bath with spa-like feel, lower level family room with separate play space a custom-designed commercial wine room, professionally landscaped front and rear yards, two-tiered deck off great room and kitchen, and a sky-lit first floor breezeway that connects to an attached two-car garage.

3922-n-greenview3922 N Greenview Ave
Original list price: $2.839 million
Sold price: $2.695 million
Just two years old, this stunning custom home is in pristine condition, situated on a family-friendly, quiet block in the Southport Corridor. The home was built extra wide, on an extra deep (165 feet) lot, with 6,200 square feet that includes seven bedrooms (four on one level). The home’s lower level has a custom bar with walk-in wine room, playroom and additional pantry, making this space an entertainer’s dream. No detail has been overlooked, from the five-inch walnut floors to the high ceilings, the radiant heated floors to the elevator. This home also features an in-law suite on the third floor. A covered raised stone patio with a built-in grill overlooks an amazing 25-foot x 45-foot yard. And this home is two blocks to Blaine School, one of the most coveted schools for Chicago parents.

61-e-elm61 E Elm St
Original list price: $2.9 million
Sold price: $2.6 million
This row home is history on the outside (a 1885 renovated façade) and updated for modern living on the inside (gutted to the studs and rebuilt with superior finishes and timeless design). With 5,200 square feet, this home is great for family living and entertainment. Find a calming vibe with orientation to the the outdoors, including a terrace, balcony, huge deck with city views. Interior details are abundant, with such as a marble-surround fireplace and crystal chandelier in the living room, custom built-in kitchen, hardwood oak floors on three levels, heated floors in all bathrooms, Sonos audio system and an ABT security system. The lower-level fourth bedroom makes an ideal nanny or in-law suite. Not to mention, this Gold Coast home is in a great location, close to the Magnificent Mile, dining spots and Lake Michigan beaches.

4439-n-hamilton14439 N Hamilton Ave
Original list price: $2.675 million
Sold price: $2,505,563
This stunning Chicago home has everything: location, width, light, space and beauty inside and out, right in the heart of Lincoln Square. Built on a huge lot—37.5 x 177 square feet—with a huge yard and wide interior space, the home was built in 2008 and boasts an interior design by HGTV designer Meg Caswell. The huge backyard is like a personal private park, with Ipe wood and wrought iron front porch. Inside is a number of carefully appointed details for the most discriminating buyer, including high end finishes and an absolutely perfect floorplan. The gorgeous kitchen, great room, formal dining room and living room stretch up to 11-foot ceilings. A master suite includes a large master bedroom, walk-in closet and a hotel-quality marble master bath with soaking tub.

1360-n-state-pkwy1360 N State Pkwy
Original list price: $2.48 million
Sold price: $2.2 million
Inside this historic Gold Coast Greystone, you’ll find 4,000 square feet across and open floor plan and three stories. This Chicago home boasts 11-foot ceilings, a first-floor living room and parlor with two wood-burning fireplaces, plus a Bluestone patio accessible through dining room French doors. The second-level master suite includes a second bedroom that could be used as a sitting area with private terrace, overlooking a beautifully landscaped backyard. This home’s top floor features two bedrooms, an office and a hall bathroom, while the lower level includes radiant heated floors and two entrances to allow the space to function as a guest suite. This location in the Gold Coast is highly sought after as well, just blocks from great schools, parks, shopping, restaurants and the Magnificent Mile.

It’s a great idea for buyers to be aware of what’s recently sold in Chicago real estate to understand the market climate and what you can expect when you’re prepared to make an offer yourself. For more details on the properties that sold last month or to see what’s available now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

4 out of the 5 Most Expensive Luxury Condos Sold for Cash in March

Last year when the luxury real estate market in Chicago was experiencing a major surge, it was common to see many homes being sold to cash buyers, even into the ultra-luxury, multi-million dollar price range. When the luxury market becomes competitive for buyers, cash is king for standing out to a seller as the buyer who will provide the smoothest transaction.

You can really see this at work in March’s luxury condo sales. There were clearly some negotiations that went on between these buyers and sellers, and a cash offer likely helps those deals fall in favor of the buyer, especially given our current real estate environment. With the government trying to increase the rate of inflation, we’re anticipating interest rates going up periodically in 2017. That anticipation only fuels sellers’ desire to move their property, and they really perk up at a cash offer that they won’t lose to a mortgage contingency. Several sales this month show that the seller was willing to discount from the listing price considerably in order to make the deal happen.

Here is a closer look at what sold last month, starting with the most expensive (and highly discounted) Chicago condo sale:

800NMichigan800 N Michigan Ave, Unit 5001
Original list price: $5.9 million
Sold price: $4.35 million
The most expensive Chicago condo to sell in March sold for cash, and for a significant reduction in price. This property was negotiated down to more than a whopping $1.5 million off the original list price. Plus, a unit like this in Park Tower is a rare find on the market. Located on a half-floor in the iconic building, this condo lives more like a home in the sky, with a generous 4,200 square feet of living space. The open floor plan includes three bedrooms, a theater room, eat-in kitchen and laundry room. Two east-facing terraces boast breathtaking east, south, and north wraparound views of the lake and city from every window. Other details include rich finishes, hardwood walnut floors, custom millwork and abundant storage. Residents of Park Tower also have access to the adjacent Park Hyatt’s renowned five-star amenities, NoMi Restaurant and much more.

77-e-walton77 E Walton Pl Unit 24C
Original list price: $5.2 million
Sold price: $3,870,260
The cash buyer of this Chicago condo got one heck of a deal—the purchase price came in at more than $1.3 million less than the original asking price. This 4,788 square foot, three bedroom unit has stunning lake and city views, thanks to its great location that allows residents easy access to 900 Michigan Avenue and to the amenities at the Four Seasons Hotel. Inside, you’ll find floor-to-ceiling windows, 10-foot ceiling heights and a split bedroom floor plan. The gracious entry foyer leads to spacious rooms throughout, providing a wonderful arrangement for casual or formal entertaining. Other key details include a Snaidero kitchen with butler’s pantry, a state-of-the-art audio decibel electronic system and a huge, multi-room master suite.

77 E Walton St, Unit 26C
Original list price: $3.895 million
Sold price: $3.65 million
This chic, sleek and sophisticated residence spans nearly 4,800 square feet, and was recent redone and move-in ready for a new buyer. The home boasts fabulous southeast views of the lake, city skyline and southern end of the Magnificent Mile. Plus, you’ll find perfect wood floors, a state-of-the-art Snaidero kitchen and a handsome wood-paneled library. The four-room master suite has a separate sitting room with fireplace, a luxurious master bath and huge master closet. Every room has an amazing view. The building at 77 E Walton is a prestigious, intimate boutique community in an iconic building, with amenities that include a private concierge and service, roof deck, immediate access to shopping and dining in 900 Michigan Avenue and the Four Seasons Hotel. This unit was also bought with cash.

840-n-lake-shore-dr840 N Lake Shore Dr, Unit 601
Original list price: $3.5 million
Sold price: $3.3 million
This Lake Shore Drive gem is one of the city’s finest addresses, having been exquisitely maintained and exuding luxury and grace through and through. It’s A+ lakefront location means sweeping lake views, visible through floor-to-ceiling windows in this property’s 3,965 square feet. . The marble foyer opens to an expansive living room with fireplace and gorgeous built-ins. An incredible dining room in a rotunda boasts unbeatable views in every direction. The eat-in kitchen includes professional-grade appliances and access to south-facing terraces that overlook a park. And the huge master suite features a sitting area, built-in book cases and dual walk-in closets. The buyer paid cash for this incredible Chicago condo.

33-e-bellevue33 E Bellevue Pl Unit 7-E

Original list price: $2.995 million
Sold price: $2.85 million
This penthouse-level duplex has it all: 3,094 square feet. Lake views. Two huge terraces. The space is idea for entertaining, with a large master suite, three bedrooms and 2.2 baths. One parking spot was included in this sale, which was purchased through conventional financing.

For more information on the Chicago luxury condos that sold last month, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Luxury Single-Family Homes Sales in Chicago Weaker in February

For buyers who were ready to make a purchase last months, deals were certainly to be had. Looking at the February sales for luxury single-family homes in Chicago, it’s clear that sellers who have had their properties on the market for some time opted to sell at a reduced price and not hang on further.

With the prediction that interest rates are going to increase this year and an uncertain political environment, it’s possible that we could see the real estate market turn back to a buyer’s market. More undecided buyers might stay on the fence rather than making a move, which would create less competition in the market. But, it’s still early, and luxury sales in March should provide more of an indication one way or another.

In the meantime, the top single-family homes that sold in February pointed toward a few clear wants among luxury buyers: namely, new construction and extra-wide lot sizes. At least one of these two features are among the top five most expensive homes that sold last month.

Looking at what sold in the previous month is a great idea for buyers who want to understand what the market looks like before they head to the negotiating table themselves. I always recommend my clients see what types of properties and features are selling for top dollar, then seeing how those compare to their own budget. That way, there are no surprises or unexpected dollar signs when you’re ready to make your own offer.

With that, here’s a more detailed look at the top luxury homes in Chicago that sold last month, in descending order.

34 E Bellevue Place34 E Bellevue Place
Original list price: $3,999,999
Sold price: $3.75 million
This Gold Coast renovation was the top sale for the month, located on one of the very best streets in the neighborhood. The property boasts a one-of-a-kind style, elegance and timeless modern luxury with impressive custom millwork, magnificent LED lighting, an expansive outdoor terrace and decks and sun-filled rooms throughout. A luxurious master suite includes a marble bath with dual vanities with hidden mirror TVs and a separate soaking tub, huge steam shower and smart use of space. The chef-inspired gourmet eat-in kitchen has high-end appliances, wine cooler, huge marble island and opens via French doors to a large terrace with great outdoor dining. The coveted Gold Coast location is just one block from Oak Street Beach, Michigan Avenue shopping, restaurants and parks.

1225 W George St1225 W George St
Original list price: $3.995 million
Sold price: $3.6 million
A fabulous home with a 75-foot stretch of frontage, this property was transformed by famed architect Larry Booth in 1999 and was since won an AIA award. Its 7,400 square feet allow for an open floor plan and a design that boasts amazing sight lines from the front courtyard to the private deck. Incredible architectural details include concrete-beamed ceilings, large windows, oversized poured concrete slab floors with radiant heat and floor-to-ceiling custom fireplace. The kitchen (a stunner with stainless steel appliances, wine cooler, warming drawer and seamless granite countertops) opens to a large, inviting family room. The dramatic dining room with a floating wall conceals a butler’s pantry and half bath. The large master suite looks onto an incredible 40-foot indoor lap pool, with a master bath boasting a soaking tub, separate shower and private outdoor terrace. Additional living spaces offer even more space, like a huge studio that could be a separate commercial office and an incredible fifth bedroom that could serve as a playroom, nanny’s quarters or sleeping area.

2131 W Agatite Ave2131 W Agatite Ave
Original list price: $2,249,999
Sold price: $2 million
5,100 square feet
This newer construction home in Lincoln Square has been highly customized. Situated on an extra-wide, 37.5 foot lot on an quiet, tree-lined street, this home ensures no detail has been spared in thoughtful design and functionality. There are 12-foot ceilings throughout the main level, along with two wood-burning fireplaces, and a kitchen will all the bells and whistles: Twin Subzero built-in refirgerators, double Wolf oven and gas range, dual Bosch dishwashers, built-in Miele coffee/cappuccino maker and two wine beverage refrigerators. The large master suite has huge dual closets and a spa-like master bath with heated floors, a two-person steam shower and separate Jacuzzi tub. Outdoors, you’ll find an amazing finished roof deck with a veranda, outdoor TV, dual-tap built-in beverage chiller, grill, fans and gas firepit.

1455 W School St1455 W School St
Original list price: $2.099 million
Sold price: $1.995 million
This is a brand-new construction property in the Southport Corridor. Starting with a brick and limestone façade, this 4 bedroom, 5.2 bath home has been tastefully designed through and through, with elegant millwork and ceiling treatments, custom kitchen cabinet design and more. Also included are high-end bathrooms, commercial-grade appliances, large family and rec rooms and an amazing patio and rooftop deck.

4513 N Paulina St4513 N Paulina St
Original list price: $2.15 million
Sold price: $1.885 million
This 7 bedroom, 4.2 bath new construction home spans a whopping 5,700 square feet, thanks to an extra-wide, 35 x 163 foot lot. This brand-new modern masterpiece exhibits the most high-quality, master craftsmanship inside and out, with state-of-the-art finishes, top-of-the-line appliances, volume ceilings and much more. The square footage allows for expansive room sizes, and the whole house boasts amazing width, depth, flow and natural light. The outdoor space features a large rear deck and 1,000 square foot backyard. Located in a desirable Ravenswood/Lincoln Square location, this home also offers easy access to the El, Metra, shops, restaurants and entertainment.

For more information on last month’s sales or to see what’s on the market now, contact Sheldon Salnick at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Condo Sales in February Included Great Locations, Large Square Footage and Amazing Views

When I meet with a client looking to purchase a Chicago condo, a key part of our initial interview is to discuss their needs and wants when it comes to real estate. I most often find that clients are in search of specific locations, a minimum of 3,000 square feet of space, and amazing views. Views of the lake are especially important to clients coming to Chicago from other parts of the country—it’s often No. 1 on their lists (and I can’t say I blame them!).

That said, you’ll see that last month’s Chicago condo sales were all about those views. Each of the top five properties sold offer a spectacular view that would be sure to “wow” every guest. Another sought-after wow factor is the size of the unit. Four out of the top five properties have more than 3,000 square feet, with one boasting 4,180 square feet. That kind of square footage is almost as large as some houses in the ‘burbs.

February saw a total of 42 Chicago condos sold with a total volume of $61 million. Here’s a closer look at what sold, in descending order.

310 S Michigan Avenue310 S Michigan Avenue
Original list price: $4.9 million
Sold price: $3.8 million
This penthouse unit spans a generous 4,180 square feet with 4 bedrooms, 4.2 baths and a vintage charm blended with breathtaking quality. This Chicago condo has paid incredible attention to detail with recessed lighting, high ceilings, extensive crown molding, high ceilings, sun-filled rooms and five fireplaces. A 1,700 square foot terrace lets you enjoy the outdoors in the heart of the city. This Chicago condo boasts the best style, quality and location a buyer could ask for. It’s also worth noting that this home appears to have sold for more than $1 million below the original asking price.

4EastElm4 E Elm St, Unit 15S
Original list price: $3.7 million
Sold price: $3.665 million
One of the latest new construction opportunities among Chicago condos, 4 East Elm has nearly completely sold out. The building offers 35 sleek and modern half-floor residences, each with elevator entry and high-end finishes. Most units boast a least three exposures with lake and city views. The amenity offering is an ultimate urban oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

505 n lake shore505 N Lake Shore Dr, Unit 6806
Original list price: $2.345 million
Sold price: $2.345 million
This exquisite penthouse in Lake Point Tower is the ultimate in luxury. With 3,650 square feet, 3 bedrooms and 180-degree premium views of the city, lake and shoreline. Inside, find custom built-ins, a gourmet kitchen with high-end appliances, a wet bar in the huge living room, a large dining room and an elegant master suite. The building includes a private 2.5-acre part with an outdoor pool, grills, lagoon with waterfall, 24-hour security, newly remodeled health club featuring fitness on demand, indoor pool and racquet ball court.

340ERandolph340 E Randolph St, Unit 3201
Original list price: $2.445 million
Sold price: $2.3 million
This 3 bedroom, 3.1 bath Chicago condo in 340 On The Park boasts unparalleled panoramic views of Lake Michigan, Millennium Park, Grant Park, Maggie Daley Park and Michigan Avenue. The 2,371 square foot unit has exposures on the south, east and north sides and has been professionally designed with $100k in upgrades, including a custom built-in with fireplace, grasscloth wallpaper, solar shades, wool drapes and wiring for sound. The open chef’s kitchen includes Snaidero cabinets, GE monogram appliances and quartz countertops. The luxurious master bedroom suite includes a walk-in closet and master bath with Dornbracht fixtures, spa tub, separate shower and double vanity. Details throughout include bamboo floors, 9-foot ceilings, floor-to-ceiling windows, plus two balconies and two additional ensuite bedrooms. The amenity floor in 340 On The Park includes an expansive fitness center, 75-foot indoor pool and winter garden.

179-e-lake-shore-drive-co-op-apartments-360179 E Lake Shore Drive, Unit 25W
Original list price: $2.2 million
Sold price: $2.2 million
A coveted co-op building on East Lake Shore Drive, this 3 bedroom, 3.1 bath sold before print. This 3,045 square foot unit is on the 25th floor, but details beyond that were sparse.

For potential buyers, I always recommend reviewing the prior month’s sales to get an idea for what kinds of properties are selling for what price. That intel will serve any buyer well when they are evaluating the market with their own wish list and budget.

For more information on what sold last month or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Plenty of Chicago Luxury Condo Deals to be Had in January

Plenty of Chicago Luxury Condo Deals to be Had in January

When it comes to purchasing Chicago luxury real estate, there are a number of variables that can help a buyer get a great deal. One of those is as simple as a page on the calendar: specifically, January.

Obviously, January is one chilly month for Chicago, and the cold weather definitely plays a role in dropping the price of real estate so sellers can ensure it doesn’t sit on the market for the rest of winter. And right now, the possibilities of rising interest rates and inflation are right around the corner, motivating sellers even more. Sellers are in the best position when there is economic stability, so when questions about housing policy arise from the government, or there is talk of interest rates being made higher, many sellers believe that their best bet is just to get the property off their hands.

But it’s not just the season that plays into a buyer getting a great deal. Luxury buyers can also come out on top by looking at:

List price: More buyers are nervous about putting in a low-ball offer when purchasing a property, but some savvy buyers—especially those who have cash on hand—are not afraid to make an unusually low offer.

Cash on hand: When purchasing Chicago real estate anywhere from mid-November through February, cash is an especially important factor in a buyer getting a deal. Sellers don’t want to hold properties on the market and risk of a loan not going through, so knowing that a buyer plans to pay with cash eliminates that stress and gives the buyer an edge.

State of inventory: When real estate inventory is low and a seller still hasn’t sold their property in 3-4 months, it’s a sign that they’ve priced it too high and the market has “penalized” the seller accordingly. The result is often a better discount for the buyers.

Needless to say, January was a good month for the buyers of the top-priced Chicago condos. Here’s a detailed look at the units that sold during the month:

401NWabash401 N Wabash Ave, Unit 42A
Original list price: $4.3 million
Sold price: $4.05 million
The lucky buyer of this 3,948 square foot River North condo was able to get a deal on this home, purchasing it for all cash for more than $250,000 off the list price. With just under 4,000 square feet of opulent living space, the home boasts three bedrooms, separate media room and family room. A spacious foyer opens into a sundrenched, river-facing living room that looks out onto sweeping, unmatched views of Chicago from the floor-to-ceiling windows. This unite has been stylishly customized with new hardwood floors, custom lighting, built-ins and surround sound and exquisite finishes in the kitchen and baths. The generous master suite includes two enormous walk-in closets and lavish his-and-hers master baths.

4EastElm4 East Elm, Unit 10S
Original list price: $3.2 million
Sold price: $3.19 million
This Gold Coast condo is among the last few remaining in 4 East Elm, one of the city’s new construction buildings that received a warm welcome from high-end buyers in 2016. This three bedroom, 3.1 bath is on the 10th floor, spanning 3,486 square feet. The building offers 35 sleek, modern half-floor residences, each with elevator entry, high-end finishes and at least three exposures featuring expansive city and lake views from many. Amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

800NMichigan800 N Michigan Ave, Unit 4302
Original list price: $3.025 million
Sold price: $2.9 million
This Park Tower home sold for a surprising $75,000 below list price. With 3,025 square feet, this home is the epitome of Chicago luxury living with a top-notch location, the amenities of the Park Hyatt Hotel, and all of the upscale details you could ask for. An open and light floorplan gives away to a living and dining room with large windows that face east and south for iconic lake and city views. A wide private terrace overlooks expansive views of Lake Michigan. The kitchen is quiet and efficient with high-end finishes, luxury appliances, Thermador six-burner stove and a center island with storage. The master bedroom is designed to be an absolute refuge, complete with an office, spa-like bath and enormous walk-in closet. The sale of this Chicago condo also included two parking spaces.

30WOak30 W Oak St, Unit 19B
Original list price: $2.9 million
Sold price: $2.875 million
Spanning just over 3,000 square feet, this 19th floor 2 bedroom has been highly upgraded. Not to mention, 30 W. Oak is an award-winning, architecturally significant building with less than 45 units in total, making this one of the most sought-after luxury buildings. A gracious, open floorplan features floor-to-ceiling windows that look out to panoramic views from every room; you’ll also find a designer Poliform kitchen, and an oversized master suite with a glamorous dressing room that feels like a private boutique. Amenities in the building include on-site management, phenomenal door staff and a state-of-the-art exercise room.

1500 N Lake Shore Dr1500 N Lake Shore Dr, Unit 17C
Original list price: $3.49 million
Sold price: $2.775 million
This classic 1920s co-op on the famous Lake Shore Drive has extraordinary views, a generous floorplan and boasts thoughtful design throughout. The building itself has a historic design with a gym, parking and convenient location—and units in this building are rarely available, let alone one on a high floor. This property in particular has a whopping 4,100 square feet of living space on the 17th floor, complete with four large bedrooms with ensuite baths, a grand east-facing entertaining space and a spacious kitchen.

For more information on the Chicago condos that sold in January, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Buyers Get Super Deals in January 2017

Despite the inevitable winter slump, sales of luxury real estate in Chicago were decent in January. The month saw 35 single-family luxury homes sold, totaling $57 million in sales volume.

The interesting thing about the homes that sold in January—particularly among the top five—is the deals that the buyers were able to secure despite the high price tag of these ultra-luxury homes. The top properties sold ranges from $2.3 million all the way up to $7.2 million. But you’ll see in the details below that many of those “sold” prices fell well below the list price.

As I recommend to all of my luxury buyers, getting an excellent deal is often about timing. Purchasing between mid-November and the end of February when the weather is at its worst is an ideal time for a buyer. There aren’t too many out there in the mood to look for real estate, so competition is scarce. And sellers are fearful that their home may sit on the market through all of those chilly months, making them more likely to settle on a deal that favors the buyer. The January sales are especially impressive considering that inventory remains low in the Chicago luxury real estate market.

Here’s a closer look at the single-family luxury homes that sold in January, in descending order:

542-w-grant-pl542 W Grant Pl
Original list price:
$8.5 million
Sold price: $7.2 million
This is an absolute gem of a Chicago home—so much so that it was featured in Architectural Digest. Having undergone a custom renovation in 2012, this 9,200 square foot property boasts an incredible floorplan that would normally require a much larger lot if not for its thoughtful design. The home sits on all four property lines of a 48 x 125 square foot lot. Features include mahogany floors, heated terrazzo floors, steel and glass staircase, Bulthaup kitchen and beautiful built-in cabinets. And that isn’t a typo—the lucky buyer of this home was able to get this home for a whopping $1.3 million less than the asking price.

1805-n-sedgwick1805 N Sedgwick St
Original list price: $3.599 million
Sold price: $3.25 million
This incredible home is all new construction in a vintage shell, right in the heart of Old Town and within walking distance of everything this beloved neighborhood has to offer. With 6 bedrooms, 6.1 baths, this home underwent a complete five-star renovation to include every modern amenity imaginable: an enormous custom eat-in kitchen; the highest-end professional grade appliances; a second level master suite with separate den, private bath and fireplace; an elevator to each level, including roof; and a thoughtfully designed third floor layout with three large bedrooms flooded with natural light. A couch house above the two-car garage and spacious rear yard offer even more hard-to-find space.

1428-w-bertau1428 W Berteau Ave
Original list price: $2.7 million
Sold price: $2.6 million
This new construction home sold quickly to a cash buyer, so there weren’t many details about it available. The Lakeview 6 bedroom, 4.2 bath home was just completed when a buyer was able to snap it up for $100k off of the original list price.

419-w-oakdale419 W Oakdale Ave
Original list price: $2.595 million
Sold price: $2.39 million
This is a fully renovated and restored brownstone in coveted East Lakeview—just two blocks from the lake and two blocks from the neighborhood’s retail shops. The extra-wide, extra-deep lot allows for 6,800 square feet of living space, plus a separate 2 bedroom, 1.5 bath apartment on the ground floor PLUS a 2 bedroom, 1.5 bath coach house on a large rear lot. The main house features six large bedrooms, plus a full-size sitting room, full dining room with space for 18, a full professional kitchen with three ovens, pantry prep area and oversized island for six. The second floor has a gracious master suite with sitting room and fireplace, large walk-in closets and luxe master bath.

2621-n-mildred2621 N Mildred Ave
Original list price: $2.599 million
Sold price: $2,344,500
This luxury new construction home comes with a long list of luxury features and details: Lots of natural light, herringbone detailed oak flooring, elegant molding details, two roof decks, three gas fireplaces, 11-foot ceilings on main level, and smart home technology which includes Sonos speakers, sprinklers and multiple security cameras with integrated systems. The 7-bedroom home spans 5,600 square feet, with four bedrooms on the second level, two on the lower level and the seventh on the third floor with a media/entertaining space. A stunning kitchen includes an oversized Calcutta quartz island, breakfast nook, Thermador range and refrigerator. The lower level is set up for a home theatre and rec room, with 9.5 ceilings, radiant heat, full bar and built-in wine storage. The master bath includes a huge steam shower, two reclining benches, split vanities, a freestanding tub and radiant floors.

For more information on the homes that sold in Chicago recently or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Condo Sales Went Out Strong in December

As we wrapped up 2016, the top Chicago condos were singing much of the same song that they did for much of the year. Ultra-luxury properties reigned among the most expensive homes sold, not just in terms of price but in the exceptional elegance found in each and every one.

The priciest condos to sell in December were all found in some of the city’s most prestigious buildings. Whether vintage, co-op, new or old, these buildings are all in highly coveted locations, thanks to the walkability to exquisite shops, city activities and diverse dining options.

The other common denominator among the condos sold last month was square footage. Luxury buyers want at least 3,000 square feet, and that showed in the top sales. A penthouse co-op offered 5,580 square feet, which is a number typically associated with a single-family home in the ‘burbs.

Lastly, a majority of these top sales were sold at a major discount from the original listing price. A co-op on East Lake Shore Drive sold for a solid $1 million less than it was originally listed at. That’s a great deal for the buyer who isn’t afraid to shop for real estate during the cold winter months, when sellers are apt to negotiate and get those properties off the market.

All in all, December saw $68 million in total sales for December. Let’s take a more detailed look at what sold, with the top five properties in descending order:

Water Tower Place at 180 E. Pearson in Chicago

180 E Pearson St, Unit 5603
Original list price: $3.5 million
Sold price: $3,562,460 million
This ultra-luxury Chicago condo (purchased by a cash buyer) is one of five custom residences in the iconic Water Tower Residences, one of downtown’s most beloved buildings. These condos are being transformed into gorgeous, custom homes by Centaur Interiors, completely renovated using the finest materials and fixtures, state-of-the-art technology and precise attention to detail. The new residents can enjoy forever views in every direction, along with AAA+ amenities of the Ritz-Carlton, such as a concierge, 24-hour door staff, fitness center, pool, room services and more.

450ewaterside450 E Waterside Dr, Unit 2801
Original list price: $3.9 million
Sold price: $3.45 million
A penthouse unit with nearly 5,000 square feet of living space, this Chicago condo was a rare opportunity for the buyers to get into one of the premier buildings of Lakeshore East. This neighborhood offers spectacular lakefront and riverfront living, with breathtaking water and skyline views from every room. The unit boasts a dramatic foyer that opens to more that 46 feet of open, spacious living space fitted for modern living. Lux features include 11-foot ceilings, smart home technology, LED lighting and an exceptional level of detail given to the comfort and ease of living throughout the home. Located just a few blocks from Millennium Park and Navy Pier, the Chandler amenities include an indoor rooftop pool fitness and media rooms and an array of offerings still in the works.

4EastElm4 E Elm St, Unit 13S
Original list price: $3.4 million
Sold price: $3.4 million
The new construction condos at 4 East Elm were easily among luxury buyers’ favorite buildings in the second half of 2016—and sales are still going strong, with more than 90% sold. These sleek and modern half-floor residences each have elevator entry and most have three exposures that allow expansive lake and city views. This building is the ultimate urban oasis of luxury and privacy, with amenities that include an outdoor pool, sun deck fitness center, screening room, clubhouse lounge and 24-hour door staff. This 3,500+ square foot unit in particular was purchased with cash.

209ELakeShoreDr209 E Lake Shore Dr, Unit 1E
Original list price: $4.2 million
Sold price: $3.2 million
A beautiful co-op building in the Gold Coast, this three-bedroom property spans a generous 5,580 square feet and was completely redone by renowned architect John Ronan. The exquisite renovation kept the unit’s classic design and enhanced elegant, rich details like hardwood floors, extensive millwork, sleek moldings and more. The open floor plan is ideal for entertaining, and calming views overlook the lake and the treetops along East Lake Shore Drive. This co-op was also purchased by a cash buyer.

1550_N_State_Unit_FrontView_1_1550 N State Pkwy, Unit 402
Original list price: $3.85 million
Sold price: $3 million
Purchased by a cash buyer, this 4,160 square foot Chicago condo is in one of the most revered buildings in the Gold Coast. Occupying a half floor, this property boasts east and north views of the stunning lake and park from every room. Along with three bedrooms and three-and-a-half baths, this home features four balconies, 10-foot ceilings, major windows and bays and two fireplaces. The building amenities include 24-hour door staff, a guest apartment, exercise room, wine room and a live-in engineer.

For more information on Chicago condos that sold last month, or to take a look at what’s on the market now (and take advantage of those winter buyer benefits!), contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Large Lots, New Construction Topped Chicago Luxury Home Sales in December

Holiday gifts weren’t the only new items being shopped in December—brand-new homes were also at the top of the list for the month’s real estate sales.

December was all about new construction single-family homes, and in particular, large new construction homes. Each of the top five homes sold offered incredible square footage and amazing quality for the off-season luxury buyer, who won’t settle for much less when it comes to a home purchase. Today’s high-end buyers aren’t first-time buyers, and are savvy to what’s current in design and in real estate. Therefore, they want the newest, the largest, and the most stunning properties on the market and will snap up homes that offer those key tenets.

With that, let’s take a more detailed look at what drove buyers to close a deal before the end of the year. Here are the top five most expensive single-family Chicago homes to sell last month, in descending order:

2129 N Kenmore Ave2129 N Kenmore Ave
Original list price:
$4.4 million
Sold price: $4.4 million
The most expensive of several new construction sales last month, this sophisticated residence was built on an extra-wide lot at the former site of DePaul University Theater School. The highly functional, 7,000 square foot layout includes a four-stop elevator, a great room that opens to a rear deck and a kitchen with two huge islands, butler’s pantry and built-in banquette seating. Outside are two decks, one above the garage and another on the penthouse level with an outdoor fireplace.

4122 N Greenview Ave4122 N Greenview Ave
Original list price: $3.999 million
Sold price: $3.8 million
A crown jewel of Graceland West, this one on a huge 41-foot by 161-foot lot, space that allows for a generous 7,169 square feet of living space. Designed by noted architecture firm Sullivan, Goulette & Wilson, this custom home boasts six bedrooms and every conceivable amenity indoors and out. It starts with the elegant exterior, which was built in massive rubble stone, cedar shingles and limestone in a stately palette. As for the interior, a dramatic, 13-foot barrel vault ceiling and expansive windows grace the kitchen and great room, while an enormous lower level includes a separate media room, bar and wine cellar, and two additional bedrooms. Outdoors, there is more than 2,500 square feet of space that includes a sprinkler system, outdoor fireplace and heated walkways. The home’s automation system is state-of-the-art as well.

1503 N North Park Ave1503 N North Park Ave
Original list price: $2.999 million
Sold price: $2.9 million
Located in Old Town near the beach, this absolute stunning new construction property was built and designed with meticulous attention to detail. The result is a one-of-a-kind home with five bedrooms, 5.2 baths and a long list of luxury features: a custom chef’s kitchen with high-end appliances; a luxurious master suite with spa-like master bath; a lower-level rec room with wet bar, wine cellar and sauna; three indoor and two outdoor fireplaces; and a heated driveway.

39 E Elm St39 E Elm St
Original list price: $2.85 million
Sold price: $2.8 million
A four bedroom, 3.1 bath renovated home in the Gold Coast, this property sold before the listing sheet even made it off the printer. This renovation resulted in a number of covetable, luxury features, including a Christopher Peacock kitchen and built-ins, newly renovated baths, a redesigned staircase, designer lighting and wallpaper, custom closets and much more. Infrastructure improvements also made this vintage beauty ready for modern-day living, such as a flood control system on the lower level, new roof, new HVAC, heated bath floors and new copper downspouts.

539 W Belden Ave539 W Belden Ave
Original list price: $2.795 million
Sold price: $2.71 million
This brand new renovation was completed by a renowned developer, in one of the most sought-after areas in East Lincoln Park. This fantastic location is near Lincoln Park, Latin schools, several parks, Lake Michigan and the zoo. The home itself was designed to thrill the most discriminating of buyers, with the finest finishes throughout and 5,000 smartly designed square feet spanning over a huge main level, large living and dining rooms and six bedrooms. The upscale kitchen includes an eat-in space, butler’s pantry and adjacent great room, while the luxurious master suite boasts a spa-quality bath and enviable closet space. A penthouse level addition includes a north-facing deck, bonus entertaining space and additional bedroom/bath. A lower level with a private entrance has radiant heat, two guest bedrooms, a full bath and large recreational space.

For more information on Chicago single-family homes that sold last month or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Prime Chicago Luxury Condos Still Selling In November

Even with the start of winter moving in, November was a healthy month for Chicago luxury condo sales, with $42 million in total sales volume. Of the 25 $1 million-plus homes sold, several of those were in the “ultra-luxury” category, selling for more than $2.5 million.

Although the Chicago condo sales in November don’t look as robust as they did in the middle of the year, it is interesting to note that ultra- luxury properties (I consider those to be sales from anywhere between $2.5 and $3.5 million) continue to sell in prime buildings in the right neighborhoods. In fact, last month’s top five properties sold included two units in 2550 Lakeview, a Lucien Lagrange-designed building in the heart of Lincoln Park. The building has exceptional views and one of the most elegant lobbies in the city.

Learn more: 2550 Lakeview Ave

See what’s on the market at 2550 Lakeview

As we’ve seen become the case in recent months, the primary motivating factor for Chicago luxury buyers is square footage, and November was no exception. The square footage of the top sales ranged from a low of 2,843 to a generous 5,600 square feet. I actually suggest to my clients shopping for a condo that they aim for a unit that is at least 3,000 square feet—this seems to be the number that most luxury buyers need to not feel as if they are sacrificing space if they’ve moved from a single-family home.

Let’s take a closer look at those top five sales to see what motivated luxury buyers last month:

25502550 N Lakeview Ave, Unit S3003
Original list price: $3.9 million
Sale price: $3.5 million
It’s been awhile since we’ve seen a unit at Lincoln Park 2550 on the top sales list, likely because many residents who bought new construction here are in it for the long haul—but last month saw two sales in this beloved building designed by Lucien Lagrange. This magnificent, 30th-floor unit spans 3,679 square feet, including four bedrooms, 4.5 baths and two large terraces. The layout offers extraordinary east, north and west views that look out onto Lake Michigan, Lincoln Park and the city skyline. This unit in particular is one of just three on the floor, with 10-foot-8-inch ceilings and luxurious interior finishes throughout the formal living and dining room, large kitchen, family room, a spacious master suite with corner views and a separate utility/laundry room with a second service entrance. Lincoln Park 2550 has been a coveted building among luxury buyers, thanks to its full suite of amenities and services that include on-site management, a concierge and door person, spa-like fitness area with pool, sauna and steam room and a quarter-acre private park with dog run and playground. It’s Lincoln Park location makes it as easy walk to the many destinations within the park, lake Michigan, shops and public transportation.

4EastElm4 E Elm St, Unit 12S
Original list price: $3.4 million
Sale price: $3.48 million
This 3,516 square foot Chicago condo was yet another cash sale in the new construction building 4 East Elm. The building offers modern luxury living in its 35 half-floor residences, each of which has elevator entry into the unit. Residents here can also enjoy expansive city and lake views through at least three exposures. And the building itself is an ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

2430-n-lakeview2430 N Lakeview Ave, Unit 7-8S
Original list price: $3.48 million
Sold price: $3.2 million
This co-op was only open to a cash buyer, and its new owner was able to strike a pretty good deal on the price. A 5,600-square foot vintage duplex, this four-bedroom unit boasts incredible architectural details like an artistically carved wood-paneled living room with sculpted marble hearth and a matching wood-paneled library—both of which overlook the lake and park. Other features include an elegant dining room with fireplace, foyer with grand staircase, spacious eat-in kitchen and an outdoor common patio area.

Lincoln Park 2550 Lobby

2550 N Lakeview Ave, Unit S2401
Original list price: $3.199 million
Sold price: $3.175 million
This southeast-facing three bedroom unit is one of the building’s most highly desired tiers, with designer finishes, custom drapery and wall coverings and unparalleled views of Lake Michigan, Lincoln Park and the Chicago skyline. This 24th-floor unit offers a family room with fireplace and built-ins, a large dining room and formal living space with picturesque views, a chef’s kitchen with commercial-grade appliances and quartzite countertops and a master suite with spa-like master bath.

420-e-waterside420 E Waterside Dr, Unit 4310-14
Original list price: $2.95 million
Sold price: $2.85 million
Recently renovated and designed for upscale entertiaining, this 4,300 square foot penthouse boasts spectacular views in Streeterville. A large, open living space includes a luxurious kitchen, living room, bar and dining room that look out at a panoramic view of the city. In addition to envious views, floor-to-ceiling windows bring in abundant light throughout, including the four large bedrooms. Two full master suites have a separate seating area, soaker tub and huge closets. This unit is located in The Regatta, a full-amenity building with a fitness center, pool, game room, theater, party room and outdoor deck. Its location put residents here just steps away from Millennium Park, the riverwalk and a number of great restaurants.

For more information on last month’s luxury real estate sales in Chicago, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Ultra-Luxury Homes Still Trending Among Chicago Home Sales in November

It’s not surprising that sales among luxury Chicago homes were down in November, with 32 $1 million-plus homes sold for a total of $50 million. However, we still saw a continuing trend from October, which was sales that favor the buyer, with deals closing at significantly lower prices than the original list price.

In November, four out of the top five homes sold were sold at at least $100,000 less than the original listing price. The discrepancy is a sign that sellers are being more flexible and realistic in getting their properties sold before winter officially moves in. And these homes are moving quickly—the top five homes sold in anywhere from two to 102 days. Sellers may not be willing to keep their homes on the market in order to hold out for their asking price.

Trends Among November Home Sales

Because this isn’t prime real estate season, there weren’t as many ultra high-end sales that we’ve seen in the last few months. The top sale was a modest $3.5 million. But one consistency we’ve continued to see is buyer’s gravitation toward properties on extra-wide lots. Four out of the top five sales were on lots larger than the typical 25 feet x 125 feet.

With that, let’s take a closer look at the top luxury Chicago homes that sold last month, in descending order:

21122112 N Sedgwick St
Original list price:
$3.45 million
Sold price: $3.45 million
This vintage home was gutted and awaiting renovation—the luxky buyer would have the opportunity to create their dream home in a coveted location in Lincoln Park. Situated on a 50 x 124 foot lot, the home was built to be 6,000 square feet but zoned to be expanded beyond 10,000 feet—all decisions the buyer will be able to make themselves. Features of the property include a four-car garage, hugh ceiling heights and amazing roof views.

12431243 W Wrightwood Ave
Original list price:
$2.95 million
Sold price: $2.8 million
This new construction home is a completely refreshing, unique design on a 37.5 x 125 foot lot. Inside is an amazing layout for everyday living and entertaining, with gracious room sizes and a custom eat-in kitchen. The kitchen’s details include quartzite countertops, dual Subzero refrigerator/freezers and a butler’s pantry. To make the most of Chicago summers, this home has over 1,500 square feet of outdoor space, including a huge raised patio, lush backyard and secluded rooftop terrace. The lavish master suite has an amazing closet space and true spa-like bath, and four generous-size bedrooms all sit on one level.

172172 W Eugenie St
Original list price:
$2.75 million
Sold price: $2.525 million
While this home is on a narrow lot—25 by 75 feet—it still spans more than 5,000 square feet with four bedrooms and 5.2 baths. This Lincoln Park/Old Town gem has been fully remodeled, including premium hardwood floors, designer light fixtures and hardware, elegant crown moldings and wainscoting throughout. The dream chef’s kitchen includes an imported French La Cornue oven range and stunning 8-foot kitchen island. There’s plenty of natural light inside and a rooftop deck with city skyline views outside. And finally, the great location is on a corner lot, tree-lined street just steps from beaches, parks, shopping, entertainment, dining and more.

431431 W Superior St
Original list price:
$2.699 million
Sold price: $2.51 million
This rare find in River North’s mansion district went through a full renovation in 2012 and has been meticulously maintained. Spanning about 7,000 square feet, it has been customized to perfection, featuring Brazilian cherry floors, a gourmet kitchen with two islands and Italian cabinetry, spa=like baths and an elevator to all floors. A central atrium and high ceilings brings in amazing sunlight throughout. On the top floor, a lavish master suite includes a kitchenette and two private terraces.

15421542 W Nelson St
Original list price:
$2.285 million
Sold price: $2.170 million
Another extra-wide (35.8 feet) corner lot, this beautiful brick custom home is full of remarkable details: Extensive millwork, gracious room sizes, high ceilings, oversized doors and windows and built-in custom cabinetry. On the second floor, you’ll find a sun-filled master suite with sitting room, fireplace, walk-in closet and lavish spa bath; laundry room; and three additional bedrooms. The penthouse level features an ensuite bedroom and a dreamy play space. On the lower level is an entertainment area, wet bar, office, laundry, bath, mudroom, abundant storage and an ensuite bedroom. This home also boasts spectacular outdoor spaces: three decks, plus a brick paver patio for play or car parking.

For additional information on the Chicago luxury homes that sold last month or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.