Looking at the numbers from last month’s luxury condo sales, December has once again proved itself to be a great time for homebuyers. As I constantly remind clients, the time frame from November 24th to the end of December (before January 1st) is probably one of the best times to go shopping for a luxury Chicago condo or property in general.
Why? Sellers grow increasingly concerned about the upcoming winter months. The colder weather isn’t promising for touring prospective real estate and getting buyers excited about moving into a new home. Sellers don’t want their properties sitting stagnantly for months until spring comes back around, so they are more motivated than ever to make a deal before the new year.
Top Luxury Sales in the Chicago Real Estate Market
All five of the major sales in that closed in December were in very elegant buildings, ones with a panache similar to what you would find in the most prestigious parts on New York. The top properties sold were a mix of new construction luxury condos and older buildings from esteemed Chicago architect Benjamin Marshall. Here’s a look at the top five luxury condos sold in December 2011.
65 E Goethe, Unit 8N
Sale price: $6.7 million
The most expensive property to sell in December, this penthouse-level Chicago was sold with the adjoining unit, after being on the market for a whopping 501 days, according to the Multiple Listing Service. One of the apartments was about 4,900 square feet of raw space—with the purchase of both units, the buyer will be able to design his or her own custom apartment. In addition to having a blank canvas for the buyer to work with, this north-facing property boasts 11-foot ceilings, 9 bedrooms, 2-car parking.
The building at 65 E Goethe is extremely elegant architecturally, designed by Chicago architect Lucien Lagrange. Located in the Gold Coast neighborhood, the east side overlooks Lake Michigan and the west over the Astor Street Historical District.
840 N Lake Shore Drive, Unit 1701
Sale price: $3.695 million
The buyer of this newer Lake Shore Drive Chicago condo received a great deal on this property that was originally listed for $4.5 million. This property is a sophisticated, 4,300 square foot 4-bedroom condo with refined, custom finishes, custom millwork, walnut floors, a cook’s kitchen and panoramic views of the city and park.
199 E Lake Shore Drive, Unit 8E
Sale price: $3.075 million
This property is a great example of the types of Chicago real estate that are continuing to sell in today’s market—condos and co-ops (like this one) that have architectural significance and ample square footage are what buyers are looking for. This 3-bedroom property that closed in December is special for a number of reasons: the building was designed by Benjamin Marshall; it spans 4,600 square feet; the building is co-op; and the unit was on the market for 424 days. That length of time likely helped the buyer get the incredible deal that they did on this unit, which sold for nearly $1.5 million less than the original list price.
1550 N State Pkwy, LIBC
Sale price: $2.8 million
This huge four-bedroom duplex condo sold for a half a million less than the original listing price of $3.3 million. With 6,000 square feet, this is a Chicago condo that showcases contemporary style within a classical building. The building was designed by Chicago architect Benjamin Marshall, who designed the Drake Hotel and many other notable Chicago buildings.
401 N Wabash, Unit 84D
Sale price: $2.7 million
When talking about buildings that showcase the utmost elegance and panache, Trump Tower in downtown Chicago is always at the top of the list. This newer luxury condo features one of Trump Tower’s most coveted characteristics–sweeping views of the city and skyline, as the unit sits along of the building’s dramatic curved edges. With three bedrooms and 3,100 square feet, this Chicago condo includes all of the luxury amenities you can imagine, backed by the Trump name.
As these closings show, there are many options on the Chicago luxury real estate market and opportunities for buyers to get a great deal on a truly unique property. This is still an ideal time for buyers to take action. For a closer look at what sold in December or to learn more about the luxury properties on the market now, contact me at (312) 498-5080 or email me at email@example.com.