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:
800 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 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 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 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 firstname.lastname@example.org.