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.

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