Buyers Primarily Purchasing Luxury Chicago Condos with Cash

For the second consecutive month, cash buyers were the stars of the show when it came to luxury Chicago condo sales. Four out of the top five most expensive homes sold were bought with cash, something sellers should certainly take note of.

April’s condo sales are further evidence that downtown Chicago is where buyers want to be. And not just anywhere downtown—luxury buyers are still gunning for new or newer properties with ample square footage in buildings with loads of amenities to offer.

Buildings like the Ritz-Carlton Residences and Lincoln Park 2550 continue to make appearances on each month’s sales report. These buildings are moving because many high-end clients have realized the value of luxury real estate in Chicago compared to other parts of the country and the world. Here, the cost per square foot is relatively inexpensive—a maximum of $1,200—whereas upscale properties in New York or San Francisco are priced upwards of $3,000 per square foot.

Buyers are also drawn to condos with the space of a single-family home. Luxury condos with more than 3,000 square feet move quickly, as buyers don’t want to sacrifice space if they are moving from a house to a condo or into the city from the suburbs.

Each of the top 5 sales for April demonstrate these key features on today’s buyers’ wish lists. Here’s a detailed look at each sale, in descending order:

118 E Erie St, Unit 37J
Original list price: $4,333,200
Sold price: $3,901,700
The most expensive Chicago condo to sell in April was none other than a unit in the Ritz-Carlton Residences, a favorite among high-end buyers in the last year or so. And this property sold in just three days. This condo was partially finished, allowing the new resident to design certain aspects of the home to their liking. This 89-residence tower is in the heart of the Magnificent Mile, with the private Landmark Club that includes a grand salon, a staff chef, a staffed bar, wine storage, movie theatre, full-time staff and athletic and spa facilities.

2550 N Lakeview, Unit N1701
Original list price: $3.95 million
Sold price: $3.4 million
Lincoln Park 2550 continues to be one of luxury buyer’s favorite buildings this year. This Chicago condo in particular is a rare combination unit spanning more than 3,500 square feet. Breathtaking views of Lake Michigan, Lincoln Park and the city skyline can be enjoyed from inside or either of 2 balconies. The home is fitted with the latest technology, with high-tech upgrades and state-of-the-art systems. The building itself features a number of sought-after services and amenities, including a superb fitness center, a ¼-acre private park, and an outstanding lobby. Plus, this is one of the latest projects from famed Chicago architect Lucien Lagrange.

30 W Oak Street, Unit 8B
Original list price: $3.15 million
Sold price: $3.25 million
Spanning more than 3,300 square feet, this Gold Coast home is an immaculate 3 bedroom, 3.1 bath with 10-foot ceilings, floor-to-ceiling windows and custom stone floors. The kitchen has undergone major upgrades with Poggenpohl designs, Miele appliances, a butler’s pantry and organized storage. A spacious terrace off of the kitchen makes a great addition for entertaining. The master bath features built-ins, and organized walk-in closet and ultra-luxe master bath with an oversized shower, separate tub and double sinks.

229 E Lake Shore Dr East, Unit 6W
Original list price: $3 million
Sold price: $2.9 million
This Lake Shore Drive co-op unit has been renovated into a stunning, high-end property from end to end. With 4 bedrooms and 3.5 spa baths, this home boasts elegance in a luxury, full-service boutique building. Inside you’ll find breathtaking lake views, exquisite architectural detailing, a new DeGullio kitchen, new windows and three fireplaces.

415 E North Water St., Unit 802
Original list price: $2.8 million
Sold price: $2,805,000
In a highly coveted building, this rare Chicago condo in River View has been upgraded to the nines. This 4,705 square foot condo is flooded with sunlight and opens up to amazing city, river and lake views. Inside features a huge dining room with gorgeous built-it wine fridge, a master suite with an office/sitting area, 2 large organized closets and a luxury bath. The 3 bedrooms are large and each features its own private balcony, with 4 balconies in total.

As spring and summer arrive, it’s the perfect time to check out the Chicago condos in some of these great buildings. Many offer both private and shared outdoor space that can be truly appreciated after the city’s long winter! To learn more about these sales or any of the buildings featured in last month’s sales, contact me at ssalnick@dreamtown.com or (312) 498-5080.

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