Strong Luxury Chicago Condo Sales in June, with 13 Units Selling for Over $2 Million

We’re well into a strong summer for Chicago luxury real estate sales, and the high-end condos that sold in June show it. The month saw $107 million in total sales volume for high-end ($1 million plus) condo sales, and 12 of those properties closed at a price of $2 million or more.

The most expensive Chicago condo sale in June was at the Waldorf Astoria. The property offers a whopping 4,000 square feet of interior space, and for the luxury buyer, it is all about the square footage. I’ve stressed this month after month as we report on the top properties sold in the Chicago luxury market—that buyers today want a minimum of 3,000 square feet in their new home.
New luxury developments have clearly taken note of this as well, as many new construction condo buildings offer “large living” in an urban space. New construction is again becoming hot with the Chicago buyer, as new properties (like 400 W Huron—more on that below) offer residents the sprawling space they’d find in a home in the suburbs, but with the location, amenities and convenience of city life.

But space and newness aren’t the only things the luxury buyer is willing to pay a premium for. Many are also after a great view, whether it’s of the cityscape, Lake Michigan, the skyline or better yet—all of the above.

Here’s a look at the top five most expensive properties that sold during that time:

Waldorf Astoria Chicago11 E Walton St, Unit 3802
Original list price: $4.725 million
Sold price: $4.375 million
The 38th floor of the infamous Waldorf Astoria, this Chicago condo offers forever views and is an entertainer’s paradise. The 4,000 square feet offers huge interior rooms, including a separate living and dining room and a large den (plus two terraces!). The indulgent master suite boasts three walk-in closets, an expansive sleeping room with fireplace, private terrace and a master bath with all-natural stone, huge walk-in shower, luxury Jacuzzi tub, heated floors and two oversized vanities. Other details include 10-foot ceilings, marvelous custom finishes throughout and complete control for an audio/visual system. Residents of the Waldorf Astoria also live among the epitome of luxury amenities from the building’s hotel, including a state-of-the-art spa, exercise room, pool, in-room dining and a Michael Mina restaurant.

400-w-huron400 W Huron St, Unit 1502
Original list price: $3.95 million
Sold price: $3.95 million
The new construction building at 400 W Huron comes from the same developer as the beloved 30 West Oak. This 4,175 square feet unit is on the 15th floor and showcases groundbreaking contemporary design inside and out. Luxe features inside include 10-foot ceilings, Miele appliances, stone floors, expansive terraces and separate, enclosed 2- and 3-car garages. Amenities include a 24-hour doorman, fitness center, wine storage and dog run.

401NWabash401 N Wabash Ave, Unit 85A
Original list price: $4.3 million
Sold price: $3.12 million
The 85th floor of 401 N Wabash predictably offers spectacular views, and this unit is no exception. Just over 3,000 square feet, this condo features the building’s signature curved glass and panoramic floor-to-ceiling windows. That means unobstructed views in every direction. Other luxury features of this Chicago condo include 11-foot ceilings in every room, three fireplaces, hardwood floors, a state-of-the-art kitchen with Miele, Sub-Zero and Wolf appliances, and a master bedroom with his-and-her closets and a spa-like bath.

Water Tower Residences180 E Pearson St, Unit 6205
Original list price: $3.29 million
Sold price: $3.1 million
Properties in the Water Tower Residences are rarely available, let alone an exquisite renovation like this one. Spanning 2,975 square feet on the 62nd floor, this Chicago condo has stunning views of the lake, Navy Pier and the city skyline. The designer chef’s kitchen features custom white cabinetry, the latest Wolf, Bosch and Sub-Zero appliances and a butler’s pantry and wet bar. You’ll also find state-of-the-art mechanicals that make this property truly upscale: Lutron lighting system, motorized shades, integrated lighting and an AV system. Residents here also enjoy amenities and 5-star services from the neighboring Ritz-Carlton Hotel.

400-w-huron400 W Huron St Unit 1201
Original list price: $3.1 million
Sold price: $3.1 million
Another property in newly developed 400 W Huron, this one a 3 bedroom, 3.1 bath with 4,091 square feet on the building’s 12th floor.

This monthly sales round-up paints a good picture for the prospective buyer as to what you can expect to find when you’re ready to get your own real estate search underway. Square footage, breathtaking views and newness all highly sought after, and therefore can come at a premium, especially when the market is hot. As an agent, I always work with my clients to ensure they understand the landscape of the current market, but also where they might be able to negotiate. The high-end real estate market is a nuanced one, but I am happy to talk more with you on what you can expect if you’re looking to make a purchase.

For more information on the Chicago condos that sold last month, or to see what’s on the market now, contact me at (312) 598-5080 or email me at ssalnick@dreamtown.com.

May Luxury Chicago Condo Sales Were All About Chicago’s Gold Coast

Chicago’s Gold Coast neighborhood is no stranger to luxury real estate, or the wish lists of high-end buyers. Nestled just blocks from the Magnificent Mile, residents of the Gold Coast are just blocks from everything they need:

Shopping: The boutiques along Oak Street are of world-class caliber: Harry Winston, Hermes, Jimmy Choo and many other shops line the block.

Dining: Great food can be on the menu every night when you live in the Gold Coast, with restaurants like Gibson’s, Nico Osteria, Tavern on Rush, Café des Architectes and others.

Beaches: The Gold Coast is within walking distance of the lakefront, including Oak Front Beach. This is a neighborhood hot spot, with swimming, volleyball tournaments, walking trails and more.

The Loop: Just south of Magnificent Mile, the Gold Coast puts downtown commuters just a quick zip from the office. The Loop is easily accessible by bus, El train or even walking.

So it’s no surprise that the Gold Coast was front and center of May’s Chicago condo sales. Not only is this one of the most sought-after neighborhoods in the city, but it is one area where you can find a high-rise condo with at least 3,000 square feet of living space. In May, the top sales ranged in size from 3,172 square feet all the way up to 4,931 square feet. Suburban clients love that many of these buildings don’t sacrifice space for a move into the city—they can find the same square footage that they had in the ‘burbs but with all of the urban conveniences of condominium living.

It is also apparent that, when a new construction building comes on the market, upscale buyers will flock to it. Brand-new Chicago condos are selling very well, and many buyers are willing to pay a premium price to live in them, as is evident in the top May sales.

With that, let’s take a closer look at the most expensive Chicago condos to sell in May:

4EastElm4 E Elm St, Unit 8S
Original list price:
$3 million
Sold price: $2.88 million
This is one of the newest buildings in the Gold Coast, one that’s been warmly embraced by luxury buyers—at listing time, the building was more than 90% sold. Four East Elm boasts sleek and modern half-floor residences, this one more than 3,400 square feet. Units boast elevator entries, luxury finishes, exposures with city and lake views and much more. The amenities make this building the ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room, clubhouse lounger and 24-hour doorman. Not to mention, the location in the heart of the Gold Coast is a buyer’s dream, near restaurants, world-class shopping, the beach and plenty more.

800NMichigan800 N Michigan Ave, Unit 4602
Original list price:
$3.175 million
Sold price: $2.925 million
A rarely-available residence in Park Tower, this 3,172 square foot Chicago condo boasts and open floor plan for today’s lifestyle. The sensational open chef’s kitchen has a glass breakfast area that faces the lake and city, opening up to an open living room, dining room and family rooms. From there, you’ll find breathtaking, dramatic Lake Michigan and skyline views. Details throughout include high ceilings, wood floors, motorized blinds and private elevator access. Living at Park Tower is exceptional, upscale living at its finest—residents here enjoy the amenities and services of the neighboring Park Hyatt Hotel, which includes an indoor pool, fitness center, NoMI Restaurant and more.

1209-n-astor-st1209 N Astor St, Unit PH
Original list price:
$3.499 million
Sold price: $3.1 million
A spacious, full-floor penthouse on Astor Street, this co-op unit has been renovated down to every meticulous detail. Spanning the entire width of the building with 4,100 square feet, the property includes a living room, dining room and library, along with a state-of-the-art kitchen with high-end appliances, eat-in area and sitting area. Large windows offer 360-degree views. The exceptionally run building includes a lovely garden and much more.

400-w-huron 400 W Huron St, Unit 501
Original list price:
$3.75 million
Sold price: $3.75 million
From the developer of 30 West Oak, this is slated to be Chicago’s next iconic building. With groundbreaking contemporary design inside and out, the building has just 25 units, ranging from 2,100 to 4,931 square feet. This unit features a one-of-a-kind, custom full-floor floorplan with 4,931 square feet. This home nearly matches the interior square footage with outdoor entertaining space, including a private pool and spa. Other details include 10-foot ceilings, Valcucine cabinets, Miele appliances, stone floors, luxe baths, expansive terraces and separate enclosed garages.

800NMichigan800 N Michigan Ave, Unit 2801
Original list price:
$4.495 million
Sold price: $4.26 million
This unit in the iconic Park Tower is a half-floor residence that brings together masterful design and modern luxury. Spanning 4,220 square feet, this unique and customized home includes a gourmet kitchen, large outdoor terrace, the utmost privacy offering and panoramic views that include Lake Michigan and a clear line down the Magnificent Mile. Residents of this building have the 5-star amenities of the Hyatt Hotel right at their fingertips: such as rooms service and catering direct to the door, concierge service, and indoor pool and health club and a deluxe sun deck.

For more information on the Chicago 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.

11 Upper Bracket Chicago Condos Sell in April

When I refer to the “upper bracket” of Chicago luxury condos, I am referring to properties that sold upwards of $2 million up to $4.2 million, as was the case last month with 11 upper bracket condos sold in this range. April’s sales certainly indicate that sales in the $1 million-plus market should be strong in the next few months. In total, the month saw 60 sales close for a sales volume of $93 million in April.

Looking at what sold last month, four out of the top five Chicago condos sold were brand new construction. They were also in excess of 3,000 square feet. I am anticipating in the upcoming months that new construction with generous square footage will make a frequent appearance on our most-expensive-sales list.

In the meantime, here’s a look at the top five upper-bracket Chicago condo sales from April, starting with the most expensive:

25502550 N Lakeview Ave, Unit 1101S
Original list price: $4.6 million
Sold price: $4.2 million
This 3 bedroom, 3.1 bath unit sits on a corner and has been exquisitely appointed and highly upgraded. You’ll find stunning views of the lake, park and city skyline through dramatic 11-foot ceilings in nearly every room. State-of-the-art technology brings sound, light, HVAC and window treatments at the touch of a button. There are terraces for sunrise and sunset, including a 45-foot loggia off of the family room. Living in Lincoln Park 2550 is like staying at a fine resort, with dedicated concierge and a number of enviable amenities (more on that below).

4EastElm4 East Elm St, Unit 21S
Original list price: $4 million
Sold price: $4 million
The luxury condos at 4 East Elm have proved popular since the building debuted in the Gold Coast last year. The building is now 90% sold of its 35 sleek, modern half-floor residences, each with elevator entry into the unit. The Chicago condos in 4 East Elm include high-end finishes and at least 3 exposures with expansive views of the city and lake. Plus, residents here enjoy building amenities like an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 401
Original list price: 3,123,000
Sold price: $3,123,000
This Lincoln Park boutique condo building is brand new, with just 15 intimate units in the heart of the beloved neighborhood. With two combined units, this duplex penthouse occupies the top two floors of the building, with a 113-foot extra-wide floorplan. The penthouse includes 6 bedrooms, 4.2 baths, floor-to-ceiling windows and city views. Thoughtful details and finishes include Archisesto cabinetry, Sub-Zero and Wolf appliances and Jason Woo fixtures. The outdoor space is also incredible, with two balconies and a 39 x 32-foot private terrace.

4EastElm4 E Elm St, Unit 15N
Original list price: $2.99 million
Sold price: $3 million
4 East Elm strikes again! This brand-new construction unit spans 3,135 square feet, with only two units per floor and a private elevator. The superb open floor plan includes 3 bedrooms and 3.1 baths, with exquisite finishes throughout. Other details include 10-foot ceilings, Wolf and Sub-Zero appliances, Florense cabinets, in-ceiling invisible speakers, electric shade wiring, LED lighting and a luxurious master suite. The building’s amenities include a 24-hour door staff, outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 104
Original list price: $2,248,000
Sold price: $2,248,000
Also located in the new boutique building in Lincoln Park, this unit is an extra-wide combination unit, with 3 bedrooms and 3.5 baths. Features include floor-to-ceiling windows, Archisesto cabinetry, Sub-Zero and Wolf appliances, Jason Woo fixutres and a thoughtfully conceived open floor plan with superior finishes throughout. The building offers unimaginable outdoor spaces—this unit boasts an 81 x 50-foot terrace. The buyer of this Chicago condo paid cash.

Luxury Living in Lincoln Park 2550
2550NLakeviewIt’s been awhile since we’ve seen Lincoln Park 2550 on our top five list, but this building has been a mainstay of luxury living in Chicago nonetheless. Even as new construction condos return to the Chicago condo, this building continues to stand apart from other luxury properties, thanks to its extensive list of amenities that makes day-to-day living feel like a resort vacation. In addition to concierge service, Lincoln Park 2550 offers its residents spa-like fitness facilities, private cinema, dry cleaners, yoga studio, party room, game room, library, dog run and a beautifully landscaped 1.25-acre private park. The location also can’t be beat, as this building is within an easy talk to restaurants, bars, grocery stores and public transportation.

I currently have a listing at 2550 N Lakeview, with 2600+ square feet, two north-facing balconies, two heated garage spaces and access to all of the amenities and services of this outstanding building.

For more information on this unit, or to see other properties that sold in Chiago luxury real estate last month, 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.

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.

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.

Excellent Deals For Buyers Purchasing Chicago Luxury Condos In October

The middle of October is a special time for real estate buyers. As I constantly emphasize to my clients, this is the best time to take action if you’re considering a purchase.

Mid-October is when deals are happening, and this past month was no exception. Sellers who have had the market advantage for much of the year are no longer in the driver’s seat, and you can see that all of the top five most expensive condos and co-ops to sell in October went for considerably below the asking price.

Every single luxury condo, including the co-op at 209 E Lake Shore, sold for big-time discounts from the original listing price. Each property exceeded the 3,000 square feet requirement that Chicago luxury condo buyers are looking for, as well.

But just because October is over doesn’t mean the ideal time to buy is not now.. You can see that luxury sales have started to slow down, and the number of high-end sales in excess of $2 million has come down dramatically from previous months. So buyers looking to purchase a Chicago condo could still have the upper hand now that it’s not prime season for sellers.

Here’s a closer look at the top five Chicago condos sold in October. Note the major differences between the listing prices and sale prices for each:

77-e-walton77 E Walton St, Unit 26F
Original list price: $3.475 million
Sold price: $3.11 million
In Chicago’s most desirable neighborhood, the Gold Coast, this exquisite luxury condo is fitted for modern living, with no expense spared. Features include custom kitchen cabinetry, built-in buried oak bar, beautiful hardwood floors, oversized doors and millwork throughout. Its 3,479 square feet are made into a smart, spacious floorplan that includes three ensuite bedrooms and 3.1 baths. This is also a full amenity building with multiple garage parking spaces and interior access to the Four Seasons Health Club.

445-e-north-water-st445 E North Water St, Unit 2601
Original list price: $2.7 million
Sold price: $2.5 million
This three bedroom (plus den) has fantastic lake, river and city views from its south-facing corner exposure in Streeterville. Spanning 3,983 square feet on the 26th floor, the unit includes a huge gourmet chef’s kitchen with granite, Subzero appliances and a wine cooler, along with several professionally organized closet spaces. The property also includes two parking spaces, a valuable commodity in this area of Chicago.

209ELakeShoreDr209 E Lake Shore Dr, Unit 6W
Original list price: $4.2 million
Sold price: $2.1 million
This Chicago co-op is city living at its finest. With 5,675 square feet, five bedrooms and 6.1 baths, this half-floor residence boasts a whopping 60-feet of Lake Michigan views. The building was once home to famed architect Benjamin Marshall, and is one of the finest, service-oriented co-ops in the city with full amenities, parking and a rear garden. This unit in particular offers exquisite architectural details and an extraordinary floorplan made for family living and entertaining.

180 E Pearson180 E Pearson St, Unit 7203
Original list price: $2.2 million
Sold price: $2.1 million
A spot on the 72nd floor brings three coveted qualities to this property: It’s quiet, private and offers unobstructed north, south and east views. This 3,320 square foot unit begins with a majestic entry foyer that makes an ideal showcase for artwork. A large living room overlooks the lake and city, and you’ll also find a wood-paneled library, three bedrooms with ensuite baths and his-and-her master closets. Residents of the Water Tower can enjoy the world-class amenities offered by the adjacent Ritz-Carlton Hotel, and the unbeatable location on Michigan Avenue puts them steps from superb dining, shopping and the lakefront.

180 E Pearson St, Unit 6104
Original list price: $2.4 million
Sold price: $2.1 million
Located in the southeast corner of the 61st floor of the Water Tower, this 4-bedroom Chicago condo was recently redone in marble, slate and granite finishes. Spanning 3,320 square feet, this unit boasts a raised floor in the living room to take advantage of the view, custom shelves, cabinetry and built-ins throughout, wood floors, custom closet designs and a DeGuilo kitchen with leaded glass-front cabinets and high-end appliances. The master bath—one for four baths in all—includes a Kohler jetted tub and steam shower.

For more info on the Chicago condos that sold recently and how what’s happening on the market might fit into your own search, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Minimalist Kitchens for Chicago Luxury Condos Are In

When it comes to luxury real estate, it’s all about the details—high end finishes, impeccable hardware, architectural nuances that bring a space to perfection. But it’s not only small details that go a long way. Every foot of living space is important for bringing a luxury condo to the next level, and one room in particular can go a long way for the luxury buyer: the kitchen.

Belmont Build

Photo by Scavolini Store Chicago via Houzz

We’ve seen a number of kitchen trends over the last few years, but the latest look for many luxury homeowners is gravitation toward a minimalist, European-style space that looks like it came directly from an Italian showroom. Design enthusiasts are using the kitchen as an architectural showpiece in their homes as a way to add value and a “wow” factor to their property.

The Wall Street Journal recently covered this trend, calling the Italian luxury kitchen the “Prada handbag of luxury real estate.” I’ve seen this trend among new construction properties as well, as developers enlist specialty kitchen designers to bring the minimalist look to the luxury client.

Combining Beauty and Function in Luxury Real Estate

The minimalist kitchen isn’t just about aesthetics, however. Cutting-edge design helps make the space not only beautiful, but fully functional as well, including all of the gadgets and appliances you might need for a fancy cooking show.

The key in the kitchen’s design is to retain the necessary functionality but have the appearance of a clutter free set-up. Key ways of doing this include:

  • Butler’s pantries that can remain completely out of sight
  • Retractable countertops
  • Pocket doors that hide countertop appliances
  • Recessed finger pulls to eliminate hardware

Today’s new construction kitchens are bringing all this and more, by the most noted brands in the industry. And the price tag is generally in line with the cache of the name behind it. The high-end, minimalist kitchen brings and element of fantasy to luxury property, akin to a coveted sports car parked in the driveway.

POGGI DESIGN

Photo by poggi design via Houzz

And because many Chicago condo buyers are still looking for space—at least 3,000 square feet—a smart kitchen design ensures that every bit of space is used effectively. The result is a luxury home that feels like a retreat after long days in the city.

If the minimal, European-modern style kitchen is one you’re coveting, you don’t have to invest hundreds of thousands of dollars to get the same effect. As afan of modern design myself, I redid my own kitchen with the minimalist look, taking some of the key elements and tricks of these showroom-worthy kitchens to increase the resale value of my home. In the end, I achieved a very similar result without having to import from the major high-end brands that come with the same high-end price tag, but still have the advantage of an updated property that will appeal to buyers when the time is right.

To learn more about making kitchen design updates that can boost the resale value of your home, or to talk about buying or selling a Chicago home, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Square Footage a Major Factor for Chicago Luxury Condo Sales in September

In 2016, we’ve seen two major things at the top of luxury buyer’s wish list for a new home purchase: new construction and square footage.

And that was exactly what many of them got last month. September luxury condo sales were unusual on the high end, with a number of ultra-luxury properties at the top of the list. Twelve properties sold for more than $2 million, with the highest sale clocking in at a whopping $8 million. And these homes are selling quite easily—it’s clear that the upper bracket of luxury real estate no longer has to be on the market for a year before finding the right buyer. These homes are selling in just a matter of days.

Luxury Buyers Want Square Footage, New Construction

Looking at the top five most expensive sales last month, four out of five of them offered exceptionally large square footage—4,000 square feet on the low end, and all the way up to 8,000 square feet for a unit at 50 East Chestnut in the Gold Coast. We also saw another sale at 4 East Elm, a new construction building in which every residence is a spacious half floor.

I always find that the magic number for square footage is 3,000 square feet. Buyers who are moving into Chicago are often looking to downsize, but still retain some of the space they had in their home in suburbs. Their effort to “downsize” is often less focused on small-space living, and more in the added conveniences that come with condo living, building amenities and a great location close to everything.

Things to Consider When Shopping for a Chicago Luxury Condo

Whether it’s a condo or a single-family home, when shopping for a larger-sized property, it is very important to understand the layout and “flow” of the home, not just the size. There are a number of nuances in certain floorplans that can make a home feel much smaller than indicated on the listing sheet.

For my clients, I always do the research beforehand so that I can establish the square footage of a property before taking them to see it in person. I have worked on a number of large condos and can make suggestions on existing floorplans on how they can be modified to make the most of the space and maximize resale value down the line.

Top Chicago Condos Sold in September

Total sales volume for Chicago luxury condos sold in September reached $90.0 million. Much of that was thanks to a number of high-priced, ultra-luxury properties at the top of the list. Let’s take a closer look at the 5 most expensive sales last month, starting at the top:

159EWalton159 E Walton Pl, Unit PH
Original list price:
$8.5 million
Sold price: $8 million
This double-floor penthouse is a historic space in the iconic Palmolive Building, offering comprehensive views in every direction. This Chicago condo spans 7,880 square feet, with three terraces totaling 600 square feet. The top floor boasts soaring, 14-foot ceilings, while the 36th floor features a gracious living space. The rest of the unit has been configured to include a theater room, card room, billiard room, office and a service kitchen for the patio. While the unit was move-in ready, the nature of the space also offered the new buyer the opportunity to make it their own.

11 E Walton St11 E Walton St, Unit 4002
Original list price:
$5.15 million
Sold price: $5 million
This 4,000 square foot unit is a rarely available home in one of the city’s most prestigious residences, the Waldorf Astoria. A north/east exposure offers panoramic, unobstructed lake views into the sunny, open floor plan with contemporary design weaved throughout. An eat-in kitchen includes custom cabinetry, stainless steel Subzero and Wolf appliances, a wine refrigerator, an incredible bar with glass sink, stone countertops and more. The home theater could be converted to a fourth bedroom or left as-is. The luxury master suite includes an exercise room, infinity jetted tub, oversized steam shower and large walk-in closet. In addition to sought-after building amenities like a 14,000 square foot spa, fitness center, concierge and in-room dining, this Gold Coast condo also includes an additional coveted feature: a parking spot.

The Elysian Residences11 E Walton St, Unit 3201
Original list price:
$4.79 million
Sold price: $4.79 million
There weren’t too many details on this sold-before-print condo available beyond its 3 bedrooms and 4,000 square feet. Units in the Waldorf Astoria aren’t often available, and this was the second lucky buyer to land one last month.

50echestnut50 E Chestnut, Unit 601
Original list price:
$4.5 million
Sold price: $4.55 million
This is a one-of-a-kind duplex in a coveted Gold Coast Building. This spectacular space offers a generous 8,000 square feet, six bedrooms, and stunning finishes throughout. Spanning two full floors, the condo allows for spacious rooms, great entertaining space and a gorgeous cook’s kitchen. There are also four private balconies and access to a huge building terrace. Just one block off of Michigan Avenue, this location is just steps from all of the wonderful offerings of the Gold Coast.

4EastElm4 E Elm Street, Unit 20S
Original list price:
$4.225 million
Sold price: $4,239,954
The new kid on the block, 4 East Elm, has been the darling of luxury condo sales in 2016. The building is now over 80 perfect sold and closed for its half-floor, new construction properties that many luxury buyers have fallen in love with. Each unit has an elevator entry, luxury finishes and most have expansive lake and city views as well. It’s location at State and Elm streets—in the heart of the Gold Coast—is hard to beat, and the building itself boasts a bevy of amenities like an outdoor pool, whirlpool, sun deck, fitness center, screening room, clubhouse lounge and 24-hour doorman.

There are a number of new construction properties on the market now that I’d love to introduce you to. If you’re in the market for a Chicago luxury condo, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

One Reason Why Some Chicago Luxury Condos and Penthouses Sell for a Premium

In my last 7 or so years of working with luxury condo buyers in Chicago, there is one piece of advice that has remained the same: look for a property with above-standard ceiling heights.

Ceiling heights play a huge role in the luxury real estate market, as this is a key way in differentiating one condo from another. The standard ceiling height is 8 feet, but an above-standard height ensures that a home will sell quickly and at a premium, which is an important consideration even as a buyer who is thinking about resale value.

That’s why a number of luxury buildings in Chicago feature at least 10-foot ceilings in every unit. Trump Tower, a favorite among luxury buyers, has a standard of 10-foot ceilings, but some floors go as high as 16 feet.

10-foot to 11-foot Ceilings Favored Among Buyers

The Wall St. Journal recently highlighted how important ceiling height is in real estate in other high-end markets. The article noted that buyers will pay a premium for even one extra foot, property with 10- to 11-foot ceilings versus the standard 8-feet can have a price as much as 50% higher per square foot.

So why 10 to 11 feet and not, say, 15 feet? Isn’t bigger better? The 10- to 11-foot mark is often the sweet spot for buyers, providing the extra cubic space that feels luxurious, but without being so overwhelmingly tall that furniture and artwork feel stunted in the space.

The article affirms advice I’ve been giving out for many years to buyers purchasing new construction properties. And it sounds like developers are heeding this advice, as well, as many are coming to the conclusion that raising the ceiling heights by even a few inches will help sell their properties as compared to the competition.

Penthouse Units that Go to Great Heights

While 10 to 11 feet is a “standard” for many luxury properties, Chicago penthouses are often in a class of their own. It is not unusual to have 14-foot ceilings as commonplace in penthouse unit.

Ultra-high ceilings are often sought after by art collectors who are looking for major wall space to hang their works. And since penthouse units often offer sky-high views, the super-high ceilings give way to big windows that showcase the panoramas you can only find in these types of properties.

Depending on the type of property, ceilings heights can play a major role in its design, its level of luxury and its appeal to upscale buyers. I would be happy to demonstrate a few different buildings for you to see how the different ceiling heights play into your preference. I can also give you a list of buildings that are in your budget and details on the ceilings heights of each, so you can see the difference in price between a standard ceiling height and one that might add a few inches.

For more information, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.