Chicago Luxury Home Sales Focused on Ultra-Luxury in July

High-end real estate in Chicago kept pace with the weather in July: hot, hot, hot. Luxury-single family homes saw an incredibly strong month of sales, particularly on the very high end.

Twelve of the $1 million-plus sales of single family homes were actually in the $2 million-plus range. And six of them were in the ultra-ultra luxury range, topping $3 million. The highest price home sale for the month clocked in at more than $4 million. All in all, it is a rarity to see these kind of sales during a summer month, but luxury buyers are proving to be “in market” no matter what the time of year.

Hot Features for Chicago Luxury Real Estate

Of course, these homes that sold at high prices certainly have plenty to offer, especially as it relates to today’s buyer’s wish lists. I find that most luxury buyers have a few features on their must-have lists for a new home:

  • A large lot: As in, larger than the standard 25 x 125 feet. Extra-wide or extra-wide lots allow for more space, open floor plans or outdoor areas that can be tough to find in the city.
  • Large rooms: Today’s luxury buyer wants a master suite that will make a high-end hotel envious. Spa-like baths, ample square footage and “wow” closet space are just a few things that take a master bedroom over the top.
  • High ceilings: A minimum of 10 feet.
  • Elevator: for 3- and 4-level homes, an elevator that makes for easy access to all floors in definitely a luxury feature, and I’m seeing more and more of it in new construction properties in particular.

These features not only add the comfort and characteristics to a home that a luxury buyer wants, but also add an air of sophistication and elegance.

Chicago’s Top Luxury Home Sales in July

It’s no surprise then that the month’s top five sales offer these features and much more. Here’s a detailed look at the most expensive single-family homes that sold in July, in descending order:

1734 N Mohawk St
Original list price: $4.5 million
Sold price: $4.15 million
Even though this home was on a slightly smaller-than-standard lot, it had an additional feature that buyers love: It’s brand new. Located in East Lincoln Park, this 6,800 square foot property was meticulously designed, paying homage to the turn-of-the-century Chicago home. It boasts a few unusual features as well: 7 bedrooms and 6.3 baths (a high number for a home this size) and a breezeway. The breezeway is an architectural features that allows for direct access to t he garage, and it is difficult to find in a Chicago home as it is difficult for a developer to create. The home’s elevator leads to all floors, including the penthouse with roof-top deck and skyline views. Luxury finishes, exquisite detailing and more make this home no surprise that it took the top spot in July.

23 E Scott St
Original list price: $3.34 million
Sold price: $3.2 million
No detail was overlooked in this beautiful home on an extra-long lot, designed by Nate Berkus’ right-hand woman who transformed it into a property with unparalleled style. The entry level features classic, original black and white marbled stone. A brand-new kitchen brings in amazing light through south-facing, floor-to-ceiling windows. An elevator or Adler-sequence staircase takes you between floors, where on the third level you’re find two ensuite bedrooms and a library that could be made into an additional bedroom. A concealed bar at the staircase landing has a beverage refrigerator and coffee bar. The entire top level is devoted to a luxe master suite, with two closet “rooms” and a bath with heated marble floors, dual sink, soaking tub and separate shower.

2139 N Seminary Ave
Original list price: $3.5 million
Sold price: $3.43 million
A brand-new home by a top Lincoln Park developer, this brick and limestone home has plenty of space in its open floor plan. High ceilings, a combination living/dining room, powder room and chef’s kitchen span the first level. The adjoining family room with fireplace and built-ins opens out to rear patio with wood-burning fireplace and deck over garage. The master suite spans the rear of the home with a spa bath, dual vanities, spacious steam shower, separate tub and walk-in closet. And the lower level features a rec room with built-in bookcases, laundry room, full bath, climate controlled wine cellar, wet bar and two additional bedrooms.

2248 N Orchard St
Original list price: $3.89 million
Sold price: $3.465 million
This 8,500-square foot home on an extra-wide lot is just steps from Oz Park, with four levels of superior quality. The main level boasts a grand. Living space with 11-foot ceilings, classic architectural details and two wood-burning fireplaces. The eat-in kitchen includes Woodmode cabinets, top-quality appliances and butler’s pantry; and the family room opens up to a two-tiered terrace with marble baths, rec room, home theater, dual laundry and huge roof deck with skyline views. This award-winning home is located on a quiet residential block in Lincoln Elementary School District, near restaurants and public transportation.

643 W Arlington Place
Original list price: $4.495 million
Sold price: $3.825 million
An extra wide (50 feet!) and extra long (175 feet!) lot size allows for a whopping 8,500 square feet inside this architectural masterpiece by Wheeler-Kearns. Located in East Lincoln Park, this home is contemporary, light-filled and boasts a dramatic design in its six bedrooms, 5.1 baths and renovated studio apartment. Other jaw-dropping features include and indoor, heated lap pool, hot tub and an incredible spa pool house. The loft-like two-story family room and breakfast room feature a wall of glass that faces the large landscaped backyard. This home is ideal for family living and entertaining, with a brand-new chef’s kitchen, huge lower level with playroom, full-floor master suite, three oversized bedrooms and a larger terrace on the third level.

For more information on the luxury single-family homes that sold in Chicago last month, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

On the Chicago Real Estate Market: Pristine Penthouse Condo in the Heart of Wicker Park

outsideLocated on a spectacular street in Wicker Park, this extra-wide condo offers everything you’d want in a great location: Close to the neighborhood’s vibrant hub of activity, a high Walkscore and an easy trip into downtown.

Address: 1947 W Evergreen, Unit D
Size: 2 bedroom, 2 bath
Neighborhood: Wicker Park/Bucktown
Price: $449,000
Contact: Sheldon Salnick, Dreamtown ,(312) 498-5080 or ssalnick@dreamtown.com

living-room-2 kitchen deckHere’s what you’ll find at 1947 W Evergreen in Wicker Park:

  • Extra large outdoor space
  • Amazing natural light
  • 9-foot ceilings
  • Granite kitchen countertops and 42-inch cabinets
  • Hardwood floors
  • Private, separate garage for car parking

living-room kitchen-living bedroom-2Living in Chicago’s Wicker Park

In real estate, we know that location is everything, and this Wicker Park condo certainly has it. Within short walking distance, you’ll find:

Wicker Park, an urban park complete with playground, sports fields, movie nights, a farmer’s market & other events.

  • The Damen and Division El stops, allowing for easy travel into downtown Chicago
  • Several bus lines
  • Milwaukee, Damen and Division streets: The central hub of activity in Wicker park

Wicker Park is known for its abundance of culture, with vibrant art, community nightlight and food scenes. This Wicker Park condo is within easy walking distance to the boutiques, restaurants, bars and music venues that make this neighborhood so beloved by its residents.

For more information on living in Wicker Park and this Chicago condo for sale, contact Sheldon Salnick at (312) 498-5080 or email me at ssalnick@dreamtown.com.

bedroom-1 bath-2 bath-1 floorplan

New on the Chicago Real Estate Market: 3-Bedroom in Jefferson Park

Chicago home for sale in Jefferson Park

One of my favorite things about real estate in Chicago is that there really is something for everyone—modern high-rises for urban aficionados; quiet, tree-lined streets for those who love the feel of the suburbs; and of course, many things in between.

Newly available is a Chicago home right with the best of both of those worlds. It has the residential feel of a suburban neighborhood—but it’s right here in the city, in Jefferson Park.

Chicago home for sale in Jefferson Park

4956 N Lockwood Avenue, Unit 2
3 bedrooms, 2.5 bath
2,500 square feet

This home is part of a gorgeous brick two-flat, similar to a townhome with a wide open floor plan. Here’s a look at what this home has to offer:

ilmlsni08616252-14

ilmlsni08616252-13
Outdoor space: A 20 x 20-foot deck is the ideal space for entertaining and taking advantage of Chicago’s summer weather. There’s also an additional terrace off of the master suite.

ilmlsni08616252-3

ilmlsni08616252-1

Chef’s kitchen: With stainless steel appliances, granite countertops and 48-inch cabinets, this kitchen is fit with everything you need for hosting parties, dinners, or a simple family breakfast.

Chicago home for sale in Jefferson Park

Convenient location: This Chicago home is close to the 90/94 freeways, Blue Line and the Metra for easy commuting to downtown or around the city.

Room for kids: This home is directly across from a wonderful park with a playground for kids and a mere two blocks from an excellent elementary school.

ilmlsni08616252-7

ilmlsni08616252-6

Plenty of space: The master suite boasts a lofted office, plus two additional generously sized bedrooms. There’s also garage space with room for two cars—something you’ll surely be grateful for once winter returns.

Details: The home is impeccable tailored, with super finishes, cherry floors and oak doors.

This Chicago home for sale would be perfect for Chicago teachers, police or firefighters who have to live in Chicago but want an environment that feels more like the ‘burbs. To learn more about this property or to check it out in person, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Luxury Chicago Real Estate Continues to Move Briskly with May Single-Family Home Sales

With inventory still fairly low in the Chicago real estate market, luxury properties with much to offer are moving quickly. The location of May’s single-family home sales are no surprise: Lincoln Park, the Gold Coast and Lakeview all topped the list of the most expensive homes sold in May. These neighborhoods are a dream for home buyers, with plenty of trees and residential-like streets, walkability to dining and shopping and within the boundaries of great schools.

There were 33 luxury homes (those priced at $1 million and above) that sold in May, totaling $57 million in sales. Here’s a look at the top 5 most expensive, in descending order.

astor1207 N Astor St
Original list price: $5.875 million
Sold price: $5.875 million
This 7,500 square foot home sits on an extra-wide lot on storied Astor Street in the Gold Coast. It was recently renovated to include high-end finishes and fixtures, radiant heat and home electronics, but the bones of the home offer much to be desired as well. An elegant living room and dining room each have their own fireplace; the chef’s eat-in kitchen features Christopher Peacock cabinetry; the great room features a 20-foot ceiling and stone fireplace; and a sun-filled penthouse opens up to a skylight and has two terraces.

hudson2138 N Hudson Avenue
Original list price: $5.2 million
Sold price: $5.1 million
A custom home stretched on an extra-wide lot in Lincoln Park, this home features 8,000 square feet on the inside and a large yard on the outside. It’s hardly your “typical” city home, surrounded by a park-like setting that floods the home with light. Inside is a huge eat-in kitchen with great finishes, an adjacent great room with dining terrace, a formal dining room, gracious living room and a 2-story living room. The master bath on the top level is spa-like, with a separate sitting room, dual closets and 2 bedroom suites.

division43 E Division Street
Original list price: $4.5 million
Sold price: $4.15 million
This 5,500 square foot beauty in the Gold Coast was wonderfully revamped into a contemporary designed space on the inside, while retaining its 1870s Italianate exterior. This home has plenty of space, from formal rooms on the upper levels to coach house spaces and a floor plan idea for living and entertaining. This home also includes heated stone floors, heated sidewalks and a heated 2-car garage to combat Chicago’s winter chill.

magnolia2238 N Magnolia Avenue
Original list price: $2.849 million
Sold price: $3.05 million
From Platinum Homes, this 4-bedroom home was a new construction property on one of the most coveted streets in Lincoln Park. The great floor plan allows for superb natural light to showcase interior highlights like the amazing chef’s kitchen or the array of designer finishes throughout. An outdoor space includes a yard, rear patio with grilling station and fireplace, garage roofdeck, and an additional covered/open rooftop deck with great neighborhood views.

lakewood3646 N Lakewood Avenue
Original list price: $2.395 million
Sold price: $2.3 million
A new construction home near the heart of Southport Corridor in Lakeview, this single-family home is 4,800 square feet of interior with a full masonry/brick construction. With 6 bedrooms and 5.1 baths, this home also boasts details like fine cabinetry, SubZero/Wolf appliances, custom millwork and hardwood flooring. The outdoor space includes a breezeway, raised patio with fireplace, and a rooftop deck with an outdoor room. It’s location near Blaine Elementary makes this a coveted property, as buyers are eager to be in the enrollment boundaries of well-rated schools like this one.

To learn more about the these recently sold properties in Chicago real estate or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Why do we Fall in Love with Chicago Real Estate?

Maybe it’s the view. The square footage. The architectural details.

There are a lot of reasons why buyers become enamored with a particular Chicago home or condo. Many of my clients say they go home after seeing a property only to learn they can’t stop thinking about it.

A recent survey by realtor.com revealed that “falling in love” with a house is a common affair. Nearly 70% of respondents said they have had a home crush—being drawn to the same property over and over again. They compared home crushes to the same kind of pitter-patter feeling in our hearts that comes with having a crush on another person.

Love or real estate, finding “the one” is often no easy task, and can often be heartbreaking, depending on the outcome. Some of the other interesting findings from the survey included:

  • Women are more likely to crush on a home that is out of their price range.
  • Outdoor living spaces are the most attractive home attributes to both men and women. In Chicago, having a desk, porch or yard to take in our short summers is crucial to many buyers.
  • Open-floor plans and garage space rank on the wish lists for men and women, respectively.
  • Most buyers find their first crush online. The web has made it easier than ever to “stalk” homes that are on and off the market. Once buyers find a home they’re interested in, about one-third opt to see it in person.

Falling for Chicago Real Estate You Can’t Have
It’s not uncommon for homebuyers to fall head over heels with a Chicago home, only to learn it’s already under contract. Some might even put their home search on hold and hope a contract falls through. Others might move on but will always remember the one, and watch the market for years after, hoping it will pop up again.

If you find yourself in love with an unavailable home, here are a few suggestions for making the most out of the situation:

Remember your price range: Sticking to your budget is still a crucial part of home buying. If you’re gravitating toward homes that are out of range, rank what’s most important to you to in a home that could be a big chunk of the budget. For example, if it’s square footage you want, perhaps a different neighborhood might have bigger homes without the price tag of a coveted location. If you want amenities in a Chicago condo building, something with one less bedroom or on a lower floor could bring it down into your price range.

List out what you like: What is it about a certain property that has you so enamored? Many features can likely be added to your list of needs and wants for home shopping. You might even consider remodeling, redecorating or even building a new home from scratch to incorporate the characteristics you love.

Know your deal breakers: Make sure you know what you don’t want so you can weed those properties out early. If you find your #1 choice in a Chicago home isn’t available, you don’t want to find yourself settling for something you know you didn’t want from the beginning.

You can read more about the realtor.com survey here.  To find Chicago real estate that might make you fall in love, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Real Estate Sales in August Were All About Lincoln Park

Chicago single-family home sales in August continue the trend we saw in July—the most expensive homes sold are in the $2 million to $2.9 million range. Luxury real estate in Chicago typically exceeds that $2.9 million figure. In fact, in many recent months we’ve seen the sold price on the most expensive homes exceed $4 million. Sales in the luxury sector continue to be strong, but price-wise are trending a bit lower.

Jumbo Loans Apparent in August Sales

Another interesting note about last month’s home sales is that, of the nine most expensive homes, only one was for cash. The rest were financed with mortgages. In previous months, we’ve seen many cash buyers for even the priciest homes sold, but the fact that people are pursuing mortgage loans is likely due to the fact that jumbo loans (those for more than $417,000) are more readily available.

Banks are becoming more lenient about lending jumbo loans, and those who qualify for them can get an incredible rate right now—under 4% for a 30-year fixed-rate loan. Currently, the rates for jumbo loans are even unexpectedly better than those for a conforming loan (those under the $417,000 mark).

Chicago Luxury Real Estate Sales in August

The month’s most expensive (and interesting sale) was a beautiful property in Lakeview. The home is newly built with all of the features today’s buyer is looking for, including a location in one of the best school districts in the city. People with children are flocking to these highly regarded districts to avoid sending their children to private school, which can run a tab of $20,000+ per year and be challenging to get into.

But the majority of the top sales in August were found in Lincoln Park—6 out of the 9 most expensive homes sold were in this highly desired community. I’ve worked with many clients to find properties in this phenomenal neighborhood, from mid-range Chicago condos to luxury single-family homes (find more on my background here, and work with past clients here).

If you’d like details on those top 9 properties sold in August, I’d be happy to send along photos and details of each home. But here, we’ll take a closer look at the top 5 sales on the luxury market last month:

3615 N Lakewood Ave
Original list price: $2.9 million
Sold price: $2.995 million
In the Southport Corridor and the Blaine School District, this extra-wide property boasts an open floor plan, stunning kitchen with custom cabinetry, a theater room and wine cellar. Outside you’ll find a heated lap pool, a snow melt system and 3-car heated garage. This Chicago new construction property also features 5 bedrooms and a master bath with all of the bells and whistles you can think of: steam shower, body sprays, soak tub, sauna and heated floors.

643 W Arlington Pl
Original list price: $4.75 million
Sold price: $2.825 million
A soft contemporary home in Lincoln Park, this property spans a whopping 8,500 square feet on a park-like 50 ft x 175 ft lot. Its unique features include an indoor lap pool, rear lawn, all-glass rear exterior and attached studio apartment with separate entrance. This urban estate perfectly merges the comfort of the suburbs with the convenience of city living, with parks, the zoo, shop and restaurants all within walking distance.

2248 N Burling St
Original list price: $2.89 million
Sold price: $2.775 million
This home was another rare opportunity in Lincoln Park, with a spectacular limestone house just steps form Oz Park and in the Lincoln Park School District. With 5 bedrooms and 5,600 square feet, this home has a long list of covetable features: a studio coach house over the garage, the finest finishes (like Calcutta Gold counters), spa master bath, rec room, and a deck.

1639 N Burling St
Original list price: $2.65 million
Sold price: $2.48 million
A single-family home exquisitely designed down to every detail, this breathtaking 5-bedroom in (you guessed it) Lincoln Park defines sophistication. With a lavish master suite, Brazilian Cherry floors, heated floors on the lower level, a custom wine cellar, and skyline views from the rooftop deck, there is a lot to love about this Chicago home.

75 E Elm St
Original list price: $2.8 million
Sold price: $2.45 million
Ample space is at the center of this Gold Coast home, with 7 bedrooms and 6,385 square feet. Renovated in 2000, this home is filled with natural light among the formal living room and dining room, chef’s kitchen, and 4 en-suite bedrooms. The lower level’s outdoor access makes it adaptable for a mudroom, game room or exercise space.

It will be interesting to continue keeping an eye on the luxury real estate market and how it’s trending over the next few months. I’m curious to see if jumbo lending continues to grow, and if luxury real estate in Chicago continues to sell at lower price points than we’ve seen earlier in the year.

To learn more about the single-family homes that sold in Chicago in August or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Lincoln Park Was Hot in June, Where 7 of 11 Most Luxurious Homes Sold

The numbers are in for Chicago luxury home sales in June, with 60 single-family homes closing for a total of $87.6 million. The top 11 sales ranged from $2 million up to the most expensive sale at $4.2 million–and not surprisingly, 7 of those 11 were found in Lincoln Park, one of the city’s most coveted neighborhoods for high-end homes.

If you’d like to see the locations or additional photos of the top luxury homes sold in June, email me at ssalnick@dreamtown.com and I’d be happy to get them to you immediately. There’s something to be said for seeing the photos of these homes in order to understand (and possibly adjust) your expectations as to what is selling on the market. For buyers, this can really clarify what is out there for your budget and what type of details you’ll find in a luxury home with a certain price point.

For a buyer in today’s market, looking at the last month’s home sales can also give you an idea of the details and nuances of various luxury properties and what they cost–such as ceiling heights of 9 feet versus 12 or 13 feet; standard versus custom finishes; and a standard versus an extra-wide lot.

Top Chicago Home Sales in June

When it comes to the top five most expensive sales, you’ll find many of these qualities among them: large lots, ample square footage, and locations on some of the most prestigious blocks in Lincoln Park. Here’s a look at the top five in descending order:

542 W Dickens St
Original list price: $4.499 million
Sold price: $4.2 million
This magnificent Lincoln Park home sits on an extra-wide 32.5-foot wide lot. The home was custom built in 2006 with exquisite design, exceptional craftsmanship and outstanding millwork throughout. Ceilings soar to 12-13 feet on all levels, with wide plank walnut flooring and apparent attention to detail throughout each room. This top sale in June spans 6,700 square feet with a fabulous kitchen, spacious great room and a private back terrace.

1935 N Burling
Original list price: $3.7 million
Sold price: $3.15 million
On an extra-deep lot, this Lincoln Park home is flush with luxury features: an attached 3-car heated garage; high ceilings; a full-floor master suite; four fireplaces; a 1,400 bottle wine cellar; and a heated driveway and sidewalks. This Metzler/Hull re-sale offers 6.400 square feet, with a private 38- x 25-foot rear yard., plus elegant millwork, a formal dining room with butler’s pantry, gourmet kitchen and more.

1534 N Dearborn Pkwy
Original list price: $3.125 million
Sold price: $2.9 million
A 5 bedroom, 5,500-square foot beauty in the Gold Coast, this home offers gracious room sizes on its oversized lot. A spacious eat-in chef’s kitchen features professional-grade appliances, while a full-floor master suite boasts a huge bedroom, sunny bathroom and private terrace. Upper-level bedrooms have en-suite bathrooms, while the lower level features a family room, library and game room that lead to rear gardens and a gorgeous backyard.

1858 N Howe St
Original list price: $2.895 million
Sold price: $2.525 million
This stunning, modern, 6,000-square foot home comes with a number of sought-after details like cherry wood floors and doors, 12-foot ceilings and even a perfect new chef’s kitchen that was featured in Better Homes & Gardens. The head-turning kitchen (which also features walnut and glass cabinets, a granite waterfall island with trough sink, and walk-in pantry) opens up to a family room with a new wall of windows that lead to a terrace and serene yard.

3540 N Ravenswood Ave
Original list price: $2.4999 million
Sold price: $2.4 million
With a generous 7,229 square feet, this 6-bedroom home is spectacular and built for entertaining. Featuring a theater, outdoor basketball court, 4,000 square foot deck, endless swimming pool and over 5,000 square feet on the main floor, this is a great home for a large family and for hosting others. On an extra-deep lot, the home also features a 4-car attached heated garage, 10-foot ceilings, 2 kitchens and a private and secure design.

It’s important that buyers familiarize themselves with recent sales such as these–if you’re in the market for a luxury property, looking at the photos and details of recently sold homes gives you an idea of the market, and let’s you plan your own purchase accordingly in terms of what your wants, needs and budget are. For more information on these homes or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Purchase a Chicago Home Now as Rates are Creeping Up

As home prices and the number of sold Chicago homes continues to rise each month, another metric is moving on up as well: mortgage rates.

The Wall St. Journal reported last week that mortgage rates rose above 4% for the first time in about a year. Rates hit 4.15% the first week of June, up from 3.59% just five weeks earlier. The jump equals about a 15% increase in the cost of borrowing (or about $50 to the national average mortgage payment).

Buy Chicago Real Estate Before Rates Rise
The increase in rates isn’t expected to disrupt the housing recovery we’ve seen over the past several months, but it does mean one thing—if you’re in the market to buy a home, you should do so. Now.

I have been selling real estate for more than 23 years, and have seen this play out like clock work: interest rates go up, and people get off the fence and start thinking they need to purchase real estate. A rise in interest rates is typically an indicator that the economy is improving, and economists are predicting 3 to 3.5% growth in 2014 and for unemployment to drop below 7%. If that happens, there’s a strong chance the price of real estate will have no where to go but up.

I’ve talked to many clients who are plagued by the “coulda, woulda, shouldas” when it comes to real estate in Chicago. The timing of a purchase can’t be pinpointed exactly, but signals like this are a clear indication to buyers that the window of opportunity is quickly passing by. Every one-percentage-point increase in mortgage rates makes purchasing a home about 10% more expensive for buyers, so it’s crucial to act fast before we see another rise in rates.

But keep in mind—even though interest rates have gone up a bit, this is still a good time to purchase Chicago real estate. Despite the slight hike, mortgage rates are still a bargain for buyers. Numbers are still near record-lows when it comes to home loan rates, so buyers can still get in the door with a very affordable loan.

If you’re even considering making a Chicago real estate purchase this year, let’s talk. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

 

 

 

Check Out the Stats for the Most Expensive Chicago Home Sales in December

I’ve said before that, despite the volatility in real estate markets across the country, luxury real estate in Chicago has done relatively well holding its own. And despite the ups and downs, high-end buyers seem to be driven to the same features in luxury properties: lots of square footage, large lot sizes and great neighborhoods.

Last month, 34 luxury homes (those starting at $1 million) sold, totaling $61 million in sales. The five most expensive homes ranged in price from $2.9 million up to $6.2 million. It’s a great idea for buyers to review these sales, as it can give you great insight into what’s selling at what price and how that fits into your own situation.

If you would like to take a closer look at past sales or what is currently on the market, call me or email me at ssalnick@dreamtown.com and indicate the price range of homes you’d like to see. I can send you links for the photos and descriptions of the properties you can review, as well as information as to why certain properties sold at the price that they did—no cost or obligation on your part.

Luxury Chicago Homes Sold in December 2012

In the meantime, here is a more detailed look at the five most expensive Chicago home sales during December, in ascending order:

4431 N Hermitage Ave4431 N Hermitage Ave.
Original list price: $2.85 million
Sold price: $2.85 million
This 6 bedroom/6 bath Chicago home in southeast Ravenswood sold as quickly as it was listed. Built in 2003, this home sits on a huge lot spanning 50 x 165 feet.

 

3743 N Greenview Ave3743 N Greenview Ave.
Original list price: $3.25 million
Sold price: $3.05 million
Located in Lakeview in the Southport corridor, this 6,481-square foot home was built in 2010 and features over $500,000 in upgrades, including custom decorating, custom finishes, fine millwork and cabinetry throughout. A breezeway attached to the 3-car garage overlooks a private courtyard. This home also features a penthouse rec room, two green roofs, amazing outdoor space and five fireplaces.

632 W Belden Ave632 W Belden Ave.
Original list price: $2.75 million
Sold price: $3.05 million
Also located on an extra-wide lot of 50 by 135 feet, this East Lincoln Park home boasts five bedrooms with a wrap-around porch, greenhouse kitchen, beautifully landscaped grounds and a 2-car garage with a coach house adjacent to an additional 2-car garage.

461 W Superior St461 W Superior St.
Original list price: $3.945 million
Sold price: $3.6 million
Spanning a whopping 11,000 square feet of a 34 by 109-foot lot, this huge Chicago home is found in the coveted Kingsbury Estates. Custom built with dramatic rooms and architectural features, this Chicago home features a grand staircase, a custom kitchen, three terraces and a 1,700 square foot rooftop garden with south city views.

1525 N State Pkwy
Original list price: $6.995 million
Sold price: $6.225 million
Chicago’s Gold Coast is one of the most desirable neighborhoods for luxury real estate, and this elegant and timeless home is right in the heart of it. With more than 8,000 square feet and 6 bedrooms, this home has everything from a paneled library to a landscaped terrace, to an media room and 6 fireplaces. With 40 windows facing the Cardinal’s mansion, this home received abundant light and offers fantastic views of this coveted neighborhood.

If you’re looking to purchase a luxury Chicago home, reviewing last month’s sales is a great start to give you an idea of what’s out there. To see more of what sold last month or see what is on the market now, give me a call at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Home Sales for the First Half of 2012: 141 Homes Totaling $228 Million

At the beginning of this year, there were a lot of expectations for Chicago real estate in 2012. And it’s been volatile–one week looking up, the next looking down. But one thing that has held pretty steady for the first half of the year is the luxury market–homes priced at $1 million all the way up to $5.99 million. The top 10 homes sold during this time period fall right in line with that old (but still incredibly relevant) adage: location, location, location.

Those top sales were found in the three most popular neighborhoods in the city: Gold Coast (7 of the top 10), Lincoln Park (2 of the 10) and Lakeview (one in the top 10). Here’s a closer look at each of the 10 homes and where in the city they’re located:

1. 1956 N Orchard St
Neighborhood: Lincoln Park
Sold price: $5.3 million
For the most expensive sale in 2012 thus far, the buyer of this Chicago home got a deal, knocking more than a half million dollars off the asking price of $5.999 million. Found on an extra-wide 50-foot x 124-foot lot, this traditional home is just under 10,000 square feet, with 12-foot ceilings, 4 fireplaces, a second kitchen and attached 3-car garage.

The most expensive home sold in Chicago so far in 2012 was this Lincoln Park home that went for $5.3 million, more than a half million less than the original asking price.

2. 1521 N State Pkwy
Neighborhood: Gold Coast
Sold price: $4.725 million
A huge home with 9,155 square feet and six bedrooms, this one-of-a-kind home pays tribute to its 1890s origin with original woodwork, Beaux-Art style architecture, and original French-leaded windows. Even though it was listed as a property in need of renovations, this was still the second-most expensive Chicago home sale in the first half of 2012.

3. 1701 N Dayton St
Neighborhood: Lincoln Park
Sold price: $4.5 million
This property sold in just four days, and it’s clear it had much to offer the luxury buyer: A 36-foot wide lot, more than 8,000 square feet of living space, and a prime location in one of the city’s most sought-after neighborhoods.

4. 2237 N Dayton Ave
Neighborhood: Lincoln Park
Sold price: $4,143,094
Sold early in the year, this home was a new construction property on a 32-foot wide lot on one of Lincoln Park’s favorite blocks. This 7-bedroom, 6800-square foot home features an elevator, 3-car garage, great floor plan, two-tiered outdoor deck, penthouse-level guest suite, roof deck, a nanny suite and much more.

5. 452 W Huron St
Neighborhood: Gold Coast
Sold price: $4.025 million
The buyer of this home got an excellent discount of $450,000 off of the original list price of $4.475 million. The home is a stunning, custom-built 6-bedroom with 10,000 square feet, a five-stop elevator, marble foyer, and top-of-the-line finishes throughout. Wrought-iron balconies overlook a private, landscaped inner courtyard.

6. 2038 N Mohawk St
Neighborhood: Lincoln Park
Sold price: $3,737,523
A newer home in East Lincoln Park with 6 bedrooms, 6,700 square feet and a limestone facade, this elaborate home was designed with custom built-ins, moldings, paneling and high-end finishes. It also includes a 700-square foot media room, mud room and attached heated garage.

7. 2015 N Dayton St
Neighborhood: Lincoln Park
Sold price: $3.65 million
With its A+ Lincoln Park location, this newer home was on the market just over 1 week. The home sits on a 33-foot-wide lot, with 7,000 square feet inside with a penthouse great room, paneled office, two roof decks, lower level media, exercise and guest room plus top-of-the-line finishes throughout.

8. 3804 N Janssen Ave
Neighborhood: Lakeview
Sold price: $2.95 million
The buyer of this home knocked off more than $200,000 off the list price of this home, which was built in 2009. A well-designed single-family home, this property was built on an over-sized corner lot, with 7,300 square feet inside and more than 1700 square feet of outdoor space. Interior highlights include a grand custom spiral staircase, a chef’s kitchen, dumbwaiter and butler’s pantry.

9.1851 N Dayton St
Neighborhood: Lincoln Park
Sold price: $2.865 million
Chicago real estate buyers seem to be gravitating toward new or newer construction properties, like this new construction home in the heart of Lincoln Park. This all-masonry limestone home features a superb floor plan, high ceilings, custom mill work and cabinetry throughout. A luxurious master suite features a opulent bath and walk-in closet. A rooftop deck boasts enviable outdoor space and skyline views.

10. 2450 N Surrey Ct
Neighborhood: Lincoln Park
Sold price: $2,782,645
Another Chicago new construction property, this home is on an extra-wide 30-foot lot on a “secret” block in Lincoln Park. This home was ready for the buyer to customize, with 5,700 square feet, a great room, lower level with family room and more, and exquisite craftsmanship and finishes throughout.

In looking at these properties from the first part of the year, there are clearly some commonalities found among these top luxury properties: Lot size (the bigger the better, and oversize lots always win); location (top neighborhoods in the heart of the city and close to downtown) and generous square footage (upwards of 5,000, all the way up to 10,000 square feet is highly desired by luxury buyers).

Taking a look at these sales not only gives you an idea of the state of the Chicago luxury real estate market, but for potential buyers, you can get an idea of what’s selling for what price and what sorts of discounts you might be able to negotiate on comparable properties. To take a closer look at these properties or to review other homes that have sold in 2012, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.