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.

Chicago Luxury Buyers Get Super Deals in January 2017

Despite the inevitable winter slump, sales of luxury real estate in Chicago were decent in January. The month saw 35 single-family luxury homes sold, totaling $57 million in sales volume.

The interesting thing about the homes that sold in January—particularly among the top five—is the deals that the buyers were able to secure despite the high price tag of these ultra-luxury homes. The top properties sold ranges from $2.3 million all the way up to $7.2 million. But you’ll see in the details below that many of those “sold” prices fell well below the list price.

As I recommend to all of my luxury buyers, getting an excellent deal is often about timing. Purchasing between mid-November and the end of February when the weather is at its worst is an ideal time for a buyer. There aren’t too many out there in the mood to look for real estate, so competition is scarce. And sellers are fearful that their home may sit on the market through all of those chilly months, making them more likely to settle on a deal that favors the buyer. The January sales are especially impressive considering that inventory remains low in the Chicago luxury real estate market.

Here’s a closer look at the single-family luxury homes that sold in January, in descending order:

542-w-grant-pl542 W Grant Pl
Original list price:
$8.5 million
Sold price: $7.2 million
This is an absolute gem of a Chicago home—so much so that it was featured in Architectural Digest. Having undergone a custom renovation in 2012, this 9,200 square foot property boasts an incredible floorplan that would normally require a much larger lot if not for its thoughtful design. The home sits on all four property lines of a 48 x 125 square foot lot. Features include mahogany floors, heated terrazzo floors, steel and glass staircase, Bulthaup kitchen and beautiful built-in cabinets. And that isn’t a typo—the lucky buyer of this home was able to get this home for a whopping $1.3 million less than the asking price.

1805-n-sedgwick1805 N Sedgwick St
Original list price: $3.599 million
Sold price: $3.25 million
This incredible home is all new construction in a vintage shell, right in the heart of Old Town and within walking distance of everything this beloved neighborhood has to offer. With 6 bedrooms, 6.1 baths, this home underwent a complete five-star renovation to include every modern amenity imaginable: an enormous custom eat-in kitchen; the highest-end professional grade appliances; a second level master suite with separate den, private bath and fireplace; an elevator to each level, including roof; and a thoughtfully designed third floor layout with three large bedrooms flooded with natural light. A couch house above the two-car garage and spacious rear yard offer even more hard-to-find space.

1428-w-bertau1428 W Berteau Ave
Original list price: $2.7 million
Sold price: $2.6 million
This new construction home sold quickly to a cash buyer, so there weren’t many details about it available. The Lakeview 6 bedroom, 4.2 bath home was just completed when a buyer was able to snap it up for $100k off of the original list price.

419-w-oakdale419 W Oakdale Ave
Original list price: $2.595 million
Sold price: $2.39 million
This is a fully renovated and restored brownstone in coveted East Lakeview—just two blocks from the lake and two blocks from the neighborhood’s retail shops. The extra-wide, extra-deep lot allows for 6,800 square feet of living space, plus a separate 2 bedroom, 1.5 bath apartment on the ground floor PLUS a 2 bedroom, 1.5 bath coach house on a large rear lot. The main house features six large bedrooms, plus a full-size sitting room, full dining room with space for 18, a full professional kitchen with three ovens, pantry prep area and oversized island for six. The second floor has a gracious master suite with sitting room and fireplace, large walk-in closets and luxe master bath.

2621-n-mildred2621 N Mildred Ave
Original list price: $2.599 million
Sold price: $2,344,500
This luxury new construction home comes with a long list of luxury features and details: Lots of natural light, herringbone detailed oak flooring, elegant molding details, two roof decks, three gas fireplaces, 11-foot ceilings on main level, and smart home technology which includes Sonos speakers, sprinklers and multiple security cameras with integrated systems. The 7-bedroom home spans 5,600 square feet, with four bedrooms on the second level, two on the lower level and the seventh on the third floor with a media/entertaining space. A stunning kitchen includes an oversized Calcutta quartz island, breakfast nook, Thermador range and refrigerator. The lower level is set up for a home theatre and rec room, with 9.5 ceilings, radiant heat, full bar and built-in wine storage. The master bath includes a huge steam shower, two reclining benches, split vanities, a freestanding tub and radiant floors.

For more information on the homes that sold in Chicago recently or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Condo Sales Went Out Strong in December

As we wrapped up 2016, the top Chicago condos were singing much of the same song that they did for much of the year. Ultra-luxury properties reigned among the most expensive homes sold, not just in terms of price but in the exceptional elegance found in each and every one.

The priciest condos to sell in December were all found in some of the city’s most prestigious buildings. Whether vintage, co-op, new or old, these buildings are all in highly coveted locations, thanks to the walkability to exquisite shops, city activities and diverse dining options.

The other common denominator among the condos sold last month was square footage. Luxury buyers want at least 3,000 square feet, and that showed in the top sales. A penthouse co-op offered 5,580 square feet, which is a number typically associated with a single-family home in the ‘burbs.

Lastly, a majority of these top sales were sold at a major discount from the original listing price. A co-op on East Lake Shore Drive sold for a solid $1 million less than it was originally listed at. That’s a great deal for the buyer who isn’t afraid to shop for real estate during the cold winter months, when sellers are apt to negotiate and get those properties off the market.

All in all, December saw $68 million in total sales for December. Let’s take a more detailed look at what sold, with the top five properties in descending order:

Water Tower Place at 180 E. Pearson in Chicago

180 E Pearson St, Unit 5603
Original list price: $3.5 million
Sold price: $3,562,460 million
This ultra-luxury Chicago condo (purchased by a cash buyer) is one of five custom residences in the iconic Water Tower Residences, one of downtown’s most beloved buildings. These condos are being transformed into gorgeous, custom homes by Centaur Interiors, completely renovated using the finest materials and fixtures, state-of-the-art technology and precise attention to detail. The new residents can enjoy forever views in every direction, along with AAA+ amenities of the Ritz-Carlton, such as a concierge, 24-hour door staff, fitness center, pool, room services and more.

450ewaterside450 E Waterside Dr, Unit 2801
Original list price: $3.9 million
Sold price: $3.45 million
A penthouse unit with nearly 5,000 square feet of living space, this Chicago condo was a rare opportunity for the buyers to get into one of the premier buildings of Lakeshore East. This neighborhood offers spectacular lakefront and riverfront living, with breathtaking water and skyline views from every room. The unit boasts a dramatic foyer that opens to more that 46 feet of open, spacious living space fitted for modern living. Lux features include 11-foot ceilings, smart home technology, LED lighting and an exceptional level of detail given to the comfort and ease of living throughout the home. Located just a few blocks from Millennium Park and Navy Pier, the Chandler amenities include an indoor rooftop pool fitness and media rooms and an array of offerings still in the works.

4EastElm4 E Elm St, Unit 13S
Original list price: $3.4 million
Sold price: $3.4 million
The new construction condos at 4 East Elm were easily among luxury buyers’ favorite buildings in the second half of 2016—and sales are still going strong, with more than 90% sold. These sleek and modern half-floor residences each have elevator entry and most have three exposures that allow expansive lake and city views. This building is the ultimate urban oasis of luxury and privacy, with amenities that include an outdoor pool, sun deck fitness center, screening room, clubhouse lounge and 24-hour door staff. This 3,500+ square foot unit in particular was purchased with cash.

209ELakeShoreDr209 E Lake Shore Dr, Unit 1E
Original list price: $4.2 million
Sold price: $3.2 million
A beautiful co-op building in the Gold Coast, this three-bedroom property spans a generous 5,580 square feet and was completely redone by renowned architect John Ronan. The exquisite renovation kept the unit’s classic design and enhanced elegant, rich details like hardwood floors, extensive millwork, sleek moldings and more. The open floor plan is ideal for entertaining, and calming views overlook the lake and the treetops along East Lake Shore Drive. This co-op was also purchased by a cash buyer.

1550_N_State_Unit_FrontView_1_1550 N State Pkwy, Unit 402
Original list price: $3.85 million
Sold price: $3 million
Purchased by a cash buyer, this 4,160 square foot Chicago condo is in one of the most revered buildings in the Gold Coast. Occupying a half floor, this property boasts east and north views of the stunning lake and park from every room. Along with three bedrooms and three-and-a-half baths, this home features four balconies, 10-foot ceilings, major windows and bays and two fireplaces. The building amenities include 24-hour door staff, a guest apartment, exercise room, wine room and a live-in engineer.

For more information on Chicago condos that sold last month, or to take a look at what’s on the market now (and take advantage of those winter buyer benefits!), contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Large Lots, New Construction Topped Chicago Luxury Home Sales in December

Holiday gifts weren’t the only new items being shopped in December—brand-new homes were also at the top of the list for the month’s real estate sales.

December was all about new construction single-family homes, and in particular, large new construction homes. Each of the top five homes sold offered incredible square footage and amazing quality for the off-season luxury buyer, who won’t settle for much less when it comes to a home purchase. Today’s high-end buyers aren’t first-time buyers, and are savvy to what’s current in design and in real estate. Therefore, they want the newest, the largest, and the most stunning properties on the market and will snap up homes that offer those key tenets.

With that, let’s take a more detailed look at what drove buyers to close a deal before the end of the year. Here are the top five most expensive single-family Chicago homes to sell last month, in descending order:

2129 N Kenmore Ave2129 N Kenmore Ave
Original list price:
$4.4 million
Sold price: $4.4 million
The most expensive of several new construction sales last month, this sophisticated residence was built on an extra-wide lot at the former site of DePaul University Theater School. The highly functional, 7,000 square foot layout includes a four-stop elevator, a great room that opens to a rear deck and a kitchen with two huge islands, butler’s pantry and built-in banquette seating. Outside are two decks, one above the garage and another on the penthouse level with an outdoor fireplace.

4122 N Greenview Ave4122 N Greenview Ave
Original list price: $3.999 million
Sold price: $3.8 million
A crown jewel of Graceland West, this one on a huge 41-foot by 161-foot lot, space that allows for a generous 7,169 square feet of living space. Designed by noted architecture firm Sullivan, Goulette & Wilson, this custom home boasts six bedrooms and every conceivable amenity indoors and out. It starts with the elegant exterior, which was built in massive rubble stone, cedar shingles and limestone in a stately palette. As for the interior, a dramatic, 13-foot barrel vault ceiling and expansive windows grace the kitchen and great room, while an enormous lower level includes a separate media room, bar and wine cellar, and two additional bedrooms. Outdoors, there is more than 2,500 square feet of space that includes a sprinkler system, outdoor fireplace and heated walkways. The home’s automation system is state-of-the-art as well.

1503 N North Park Ave1503 N North Park Ave
Original list price: $2.999 million
Sold price: $2.9 million
Located in Old Town near the beach, this absolute stunning new construction property was built and designed with meticulous attention to detail. The result is a one-of-a-kind home with five bedrooms, 5.2 baths and a long list of luxury features: a custom chef’s kitchen with high-end appliances; a luxurious master suite with spa-like master bath; a lower-level rec room with wet bar, wine cellar and sauna; three indoor and two outdoor fireplaces; and a heated driveway.

39 E Elm St39 E Elm St
Original list price: $2.85 million
Sold price: $2.8 million
A four bedroom, 3.1 bath renovated home in the Gold Coast, this property sold before the listing sheet even made it off the printer. This renovation resulted in a number of covetable, luxury features, including a Christopher Peacock kitchen and built-ins, newly renovated baths, a redesigned staircase, designer lighting and wallpaper, custom closets and much more. Infrastructure improvements also made this vintage beauty ready for modern-day living, such as a flood control system on the lower level, new roof, new HVAC, heated bath floors and new copper downspouts.

539 W Belden Ave539 W Belden Ave
Original list price: $2.795 million
Sold price: $2.71 million
This brand new renovation was completed by a renowned developer, in one of the most sought-after areas in East Lincoln Park. This fantastic location is near Lincoln Park, Latin schools, several parks, Lake Michigan and the zoo. The home itself was designed to thrill the most discriminating of buyers, with the finest finishes throughout and 5,000 smartly designed square feet spanning over a huge main level, large living and dining rooms and six bedrooms. The upscale kitchen includes an eat-in space, butler’s pantry and adjacent great room, while the luxurious master suite boasts a spa-quality bath and enviable closet space. A penthouse level addition includes a north-facing deck, bonus entertaining space and additional bedroom/bath. A lower level with a private entrance has radiant heat, two guest bedrooms, a full bath and large recreational space.

For more information on Chicago single-family homes 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.

Ultra-Luxury Homes Still Trending Among Chicago Home Sales in November

It’s not surprising that sales among luxury Chicago homes were down in November, with 32 $1 million-plus homes sold for a total of $50 million. However, we still saw a continuing trend from October, which was sales that favor the buyer, with deals closing at significantly lower prices than the original list price.

In November, four out of the top five homes sold were sold at at least $100,000 less than the original listing price. The discrepancy is a sign that sellers are being more flexible and realistic in getting their properties sold before winter officially moves in. And these homes are moving quickly—the top five homes sold in anywhere from two to 102 days. Sellers may not be willing to keep their homes on the market in order to hold out for their asking price.

Trends Among November Home Sales

Because this isn’t prime real estate season, there weren’t as many ultra high-end sales that we’ve seen in the last few months. The top sale was a modest $3.5 million. But one consistency we’ve continued to see is buyer’s gravitation toward properties on extra-wide lots. Four out of the top five sales were on lots larger than the typical 25 feet x 125 feet.

With that, let’s take a closer look at the top luxury Chicago homes that sold last month, in descending order:

21122112 N Sedgwick St
Original list price:
$3.45 million
Sold price: $3.45 million
This vintage home was gutted and awaiting renovation—the luxky buyer would have the opportunity to create their dream home in a coveted location in Lincoln Park. Situated on a 50 x 124 foot lot, the home was built to be 6,000 square feet but zoned to be expanded beyond 10,000 feet—all decisions the buyer will be able to make themselves. Features of the property include a four-car garage, hugh ceiling heights and amazing roof views.

12431243 W Wrightwood Ave
Original list price:
$2.95 million
Sold price: $2.8 million
This new construction home is a completely refreshing, unique design on a 37.5 x 125 foot lot. Inside is an amazing layout for everyday living and entertaining, with gracious room sizes and a custom eat-in kitchen. The kitchen’s details include quartzite countertops, dual Subzero refrigerator/freezers and a butler’s pantry. To make the most of Chicago summers, this home has over 1,500 square feet of outdoor space, including a huge raised patio, lush backyard and secluded rooftop terrace. The lavish master suite has an amazing closet space and true spa-like bath, and four generous-size bedrooms all sit on one level.

172172 W Eugenie St
Original list price:
$2.75 million
Sold price: $2.525 million
While this home is on a narrow lot—25 by 75 feet—it still spans more than 5,000 square feet with four bedrooms and 5.2 baths. This Lincoln Park/Old Town gem has been fully remodeled, including premium hardwood floors, designer light fixtures and hardware, elegant crown moldings and wainscoting throughout. The dream chef’s kitchen includes an imported French La Cornue oven range and stunning 8-foot kitchen island. There’s plenty of natural light inside and a rooftop deck with city skyline views outside. And finally, the great location is on a corner lot, tree-lined street just steps from beaches, parks, shopping, entertainment, dining and more.

431431 W Superior St
Original list price:
$2.699 million
Sold price: $2.51 million
This rare find in River North’s mansion district went through a full renovation in 2012 and has been meticulously maintained. Spanning about 7,000 square feet, it has been customized to perfection, featuring Brazilian cherry floors, a gourmet kitchen with two islands and Italian cabinetry, spa=like baths and an elevator to all floors. A central atrium and high ceilings brings in amazing sunlight throughout. On the top floor, a lavish master suite includes a kitchenette and two private terraces.

15421542 W Nelson St
Original list price:
$2.285 million
Sold price: $2.170 million
Another extra-wide (35.8 feet) corner lot, this beautiful brick custom home is full of remarkable details: Extensive millwork, gracious room sizes, high ceilings, oversized doors and windows and built-in custom cabinetry. On the second floor, you’ll find a sun-filled master suite with sitting room, fireplace, walk-in closet and lavish spa bath; laundry room; and three additional bedrooms. The penthouse level features an ensuite bedroom and a dreamy play space. On the lower level is an entertainment area, wet bar, office, laundry, bath, mudroom, abundant storage and an ensuite bedroom. This home also boasts spectacular outdoor spaces: three decks, plus a brick paver patio for play or car parking.

For additional information on the Chicago luxury homes 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.

Chicago’s Luxury Home Sales Were Terrific in July, with a $8.3 Million Sale on Howe St

Luxury Chicago homes proved to still be on a tear with sales in July. The month saw 66 luxury ($1 million and up) Chicago homes sold, totaling $109 million in sales volume. Twelve of the high-end homes that sold were even over the $2 million mark, a price tag that is considered ultra-luxury for Chicago real estate.

The highest priced sale last month was a home on Howe Street, a block that has long been known for its “McMansions.” This home in particular was only on the market for 56 days, which reinforces the idea that prospective buyers who are on the fence should bite the bullet and make a purchase. Interest rates are low, but so is inventory, so the market is only going to get more competitive.

Howe Street and its neighboring blocks, Burling and Orchard, are among the most prestigious streets in all of Chicago. Their Lincoln Park location makes homes here ideal for families, putting them close to great schools, parks and other entertainment; and many residents love the neighborhood feel of this area even though it’s just a quick jaunt into downtown. I would be happy to give you a private tour of what makes this neighborhood truly special, and introduce you to other prestigious homes and buildings in the area.

Top Luxury Chicago Homes that Sold in July

The top five single-family properties to sell last month all pushed past a $2 million sale price. Here’s a closer look at the top homes that sold, starting with the most expensive:
1944 N Howe St
Original list price:
$8.6 million
Sold price: $8.3 million
A brand-new construction home in one of the most sought-after areas in Lincoln Park, this breathtaking home offers every imaginable space for gracious living. With 6-bedrooms and 6.3 baths, this home sits on an extra-wide, 42-foot lot, allowing for a whopping 10,500 square feet of interior space. There is also more than $3,500 square feet of outdoor space between open-air terraces, two outdoor fireplace areas and a penthouse skydeck with panoramic skyline views. The home boasts thoughtful design throughout, including a five-stop elevator, ample entertaining space and a seamless blend of indoor and outdoor living. The state-of-the-art finishes and gorgeous fixtures were all chosen with the most discerning eye for elegant and tasteful living.

1929 N Cleveland Ave
Original list price:
$3.899 million
Sold price: $3.825 million
This fabulous 6,400 square foot property is on one of the premier blocks in East Lincoln Park. Inside, the home is beautifully designed with a blend of transitional finishes, dramatic ceiling heights, designer window treatments, custom lighting, hardwood floors, and home automation with Sonos audio system. Five large bedrooms include a spacious master suite with dual closets and spa baths; there is also a den with en suite custom office, a penthouse-level rec room with wet bar, a gym and catering kitchen. The outdoor space has been thoughtfully designed to accommodate entertaining, with an outdoor kitchen, a garage top deck with pergola and a rooftop deck with skyline views.

1763 N Wilmot Avenue
Original list price:
$3.999 million
Sold price: $3.8 million
A new construction home from LG construction and development, featuring an exceptional design by Northworks Architects and Planners. This 6 bedroom, 6.3 bath home was built on a unique oversized lot at the end of a cul-de-sac, with a private gated alley, 3-car attached garage and massive yard. Inside, find generously sized bedrooms along with a stunning gourmet chef’s kitchen with Subzero, Miele and Wolf appliances, designer stone work, custom millwork and abundant light throughout.

2215 W McLean Ave
Original list price:
$2.899 million
Sold price: $2.75 million
This showstopper sold before the listing was even officially public, and it’s easy to see why. Designed by Studio Dwell Architects, this property has one several awards for its warm, modern design—which spans three lots in Bucktown. The home boasts expansive outdoor space that is paired with private indoor/outdoor living areas—a rarity in Chicago—plus a meditation courtyard and heated in-ground plunge pool. The interior features read like a who’s who of luxury living: Copat Italian cabinetry, integrated appliances by Miele, Wolf and Subzero, Lauzon engineered oak flooring, Lutron automated lights and window treatments. There is also a steam room and sauna, radiant flooring in the garage, lower level, office and master suite, separate HVAC zones, snow-melt system for walkways and sidewalks and a five-car attached garage.

2621 N Dayton St
Original list price:
$2.775 million
Sold price: $2.675 million
There aren’t many details on this new construction home, as it sold before the listing was completed—which means it must have had a lot to offer beyond its 6 bedrooms, 4.2 baths and limestone interior.

Chicago Real Estate Versus Other Major Cities

It’s important to note that what is considered ultra-luxury real estate in Chicago is far beyond what you might get in New York, San Francisco or London for the same price. A home like the one on Howe Street would easily cost 3 times that amount in those cities. Real estate in Chicago continues to be a good investment, especially since the stock market could become frothy in the near future.

Right now, I have a special offer for my clients: Receive $2,500 at closing for a home purchase of $500,000 or more. That is a nice influx of cash that can help cover moving expenses, décor updates, paint and a number of other things that come along with a new home. Visit my website for more details on the offer, and give me a call if you would like to discuss further.

For more information on purchasing real estate in Chicago, or for additional details on what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Updating Your Chicago Luxury Home to Sell Faster and at a Higher Price

Since the real estate market has been especially favorable to sellers as of late, I’m seeing a lot of clients who are deciding to make a change and putting their long-lived-in homes on the market. Some of these homes have been lived in for quite a long time, which means there may be some important steps to take before it’s market-ready for a quick sale.

If you find yourself in this scenario, it might be time to bite the bullet and make some minor modifications to your home in order to maximize the price upon selling it. Even if you’re living in a unit or neighborhood that is netting high sale prices, if your property isn’t up to par with those that are being bought, you may not see the same results.

The Washington Post recently addressed this topic in “Don’t resist your real estate agent’s suggestion to upgrade that dated décor.” The article noted that buyers typically only get a single look at a potential home, and one of the main things they are evaluating is how much work is needed to bring it to their standards. For a home that hasn’t been updated or renovated, there are a few aesthetic-focused tricks that can go a long way, like paint or replacing fixtures.

It will cost a bit of money upfront, but making strategic changes before putting your home up for sale can help it sell faster, and you could get that money back in the improved sale price.

What to Consider Updating Before Putting Your Home on the Market
I have found that kitchens and bathrooms tend to be prime areas in a home for an update. These are the rooms with the most “parts” to them and can look outdated quicker than say, the blank canvas of a bedroom.

If you’re putting your home up for sale, it’s understandable to not want to make a huge investment in the space, but just enough to help buyers imaging themselves in the home. Here are a few suggestions that don’t require a hefty monetary investment:

Kitchen cabinets: Dark wood cabinets can quickly make a kitchen feel dark and unwelcoming, and updating them with a fresh coat of white paint will transform the entire room. White is the color in these days, loved for its ability to lighten and brighten a space.

Kitchen countertops: Speaking of white, a white backsplash that complements the cabinetry would be another great way to update the room; Pair it with a new countertop in gray, black granite or even a faux material that can provide a completely new look without a renovation.

Bathroom fixtures: If you’re home is sporting a pastel toilet from the decades of yore, replace it with a white one. You’ll be surprised how much it helps the bath feel more up to date. Do the same for the sink, tub and tiles, swapping them out for white finishes. Tubs and tiles can be difficult to replace, so consider re-glazing as that will be much less expensive to make sure all of the pink/yellow/green is out of the bathroom.

Floors: It is not terribly expensive to have the floors re-sanded and stained in a nice mahogany finish. Doing this make a home feel luxurious and inviting to buyers.

Wall colors: A colorful home might be your signature, but odds are it’s not going to appeal to prospective buyers. Stick to universally loved white, cream and taupe colors on every wall.

Consult with an Experienced Broker
If you’re considering selling your home, I am happy to provide some feedback on what would help your home get ready for the Chicago real estate market. I can bring in a professional expert at no cost to you to get specifics on what might detract buyers from your home and help you address them before going to market.

I’ve worked with interior’s expert Joseph Rice many times, who brings his talents to help seller’s homes look their best before going on the market. There was one client in particular who we worked with to stage their condo for a sale, which Joseph can do at no cost to the seller—working with existing furniture, editing knick-knacks, etc. That condo sold in just two weeks!

I am also running an offer for my clients right now to receive $2,500 at closing when they partner with me to sell their property. If you’re home could use some sprucing up before selling, that influx of cash could certainly help offset any unexpected costs when the sale has closed. Contact me for additional details at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Real Estate Should be Strong In 2016

Welcome back! As we hit 2016 running, I always like to look back at the trends and happenings from the previous year and think about what it all means for the state of Chicago real estate in the year ahead. In the last year we’ve definitely seen consistent strength in the luxury real estate market in Chicago, but as inventories remain fairly low, buyers have faced a competitive scenario for the better part of the year.

Prediction: Luxury Buyers Will Get Off The Fence
Last month, the Federal Reserve announced a increase in interest rates. The news wasn’t terribly unexpected, but undoubtedly has an effect on the real estate market. Many potential buyers assume that rising interest rates will affect the buying market more than the seller’s market. But in my 25-plus years of selling Chicago real estate, I find the opposite to be true. As interest rates crank up, sellers often see the benefit, as buyers get ready to make a move before rates grow any higher.

In Chicago, there is certainly a pent-up demand for housing as the city catches up from several years without any real new construction projects. That being said, I think new construction could have a banner year in Chicago luxury real estate.

New Home Construction Picking Up
Nationwide, housing starts are up and Chicago is no exception. Increases among single-family homes and condos alike suggest that builders are gaining confidence that home sales will keep steady (or grow) over the next year. Despite the interest rate increase, that’s great news for the market and will likely draw additional buyers off of the “maybe this year” fence.

Growth in new construction is evident in Chicago. If you look around the Gold Coast—one of the most coveted neighborhoods for luxury real estate—you’ll see a number of new development projects moving right along. There is also a lot of talk about new construction opportunities popping up on the new east side, a newer area that luxury buyers love thanks to its proximity to downtown and unbeatable views of Millennium Park.

Purchasing New Construction in Chicago
I predict that as more and more new construction projects become available that luxury buyers will be snapping them up. A brand-new or close-to-new home is always at the top of the list for what my luxury clients are looking for, and I think many will be taking advantage of any increased inventory, particularly those close to downtown that offer the proverbial location, location, location.

Working with clients who are looking to buy new construction is a specialty of mine, as I have worked with some of the most prestigious developers in Chicago over the years, both for single-family homes and condos.

As a buyer, a new construction home might sound foolproof, but it comes with a number of things to consider as well. I can help walk you through a number of things, including determining the best unit to purchase, why a unit’s location in the building is especially important and the best tactics for negotiating a new construction deal.

If you’re thinking of purchasing a new construction property or luxury real estate in Chicago in 2016, give me a call and I can walk you through some of the upcoming projects or introduce you to some of my favorite buildings. It should be an exciting year, and the sooner potential buyers get in, the better. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.co.

Ultra-Expensive Condos Sell in Chicago’s Hottest Buildings in October

If you look at sales volume, Chicago condo sales were basically flat in October from the month previous, totaling $51 million. But what’s really noteworthy from last month’s condo sales are the ultra-luxury properties—of the 31 properties that sold, 9 sold in excess of $2 million. Not to mention, these sales were found in five of the most sought-after buildings in the city.

What makes a building stand apart from the rest? Buildings like those found in last month’s sales tend to well, have it all. Location. Views. Newness (in terms of construction, compared to other condos on the market). Many luxury condo buildings also carry architectural significance, and three of the buildings on this list—2550 Lakeview, 840 Lake Shore Drive and 270 Pearson—were designed by Lucien Lagrange, the beloved Chicago architect whose name is behind some of the city’s finest buildings.

Not only do the buildings themselves have plenty to offer, but the condos within them must stand apart as well, whether that’s via a great floor plan, incredible views, outdoor space or other upscale features. Last month’s most expensive condos sold each have their own set of distinguishing features—here’s a closer look at the top five in descending order.

30WOakSt30 W Oak St, Unit 12B
Original list price: $4.1 million
Sold price: $4 million
Inside a popular building in downtown Chicago, this 3,349 square foot, three bedroom unit was custom designed to showcase the luxury that is felt the moment you lay eyes on the building. The building is an stunning combo of contemporary design (with an elegant curved glass façade that offers spectacular city views) and elegant Gold Coast living (with features like 10-foot ceilings, floor-to-ceiling glass windows and expansive terraces). Building amenities include state-of-the-art fitness facilities, separate storage rooms and an interior heated garage.

lp-25502550 N Lakeview Ave, Unit C7-34
Original list price: $2.895 million
Sold price: $2.75 million
This condo in one of the city’s hottest buildings has plenty to offer indoors and out. Outside, find 2 terraces totaling 84 square feet that look out to amazing east lake and park views. Inside, 2,884 square feet include a fully appointed cooks’ kitchen with top-of-the-line appliances, oak floors, floor-to-ceiling windows and a large master suite with marble spa bath. The building (designed by famed Chicago architect Lucien Lagrange) includes incredible amenities like an indoor pool, fitness center, dog park and more.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Drive
Original list price: $2.75 million
Sold price: $2.6 million
Lake Shore Drive is an address that’s no stranger to our top monthly sales report, and for good reason. Chicago condos along this stretch of LSD offer incredible lake views, a great location not far from downtown and a number of architecturally significant buildings from architects like Mies van der Rohe and the aforementioned Lagrange. This one was designed by the latter, and has become one of Chicago’s finest buildings. Just shy of 3,000 square feet, this condo was custom designed from a raw space into an elegant home made for the most discerning buyer. Stunning details are found throughout, from the finest finishes to a space made for entertaining.

270EPearson270 E Pearson St, Unit 1001
Original list price: $2.49 million
Sold price: $2.39 million
A unit inside this downtown Chicago condo building rarely becomes available, which tells you a lot about the building it’s in. This sun-filled Chicago condo spans nearly 3,000 square feet, with spectacular views to the south and east that provide a stunning backdrop of Lake Michigan, Millennium Park, Navy Pier and the city skyline. Each of the unit’s 3 bedrooms includes an ensuite bath, plus a den with built-in cabinets, powder room, beautiful open kitchen with large granite island, a spacious living room with fireplace and a large balcony. You’ll also find beautiful details like gleaming hardwood floors, crown molding and high ceilings. Plus, one highly sought-after bonus: 2 included parking spaces.

340 on the Park340 E Randolph St East, Unit 2101
Original list price: $2.49 million
Sold price: $2.375 million
This 2,300+ square foot 3-bedroom is one of the building’s most coveted floorplans, with stunning south view of the lake and harbor, Millennium Park and Buckingham Fountain. The unit includes everything from contemporary finishes to a spacious kitchen to an open floor plan, all just steps away from the best downtown Chicago has to offer. Cultural hot spots, Michigan Avenue and a bevy of great restaurants are all within walking distance.

Consider last month’s Chicago condo sales when you’re embarking on your own search for Chicago real estate. Doing so will help you prepare for what features and amenities come at what price and line that up with your wish list and expectations for your next home.

For more information on last month’s Chicago condo sales or to see what’s on the market now, don’t hesitate to contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Lincoln Park Takes The Number One Spot For Chicago Luxury Home Sales

Chicago is a city known for its neighborhoods, and there are certainly a few that stand out. One of those is Lincoln Park, which saw a lot of action in last month’s luxury home sales in Chicago.

Lincoln Park is a hub for high-end homes, with several well-known blocks that are renowned for the beautiful homes found on them. Orchard Street, for example, is considered one of the most prestigious streets in the city. It’s also home to last month’s most expensive home sale at $5.5 million. A drive down this block with quickly showcase its appeal—many of the homes sit on oversized lots, allowing for tons of space inside and out. This is not just a block for the wealthy, but the mega-wealthy—such as billionaire Chicagoan Penny Pritzker.

But sought-after streets aren’t the only thing drawing luxury buyers to Lincoln Park. The neighborhood is home to everything from top-rated schools (both public and private), bars and restaurants, theaters, parks and much more, all just a short distance from downtown Chicago. You’ll also find a variety of real estate in Lincoln Park, from luxury condos to single-family homes to townhomes.

Overall, sales of single-family homes in Chicago were strong in September, showing that buyers are certainly still in the market for ultra-luxury homes. The top 1- most expensive sales topped a $2 million price tag, and homes overall totaled $82.7 million for the entire month.

Let’s take a closer look at what drew buyers to the luxury Chicago homes that sold last month. Here are the top five sales, in descending order from the most expensive:

image1870 N Orchard St
Original list price: $5.5 million
Sold price: $5.5 million
This brand-new home was developed by Environs on the most prestigious block in Lincoln Park. Thoughtfully designed from top to bottom, this home features spectacular upgrades and state-of-the-art appointments, all on an extra-large, 28 foot by 131 foot lot. Gracious space indoors and out make it ideal for entertaining, especially on the penthouse roof deck that features panoramic views. The extra wide lot makes way for more than 7,200 square feet of living space, plus a rare, huge yard and attached garage. Also included is a true luxury for Chicagoans: heated front steps, driveway, garage and back patio. High-tech details like total home automation, upgraded security cameras, a 6-zone HVAC system, remote-controlled fireplaces and radiant-heat in every bathroom are some of the details that make this home truly special for a luxury buyer.

image456 W Huron St
Original list price: $4.6 million
Sold price: $4.3 million
This custom, San Francisco-style home offers a generous 10,000 square feet of living space in River North. The property is perfect for entertaining, thanks in part to 3 outdoor spaces, one of which is a landscaped roof deck. Inside, you’ll find a Titan Security system, elevator, Crestron System, Kaleidoscope TV, electric shades, 750-bottle wine cellar and more, with quality finishes throughout. The home’s covetable downtown location makes it easily accessible, being close to the highway and in a supremely walkable neighborhood.

image469 W Superior St
Original list price: $4.9 million
Sold price: $4 million
With a in-the-heart-of-everything location in River North, this Chicago home has much to offer—including a whopping 11,000 square feet of living space. Located on an extra-large 34 foot x 109 foot lot, this 5-bedroom home includes a master suite with his-and-her baths, a stainless steel and mahogany staircase, state-of-the-art AV control system, wine cellar, 2 lush terraces and a rooftop deck with city views. With an dramatic and sophisticated interior, this home was a fit for the most discriminating buyer.

image2026 W Wilson Ave
Original list price: $2.922 million
Sold price: $2.922 million
A new construction property in Lake View, this 4+ bedroom home was sold before the listing sheet was even printed. That quick turnaround can likely be attributed in part to the building’s huge lot—75 feet by 122 feet, making it oversized on both ends and allowing for a generous amount of space.

 

image712 W Schubert Ave
Original list price: $3.15 million
Sold price: $2.875 million
This Lincoln Park home sits on an extra, extra, extra wide lot—161 feet wide, more than three times the standard lot size for Chicago. With 7 bedrooms and 7,500 square feet, this home features a bevy of opulent details, from a double staircase entryway to a curved staircase that serves as the focal point of the home, to a lavish master suite. The expansive living and dining areas feature extra tall, coffered ceilings and custom finishes. A grand kitchen includes custom cabinetry, honed marble countertops and high-end appliances; the space also connects to a great room, making a large, open space ideal for entertaining. An elevator moves between all floors—the top of which you’ll find a guest suite with roof deck access, and on the lowest level, a family room, two additional bedrooms and a mudroom.

As you can see, the features and amenities of luxury properties can vary widely, from generous square footage to opulent architectural details to exquisite details—and all of those come with their own price tag. Looking at last month’s real estate sales helps put a number to the features you’re hoping to find in your own purchase. Then you can have an expectation for adjusting your wish list or budget accordingly.

For more information on last month’s Chicago luxury real estate sales, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.