Chicago’s Luxury Single-Family Home Sales Were Gangbusters in December

The weather may have been cold, but the luxury home market was hot, hot, hot last month. The Chicago real estate market saw 43 single-family luxury homes (those priced at $1 million and higher) close for a total of $74.7 million. And those homes didn’t skimp on luxury. The most expensive home sale clocked in at $9.035 million.

This is big news for December, a month that is typically rather slow and uneventful when it comes to real estate in Chicago. But last month was clearly an exception and an exciting way to close out 2013. Two of the top five most expensive homes are in the Gold Coast, one of Chicago’s premier neighborhoods for luxury living. The $9 million piece de resistance is on Howe Street, one of the most exclusive blocks in the city for single-family homes.

Here’s a look at the top five most expensive Chicago homes sold last month, starting with the most expensive:

1866-70 N Howe St
Original list price:
$10 million
Sold price: $9.035 million
This 6-bedroom Chicago home is on one of the best blocks in Lincoln Park, let alone in the city itself. It sits on a triple lot, spanning 11,000 square feet inside and room to park 6 cars. It’s sleek, contemporary design lends itself to breath-taking finishes throughout with an elevator to all 3 floors. Features include a 50-foot sports court above the 4-car attached garage, an in-home theater, a fully equipped gym, billiards room and a landscaped, private side yard. Lincoln Park is highly desirable thanks to its great schools, a residential-meets-urban style and ideal location with easy access to downtown.

1624 N Wolcott Ave
Original list price:
$2.995 million
Sold price: $3,105,429
A new construction property in Bucktown, this home was a custom build for the buyer, on an oversized (double) lot on a sought-after street. Its contemporary design features the finest craftsmanship and finishes, with 6 bedrooms and more than 7,000 square feet. Other features include great natural light, abundant outdoor green space and roof deck, with an open kitchen leads to a breakfast room and family room with 4 bedrooms upstairs. Beyond that, the home was slated to become whatever the buyer wanted, as a custom build like this allows them to essentially design their dream home.

4307 N Hermitage Ave
Original list price:
$2.65 million
Sold price: $2.71 million
This Ravenswood property boasts two factors luxury buyers love: new construction, and on an extra-large lot. That, along with a huge yard sets this home apart from other Chicago homes, with a gorgeous restored facade and new construction from the front door back.

32 E Bellevue Pl
Original list price:
$3 million
Sold price: $2.7 million
While this home was originally built back in 1892, a recent renovation has it up to date with all of today’s modern luxuries. Designed by John Wellborn, this home is an architecturally significant piece of Chicago real estate, with 6,000 square feet and a 1,200 square foot deck. Inside, the room sizes are generous, including a De Guilio kitchen, spa marble baths, a great room, living room/dining room idea for entertaining and a guest apartment. Other luxury characteristics include 12-foor ceilings, a high-tech lighting and stereo system, six marble fireplaces and a 2-car garage and 2-car parking pad. The open space along with the proximity to shops, restaurants and the beach make this home a luxury buyer’s dream.

38 E Schiller St
Original list price:
$2.75 million
Sold price: $2.525 million
Another winner in Chicago’s Gold Coast, this historic home has been renovated to retain its 1887 facade, but upgrade the interior from the ground up. With 4 levels and 4 bedrooms, the home features exquisite details, like a granite main floor, DeGiulio stainless steel chef’s kitchen, attached oversized garage, stereo surround, 6 motorized skylights, 4-5 oversized bedrooms and high-end finishes. There’s also plenty of space among 4,300 square feet, with a huge terrace and balcony.

Getting Year-End Deals in Chicago Real Estate
It’s interesting to see that the month’s most expensive sale at $9.035 million closed at nearly $1 million less than the asking price. The deal was also all in cash. This is a huge win for the buyer of this property, who likely took advantage of benefits that come with buying at the end of the year. December is typically an “off” month in real estate, so sellers are eager to negotiate and get their properties off the market before the new year.

I always suggest that buyers don’t give up on shopping for a new Chicago home in November and December. This is a time to get the best buys and have them close before the end of the year. Even the early months of a new year can be a great time to look at purchasing property in Chicago, as the cold weather can slow things down and make deals more likely to happen between buyers and sellers.

For more details on last month’s luxury sales or to see Chicago homes for sale now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Leave a Reply

Your email address will not be published. Required fields are marked *