Chicago Luxury Condo Buyers Searching for Large Square Footage in October

Space: for some, it’s the ultimate commodity when it comes to real estate, and luxury properties in Chicago have much to offer by way of generous square footage. When taking clients out to see luxury condos, I’ve found that square footage is almost always the first piece of criteria they bring up.

There’s even a magic number: 3,000 square feet seems to be the minimum that many buyers are seeking for their new home. Many of these clients are moving from a single-family home in the suburbs and are moving into the city for their last “hoorah,” so it’s the last move they are planning to make in their lifetime.

Last month’s Chicago luxury condo sales showed this same trend I see with my own clients. With 32 condos sold totaling $57 million, square footage was again the name of the game among these properties.

Here’s a detailed look at the top five most expensive units that closed last month, in descending order:

Chicago real estate at 65 E Goethe65 E Goethe Street, Unit 5E
Original list price: $4.95 million
Sold price: $4.8 million
Square footage: 3,800
A 3 bedroom, 2.1 bath unit in one of Lucien Lagrange’s masterpieces, this building boasts an eclectic architectural style on the outside with large, open living spaces on the inside. This 8-story building is among the most coveted in luxury real estate in Chicago, with a rooftop terrace garden, portal windows, French doors and Juliet balconies made from hand-forged iron.

ritz118 E Erie Street, Unit 34E
Original list price: $3,248,400
Sold price: $3 million
Square footage: 2,707
While this unit is under 3,000 square feet, it still offers ample space for a 2 bedroom Chicago condo. Not to mention, it’s located at the Ritz-Carlton Residences, which offers the legendary service of the Ritz-Carlton hotel group and a number of jaw-dropping private spaces for its residents to enjoy. The building’s Landmark Club includes a grand salon, private staff, screening room, athletic and spa facilities and much more. This sale in particular was also made in cash.

Chicago real estate at Park Tower 800 Michigan Avenue800 N Michigan Avenue, Unit 2701
Original list price: $3.2 million
Sold price: $3 million
Square footage: 3,197
Bought by an all-cash buyer, this 3-bedroom, 3.1 bath is located in the Park Hyatt Residences, which is adjacent to the Park Hyatt Hotel. Residents can take advantage of all of the hotel’s amenities, including room service and the on-site health club. This unit features east-facing lake views in nearly every room, with hardwood floors, a chef’s kitchen, gracious master suite with built-ins, and a 150-square foot balcony.

77-E-Walton-St-27A-Chicago-IL-6061177 E Walton Place, Unit 27F
Original list price: $2.9 million
Sold Price: $2.915 million
Square footage: 3,486
Located in the Residences at 900, which puts residents just off the Magnificent Mile and offers sweeping views of the city down below. This 27th-floor unit features floor-to-ceiling windows, 10-foot ceilings, 4” white oak floors throughout, a Snaidero kitchen, a lavish spa master bath and state-of-the-art technology. Residents here can also take advantage of valet parking.

1040 n lake shore1040 N Lake Shore Drive, Unit 7A
Original list price: $2.685 million
Sold price: $2.575 million
Square footage: 3,020
This 3-bedroom unit was recently totally rehabbed all the way down to the studs and drywall, and now showcases flawless attention to detail in the custom millwork, 5” walnut floors, new windows and a wide open floor plan that maximizes the views of the lake, park and skyline. The 4.5 baths features Cacatta, Crema Marfil and Dakota Stone, while the kitchen boasts top-of-the-line appliances. You’ll also find a paneled alderwood library with a dry bar and integrated AV system.

If you’re in the market for a new Chicago condo, I always encourage clients to familiarize themselves with last month’s sales so you have a leg up when you start your own search. Knowing the details of what properties have sold, with what features, for what price, will help you gauge where the market is at and what you might be able to find within your budget.

For more details on these Chicago condos 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.

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