Chicago Luxury Condo Sales Slow Down in November

While single-family homes sales in Chicago seemed to keep pace in November, there was a bit of a slowdown among luxury condo sales during the month (though it’s important to note that this month’s top sale was actually a co-op). Sales for Chicago condos priced at $1 million or higher totaled 27 sales and $41 million in November. The top five condos sold in previous months were also $2 million or above, but November saw two of the top five sales under that mark.

But even the most expensive sale last month comes at a price much lower that you’d find in other major areas like New York or San Francisco. The most expensive unit sold—a Benjamin Marshall co-op penthouse spanning 4,000 square feet looking over Lake Michigan—sold for just $625 per square foot. That’s an amazing price for such a stunning property in Chicago, and it’s these types of homes that Europeans and people from other major U.S. cities seem to love.

And of course, ample square footage and show-stopping views were also features of last month’s top five. Buyers continue to gravitate toward condos that boast the space of a single-family home, but the benefit of looking out onto the sprawling city below (often through floor-to-ceiling windows, no less).

Here’s a closer look at the details from last month’s highest priced condo and co-op sales in Chicago:

999 E Lake Shore Dr., Unit 9A
Original list price: $2.75 million
Sold price: $2.5 million
This Chicago co-op is a Benjamin Marshall penthouse unit,  made up of 4,000 square feet of living space looking over the lake. On a coveted stretch of Lake Shore Drive. With three bedrooms/four baths, the unit features 10-foot ceilings, vintage paneling, herringbone oak floors, a 33-foot dining room with marble floors and a formal library. This unit was a co-op property, which take longer to sell; this one was on the market for 214 days.

156 W Superior St., Unit PH
Original list price: $2.5 million
Sold price: $2.4 million
In an award-winning building for its architecture, this steel and glass single-floor River North penthouse has a lot to offer in modern luxury. An ascending stainless steel staircase leads to an enormous private rooftop deck with 360-degree city views. Inside are 14-foot ceilings, floor-to-ceiling windows, an open Archlinea chef’s kitchen with extraordinary finishes and custom lighting and sound throughout.

65 E Monroe St., Unit 4601
Original list price: $2.495 million
Sold price: $2.3 million
Found in the Park Monroe building, this penthouse unit lives up to the building’s notoriety for its astounding views of Millennium Park, Lake Michigan, Buckingham Fountain and more. This 2-bedroom, 4,000 square foot Chicago condo is on the southeast corner, allowing for commanding views of all there is to see along the lakeside. Inside, you’ll find custom finishes, a huge kitchen, stainless steel appliances, and 5” Brazilian cherry floors. Residents of the Park Monroe can also access the Park Monroe Club, with a lap pool, gym, media room and barbeque. A private rooftop terrace is available for penthouse units only.

403 E North Water St.
Original list price: $1.799 million
Sold price: $1.909 million
While this property is technically a condo, it lives much more like a single-family home. The entry to the home is from a cul-de-sac street, and walking out the back door takes you directly into a heated garage. Spanning more than 3,700 square feet, the wide floor plan offers five levels of living and entertaining space, including a private rooftop deck with expansive city and lake views. The 3 bedrooms are generously sized with unbelievable closet and storage space. And inside, you’ll find classic custom millwork and crown molding throughout. The bonus of this being a condo over a home is that an indoor pool and exercise amenities are inside the high-rise for residents’ use.

21 E Huron St., Unit 3103
Original list price: $1.9 million
Sold price: $1.8 million
This 3-bedroom condo in the luxury Pinnacle Residences boasts a signature floor plan high on the 31st floor. Dramatic views to the south, east and west can be enjoyed from the living room, dining room and oversized master suite and from two balconies. The open kitchen, family room, breakfast room and office feature hardwood floors and floor-to-ceiling windows throughout allow for maximum enjoyment of those enviable views. This unit also included 2 side-by-side garage spaces, a huge selling point for a downtown Chicago condo.

I always recommend potential buyers keep an eye on the Chicago real estate market and see what is selling and at what price. This will give you the upper hand when you’re ready to hit the market yourself and have an idea of what your own budget can get you in the neighborhood you want.

To learn more about last month’s sales 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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