Chicago Luxury Condo Sales Were on a Tear in July

No summer slump here. Chicago luxury condo sales had yet another strong month in July, which is highly unusual for a mid-summer month. One of the reasons for the high sales volume is a ground-breaking price on a unit in the Waldorf Astoria, which sold for $11.7 million. That’s a price that many pay in New York and San Francisco for luxury properties that are half the square feet of homes you’d find in Chicago.

While that property was certainly the standout, there was a number of other notable sales in July, as well. Ten of the 53 luxury condos ($1 million and up) were sold for more than $2 million. Total sales volume for the month was just under $94 million, an outstanding number for the middle of summer.

Here’s a closer look at the top Chicago condos that sold last month, starting with the most expensive:

Waldorf Astoria Chicago11 E Walton, Unit 5200
Original list price: $13.9 million
Sold price: $11.7 million
Spanning an entire floor in the Waldorf Astoria, this unparalleled residence was a custom build from top to bottom with the finest finishes available. It’s also interesting to note that the buyer opted to pay cash for the home. With 4 bedrooms and 4.1 baths, this Chicago condo features gracious, flowing living spaces, a beautiful paneled den, home theater, glass encased wine cellar, an incredible master suite with dream closet and a true spa bath that leads to an unbelievable private pool area.

ritz118 E Erie St, Unit PH1
Original list price: $10,850,400
Sold price: $8.632 million
This is the penthouse of all penthouses, located on the top (40th) floor of the Ritz-Carlton Residences, Chicago. A full-floor unit, this property was more than 6,000 square feet of raw space, with 12 to 18 foot ceilings plus 660 square feet of private, south- and east-facing terraces. The service of the Ritz-Carlton Residences is unmatched, with on-site, five-star staff to cater to residents’ every need. Residents here also have access to the Landmark Club, Chicago’s only private, residential city club located on the 10th floor of the building (which also boasts an unbeatable location just off of the Magnificent Mile).

270EPearson270 E Pearson St, Unit PH16E
Original list price: $4 million
Sold price: $4.3 million
A duplex penthouse unit in a luxury boutique building, this Chicago condo has undergone a number of refinements to create an elegant living space. The interior features an open floor plan with 12-foot ceilings, an open millwork staircase, gourmet kitchen, crown moldings, hardwood floors, custom finishes throughout, tremendous closet space and ensuite bedrooms. Outside, you’ll find 800s square feet of outdoor space with spectacular lake, city and park views. The building is just steps from Michigan Avenue, with high-end shopping, dining and transportation.

4EastElm4 E Elm St, Unit 17N
Original list price: $3.1 million
Sold price: $3.135 million
The brand-new building at 4 East Elm has been the darling of luxury real estate in recent months, taking up many spots on the top sales lists. This unit in particular was a 3,095 square foot, 3 bedroom, 3.1 bathon the 17th floor. With just 35 half-floor residences, the building has been very popular among luxury buyers, thanks to a number of features including elevator entry into every unit, 3 exposures with city and lake views in most units, and high-end finishes. Building amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

328WisconsinSt328 W Wisconsin St, Unit 3N
Original list price: $2.6 million
Sold price: $2.6 million
This is a new, boutique building in the heart of Lincoln Park with just 7 units. This 3-bedroom home spans 3,801 square feet of gracious, light-filled space that includes a library with wet bar, 41-foot gallery wall for art collectors, a large master suite with his/her closets, 8-foot interior doors, 10-foot ceilings, plus two terraces. Contemporary finishes throughout include Snaidero cabinets, Subzero, Wolf and Miele appliances and quartz countertops.

If you’re considering a home purchase, contact me for a private tour of some of the exceptional properties that the Chicago real estate market has to offer right now. I can provide first-hand details on each of the buildings and explain why some are apt to increase in value more so than others. Or if you’re just getting started, I can send along images and details of 5-10 properties I think you’d want to check out. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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