Chicago Luxury Detached Home Sales Anticipated to be Better in 2012

Despite the volatile market that the Chicago real estate market experienced throughout much of 2011, luxury real estate in Chicago continued to sell. Added evidence of this comes from the sales numbers from December—homes continued to sell in some of the city’s most desirable neighborhoods like Lincoln Park, Lakeview, North Center and Bucktown.

These numbers are even more promising considering sales are often down during the month of December—cold weather and lower inventory leads many sellers to take their properties off the market during the holidays and winter months. So sales like these imply that luxury real estate in Chicago, especially in these neighborhoods, should be stronger in the coming year.

Chicago Real Estate Selling in Top Neighborhoods

The most luxurious detached homes sold in December were in Lincoln Park, by far one of Chicago’s most loved neighborhoods. Residents love this community for its luxury real estate, beautiful park, great schools, and ideal location—Lincoln Park has the look and feel of a residential neighborhood, but is close to downtown Chicago and anything you’d need for shopping, dining and entertainment.

In addition to great location, there is another common denominator among the top single-family home sales in Chicago: many are on extra-wide lots, a unique characteristic in city real estate.

There were 19 total single-family homes sold in December for a total of $28.8 million. The breakdown of these sales were as follows: 9 in Lincoln Park; 5 in North Center; 3 in Lakeview; and 2 in Bucktown. Let’s take a closer look at the top six sales, all of which were in Lincoln Park:

2430 N Surrey Ct
Sale price: $2.325 million
This home is a five-bedroom, extra-wide brick and limestone custom designed home. Featuring a chef’s kitchen, a penthouse sitting room, 11-foot ceilings, and three private decks.

1874 N Howe St
Sale price: $2.35 million
On one of the most coveted streets in Lincoln Park, this Chicago home is ideal for entertaining, with an elegant living room and dining room and a bright, open eat-in kitchen. The home also boasts a private backyard and a top-level sun room opening to the roof deck with skyline views.

2230 N Dayton St
Sale price: $2.18 million
This home on the best block in the DePaul community was recently renovated to accommodate large rooms: 5 to 6 bedrooms on the upper floors, a top floor office, and a playroom, mudroom and exercise room on the lower level. The home’s renovation’s merged classical touches like original stained glass with modern additions like new finishes, top-notch appliances and a limestone bath.

2325 N Orchard St
Sale price: $2.175 million
On an extra-wide corner lot, this 140-year-old home underwent a spectacular renovation, creating a home that combines a modern lifestyle with historical appeal. The home has six bedrooms and 6,700 square feet, built to the edge of the lot lines for maximum space.

1919 N Burling
Sale price: $2 million
This French-inspired Chicago new construction property is also on one of the best blocks in Lincoln Park. Located on an extra-long lot of 131 feet allows for yard space, while the 3,800 square feet inside allows for a flexible floor plan. With five bedrooms, this single-family home also features hardwood floors, Viking kitchen appliances and an upstairs private deck.

2447 N Racine St
Sale price: $2 million
This huge six-bedroom detached Chicago home sold for a fantastic price. With 5,800 square feet on an extra-wide lot, this home’s features include a custom staircase, Brazilian walnut flooring, a professional grade kitchen and an attached garage.

The sales of these Chicago homes is a sign that the market could see single-family homes fare better in 2012 than they did in 2011. Unique homes with generous square footage and extra lot space are what buyers are looking for, even in an unpredictable market. To take a look at the one-of-kind single-family Chicago homes for sale today, contact me at (312) 498-5080 or by email at ssalnick@dreamtown.com.

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