Chicago Luxury Home Sales for the First Half of 2012: 141 Homes Totaling $228 Million

At the beginning of this year, there were a lot of expectations for Chicago real estate in 2012. And it’s been volatile–one week looking up, the next looking down. But one thing that has held pretty steady for the first half of the year is the luxury market–homes priced at $1 million all the way up to $5.99 million. The top 10 homes sold during this time period fall right in line with that old (but still incredibly relevant) adage: location, location, location.

Those top sales were found in the three most popular neighborhoods in the city: Gold Coast (7 of the top 10), Lincoln Park (2 of the 10) and Lakeview (one in the top 10). Here’s a closer look at each of the 10 homes and where in the city they’re located:

1. 1956 N Orchard St
Neighborhood: Lincoln Park
Sold price: $5.3 million
For the most expensive sale in 2012 thus far, the buyer of this Chicago home got a deal, knocking more than a half million dollars off the asking price of $5.999 million. Found on an extra-wide 50-foot x 124-foot lot, this traditional home is just under 10,000 square feet, with 12-foot ceilings, 4 fireplaces, a second kitchen and attached 3-car garage.

The most expensive home sold in Chicago so far in 2012 was this Lincoln Park home that went for $5.3 million, more than a half million less than the original asking price.

2. 1521 N State Pkwy
Neighborhood: Gold Coast
Sold price: $4.725 million
A huge home with 9,155 square feet and six bedrooms, this one-of-a-kind home pays tribute to its 1890s origin with original woodwork, Beaux-Art style architecture, and original French-leaded windows. Even though it was listed as a property in need of renovations, this was still the second-most expensive Chicago home sale in the first half of 2012.

3. 1701 N Dayton St
Neighborhood: Lincoln Park
Sold price: $4.5 million
This property sold in just four days, and it’s clear it had much to offer the luxury buyer: A 36-foot wide lot, more than 8,000 square feet of living space, and a prime location in one of the city’s most sought-after neighborhoods.

4. 2237 N Dayton Ave
Neighborhood: Lincoln Park
Sold price: $4,143,094
Sold early in the year, this home was a new construction property on a 32-foot wide lot on one of Lincoln Park’s favorite blocks. This 7-bedroom, 6800-square foot home features an elevator, 3-car garage, great floor plan, two-tiered outdoor deck, penthouse-level guest suite, roof deck, a nanny suite and much more.

5. 452 W Huron St
Neighborhood: Gold Coast
Sold price: $4.025 million
The buyer of this home got an excellent discount of $450,000 off of the original list price of $4.475 million. The home is a stunning, custom-built 6-bedroom with 10,000 square feet, a five-stop elevator, marble foyer, and top-of-the-line finishes throughout. Wrought-iron balconies overlook a private, landscaped inner courtyard.

6. 2038 N Mohawk St
Neighborhood: Lincoln Park
Sold price: $3,737,523
A newer home in East Lincoln Park with 6 bedrooms, 6,700 square feet and a limestone facade, this elaborate home was designed with custom built-ins, moldings, paneling and high-end finishes. It also includes a 700-square foot media room, mud room and attached heated garage.

7. 2015 N Dayton St
Neighborhood: Lincoln Park
Sold price: $3.65 million
With its A+ Lincoln Park location, this newer home was on the market just over 1 week. The home sits on a 33-foot-wide lot, with 7,000 square feet inside with a penthouse great room, paneled office, two roof decks, lower level media, exercise and guest room plus top-of-the-line finishes throughout.

8. 3804 N Janssen Ave
Neighborhood: Lakeview
Sold price: $2.95 million
The buyer of this home knocked off more than $200,000 off the list price of this home, which was built in 2009. A well-designed single-family home, this property was built on an over-sized corner lot, with 7,300 square feet inside and more than 1700 square feet of outdoor space. Interior highlights include a grand custom spiral staircase, a chef’s kitchen, dumbwaiter and butler’s pantry.

9.1851 N Dayton St
Neighborhood: Lincoln Park
Sold price: $2.865 million
Chicago real estate buyers seem to be gravitating toward new or newer construction properties, like this new construction home in the heart of Lincoln Park. This all-masonry limestone home features a superb floor plan, high ceilings, custom mill work and cabinetry throughout. A luxurious master suite features a opulent bath and walk-in closet. A rooftop deck boasts enviable outdoor space and skyline views.

10. 2450 N Surrey Ct
Neighborhood: Lincoln Park
Sold price: $2,782,645
Another Chicago new construction property, this home is on an extra-wide 30-foot lot on a “secret” block in Lincoln Park. This home was ready for the buyer to customize, with 5,700 square feet, a great room, lower level with family room and more, and exquisite craftsmanship and finishes throughout.

In looking at these properties from the first part of the year, there are clearly some commonalities found among these top luxury properties: Lot size (the bigger the better, and oversize lots always win); location (top neighborhoods in the heart of the city and close to downtown) and generous square footage (upwards of 5,000, all the way up to 10,000 square feet is highly desired by luxury buyers).

Taking a look at these sales not only gives you an idea of the state of the Chicago luxury real estate market, but for potential buyers, you can get an idea of what’s selling for what price and what sorts of discounts you might be able to negotiate on comparable properties. To take a closer look at these properties or to review other homes that have sold in 2012, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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