Chicago Luxury Home Sales in July: Less Expensive Homes Sold, Totaling $56 Million

We continued to see a strong number of luxury home sales in Chicago last month, but a new trend shows that sales in July skewed toward lower-priced properties than we’ve seen in recent months. Of the 37 homes that sold during the month of July, 30 of them sold for under $2 million, ranging in sales prices from $1 million (the starting point for luxury real estate) and ran up to $1.967 million. Only 6 of the Chicago homes that sold in July were over $2 million, with the most expensive home selling for just $2.9 million–quite a difference from the recent sales that have been over the $5 million mark.

What Buyers Want in Chicago Real Estate

Despite the lower prices, the five most expensive homes sold in July continue to demonstrate that buyers want something out of the ordinary when purchasing a Chicago home. Things like large lot sizes, homes in excellent condition, and sellers that are sweetening the deal by negotiating offers to below the asking prices are all factors in homes that are moving on the Chicago real estate market.

The top homes sold in July all sold for substantially lower than the asking price. Luxury real estate buyers want to be able to get a deal–and they do seem able to negotiate, particularly if the home isn’t new construction or something that can be customized to the new buyer’s wants and needs.

Chicago Homes Sold in July

Taking a closer look at the top properties sold in July, it’s clear that when buyers find what they’re looking for, they’re snapping it up fast. Many of these properties had little time on the market, as desirable properties with unique features are moving quickly. Here are additional details on the top five:

634 W Fullerton Pkwy
Original list price: $3.45 million
Sold price: $2.9 million
Lot size: 175 ft x 30 ft
While this home was originally built in 1880, it was completely rebuilt and updated with a custom Nuhaus kitchen, Brazilian cherry floors and other upgrades to put it in mint condition. A stunning millwork staircase runs through all four light-filled floors on the inside, with beautiful landscaped gardens on the outside on this rare, deep lot.

1213 W Henderson St
Original list price: $2,949,999
Sold price: $2.65 million
Lot size: 79 ft x 142 ft x 14 ft x 127 ft
Sold almost as quickly as it was listed, this six-bedroom home was built in 2007, featuring 6,800 square feet of living space on an oversized, irregular lot.

2614 N Greenview Ave
Original list price: $2.995 million
Sold price: $2.63 million
Lot size: 30 ft x 125 ft
Another home on a wide lot, this immaculate brick and limestone home was custom built with six bedrooms, seven baths and a large, open floor plan. The home includes a gorgeous chef’s kitchen with butler’s pantry, stunning finishes and details, plus abundant outdoor space with multiple decks and a yard. And you can’t beat this home’s Lincoln Park location, just steps from Wrightwood Park.

3740 N Wayne St
Original list price: $2.499 million
Sold price: $2.490 million
Lot size: 30 ft x 125 ft
This large-lot new construction home is on a great block in the heart of the Southport corridor, only two blocks from Blaine Elementary School (ranked one of the city’s best public schools). This brick and limestone home was built with a breezeway to its 3-car garage, a professional integrated kitchen, a snowmelt system and smart wiring.

2135 N Hudson Ave
Original list price: $2.499 million
Sold price: $2.47 million
Lot size: 26 ft x 105 ft
Another home that was sold almost as quickly as it was listed, this home went through a total renovation in the last five years, making it as good (and probably as covetable) as new. The renovation fitted this home with high-quality finishes throughout, a totally new kitchen with SubZero, Miele and Wolf appliances and luxury down to each detail. With three bedroom and three baths on the upper levels, the lower level features a wet bar, full bath and extra bedroom.

If you’re a buyer today, why look at homes that have already sold? Having an understanding of what is selling in the neighborhoods you’re interested in (and at what price) gives buyers the upper hand when it comes to negotiating price on a deal. Looking at comparable sales can also give you an idea of what you can get for the budget you’re working with.

To take a look at other home sales from the month of July or what’s on the market now, contact me at 312-264-5853 or at ssalnick@dreamtown.com.

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