The reports are in for Chicago luxury condo sales during the month of November, and they are a bit surprising. November is typically a month when sales begin to slack off, especially around the middle of the month, as winter and colder weather sets in Chicago. But interestingly, condo sales in November 2012 were fairly robust. Chicago real estate even set a record with a sale at 800 N. Michigan Avenue—a 7,900 square foot unit sold at the phenomenal price of $15 million.
Chicago New Construction Continues to Sell
It’s important to keep in mind that much of what’s selling among luxury buyers is brand-new real estate. One of the most popular buildings this year has been 2550 Lakeview, with a grand lobby that defies any other building, plus unbelievable luxury in addition to concierge services, and a 1 ¼-acre private park.
Square footage also continues to be important to the luxury buyer, especially when it comes to condominiums. As the sale at 800 N. Michigan proves (as does many other sales in November), living in a condo doesn’t mean sacrificing space, and many of Chicago’s high-end buildings offer the square footage that is comparable, if not superior to, a single-family home, but with all of the perks (like amenities and services) of living in a condo building.
Chicago Condo Sales in November 2012
Even though the most expensive sale was in Park Tower, the newcomer on the condo block, 2550 Lakeview, didn’t fare too bad, either. Here’s a closer look at the top five sales during November 2012:
Address: 800 N Michigan Ave, Unit 66PH
Original list price: $15 million
Sold price: $15 million
Square footage: 7,900
Perched on the 66th floor high above the Magnificent Mile, this downtown Chicago condo is magnificent in itself. Taking up the entire top floor of Park Tower, the unit features 16-foot ceilings, 360-degree panoramic views, plus a huge 660-square-foot private terrace space for taking in Chicago summers with the best views downtown. This condo was put on the books as Chicago’s most expensive condo ever, with 4 bedrooms, 5 baths and 3 garage parking spaces.
Address: 2550 N. Lakeview Ave., Unit C7-29
Original list price: $2.3 million
Sold price: $2.3 million
Square footage: 2,813
Lucien Lagrange’s latest masterpiece in Lincoln Park continues to be embraced by the luxury buyer, and for good reason—this building has “wow” factor from the moment you step in the opulent lobby. This 29th-floor 3-bedroom sold to a cash buyer as quickly as it became available. Amenities at 2550 N Lakeview include an indoor pool, concierge, billiards, rec room, private club, 1 1/4 –acre park, fitness center and more.
Address: 2550 N. Lakeview Ave., Unit C7-28
Original list price: $2.25 million
Sold price: $2.25 million
Square footage: 2,813
Another sale at the desirable 2550 Lakeview. This 28th-floor 3-bedroom also sold as soon as it became available, as luxury buyers are eager to not only get into one of the city’s most covetable buildings, but one that is in the heart of a sought-after neighborhood as well. Lincoln Park itself is picturesque, and gives residents easy access to downtown Chicago, airports, Lake Michigan, plus everything you’d need right in the neighborhood, from dining and entertainment to schools and parks.
Address: 2550 N. Lakeview Ave., Unit 17-C4
Original list price: $2.199 million
Sold price: $2.199 million
Square footage: 2,831
This 3-bedroom unit features outdoor space, views of Lake Michigan, the city skyline and Lincoln Park, plus two parking spaces. The building is right across from Lincoln Park and a great option for families, since it gives them easy access to some of the best private schools in Chicago.
Address: 65 E. Monroe, Unit 4806
Original list price: $2.35 million
Sold price: $2.05 million
Square footage: 3,772
Located in The Park Monroe, this Chicago condo is right in the center of downtown Chicago, so a simple step out of the building puts you in the heart of the city’s cultural happenings, like the Art Institute, the Chicago Symphony, Dance Center, and more. This unit also features floor-to-ceiling 8 x 10 windows with panoramic views of Millennium Park, bustling downtown Chicago and the city’s enviable skyline. The Park Monroe offers residents amenities like a pool, fitness center, theater room and 24-hour doorman.
I always encourage my clients to take a look at recent sales in the neighborhoods or buildings they’re interested in so that they have an idea of what is available for what price. To learn more about November’s condo sales or to see what’s on the market now, contact me at (312) 498-5080 or email me at email@example.com.