The luxury condo market is continuing to prove that its still alive, with more than $33 million in sales during the month of May. Luxury condos are defined as sales over $1 million, and May saw 21 individual sales of luxury Chicago condos.
May’s numbers didn’t quite top April’s $46 million in luxury condo sales, which had climbed from March’s sales as well. Like April’s sales, the units sold in May were in some of Chicago’s top luxury buildings in downtown Chicago or close to Michigan Avenue. Many were within a block or two of the Magnificent Mile.
Luxury Chicago real estate going strong
Despite continued reports of the market being in a slump, Chicago real estate is proving to fare well in the luxury category, with buyers still purchasing large, unique condos in buildings with a distinctive cache. Chicago condos that include unique and special features and are in coveted locations have continued to do well over the past few months.
The luxury Chicago condo buildings with the most sales volume in May were:
25 E Superior: $3,850,000 in sales. One of the sales in this Chicago real estate building included a half-floor penthouse sprawling 3,700 square feet, with top-of-the-line finishes, two enclosed terraces, and 45 feet of open windows.
209 E Lake Shore: $3 million in sales for a 4-bedroom, 5,500 square foot unit located on one of, if not the most, exclusive streets in Chicago. The block overlooks the lake, with many units featuring magnificent views, and is right off Michigan Avenue, east of the Drake Hotel. The unit that sold is in the building designed by architect Benjamin Marshall and is considered a Chicago gem with its old-world charm. 209 E Lake Shore is a co-op building, and this particular buyer purchased the unit with cash.
800 N Michigan Avenue: $2,997,500 in sales. This building is attached to the Park Hyatt Hotel, and residents can take advantage of hotel services and amenities. The 3-bedroom unit sold was recently renovated and included skyline lake views and numerous upgraded finishes and details throughout the unit.
10 E Delaware: $2,920,900 in sales. This Chicago new construction building in Chicago’s Gold Coast exhibits renaissance architecture in a well-designed boutique development. These Chicago condos come with great views of the lake and city, a rooftop heated pool, access to the TEN club for entertaining, and state-of-the-art hotel amenities. One of the units sold—a 2,715-square foot 3 bedroom—spans the entire length of the east side of the building for spectacular panoramic views.
As I noted with April’s luxury condo numbers, those unique properties continue to experience success in real estate sales. Features like breathtaking views and exceptional floor plans hold great interest among potential buyers.