Chicago Real Estate Sales Show the Luxury Condo Market is Alive

Luxury Chicago Real Estate Sales

Luxury real estate sales in March included units in 10 E Delaware, the Palmolive Building and Trump Tower.

It’s official: Chicago real estate numbers for March were recently released and 25 luxury condos closed during the month, showing that luxury real estate in the city is doing well. Those Chicago condos sold were priced at more than $1 million to a high of $3.2 million, making them luxury sales.

Volume of Chicago real estate sales in March
Total sales in luxury buildings were nearly $40 million in March, with more than half ($26 million) of those sales closing in just seven of the city’s luxury buildings. Those luxury condo buildings with the most sales volumes were:

  • 10 E Delaware: $6 million
    50 E Chestnut: $5.5 million
    1430 N Lake Shore Drive: $3.2 million
    401 N Wabash: $3.1 million
    1040 N Lake Shore Drive: $2.8 million
    159 E Walton: $2.8 million
    180 E Pearson: $2.5 million

These units that sold in March are all about location—downtown Chicago condos have everything residents need nearby. Plus, these are buildings that carry a certain panache with them, whether its because of the magnificent views, concierge services or the overall luxury appeal and aesthetic of the building itself.

Gold Coast condos included in sales
One of the two highest-priced condo units from March sold in at 50 East Chestnut for just over $3.2 million. This building is the only Chicago new construction building that allows residents to have an entire floor to themselves, providing living space of anywhere from 3550 to 3905 square feet. Units in 50 East Chestnut feature 3 bedrooms, a family/media room, 3.5 baths, and libraries in some units, with ceiling heights from 9.5 to 11 feet and hardwood floors in main areas.

Other luxury Chicago condos that sold in the Gold Coast include:

-1040 Lake Shore Drive: A very grand building, coveted by luxury real estate buyers. The Carlyle has stunning, sweeping views of Lake Michigan and Lake Shore Drive from some of the building’s units, not to mention a prime location in the Gold Coast.

-10 E Delaware: This new luxury real estate building was designed by famed architect Lucien Lagrange at the corner of Delaware and State, and residents can take advantage of hotel services from the neighboring boutique hotel, the Talbott.

-159 E Walton: The Palmolive Building is the fine wine among luxury real estate in Chicago. This high-end building has a vintage feel and a great location right off of Michigan Avenue.

Other luxury real estate sales
The Gold Coast wasn’t the only neighborhood showcasing sales for March—other downtown Chicago condos were sought out as well, including:

-180 E Pearson: Water Tower Place is a building with great views, right off Michigan Avenue in Streeterville. Residents can take advantage of the amenities from the Ritz-Carlton Hotel in the same building.

-1430 Lake Shore Drive: A prestigious co-op with breathtaking city and lake views. The unit that sold was a full-floor residence that recently underwent a top-of-the-line renovation.

-401 Wabash: Trump Tower condos are currently the newest Chicago luxury real estate units available, and prices have been recently been reduced for the developers’ original units, so it’s a great time to get into this highly desirable building.

High-end, luxury real estate in Chicago is selling because they offer location, views and buildings that are guaranteed to have the highest level of quality and service. Often associated with hotels and grand co-ops, these buildings exude sophistication and exclusivity, and those are qualities that never lose their appeal in the luxury real estate market.

To learn more about the luxury Chicago real estate that sold in March, email me and I can provide you with a list of buildings. Or, to see some of these in-demand buildings first hand, give me a call at 312-264-5853 or email me at ssalnick@dreamtown.com.

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