Excellent Deals For Buyers Purchasing Chicago Luxury Condos In October

The middle of October is a special time for real estate buyers. As I constantly emphasize to my clients, this is the best time to take action if you’re considering a purchase.

Mid-October is when deals are happening, and this past month was no exception. Sellers who have had the market advantage for much of the year are no longer in the driver’s seat, and you can see that all of the top five most expensive condos and co-ops to sell in October went for considerably below the asking price.

Every single luxury condo, including the co-op at 209 E Lake Shore, sold for big-time discounts from the original listing price. Each property exceeded the 3,000 square feet requirement that Chicago luxury condo buyers are looking for, as well.

But just because October is over doesn’t mean the ideal time to buy is not now.. You can see that luxury sales have started to slow down, and the number of high-end sales in excess of $2 million has come down dramatically from previous months. So buyers looking to purchase a Chicago condo could still have the upper hand now that it’s not prime season for sellers.

Here’s a closer look at the top five Chicago condos sold in October. Note the major differences between the listing prices and sale prices for each:

77-e-walton77 E Walton St, Unit 26F
Original list price: $3.475 million
Sold price: $3.11 million
In Chicago’s most desirable neighborhood, the Gold Coast, this exquisite luxury condo is fitted for modern living, with no expense spared. Features include custom kitchen cabinetry, built-in buried oak bar, beautiful hardwood floors, oversized doors and millwork throughout. Its 3,479 square feet are made into a smart, spacious floorplan that includes three ensuite bedrooms and 3.1 baths. This is also a full amenity building with multiple garage parking spaces and interior access to the Four Seasons Health Club.

445-e-north-water-st445 E North Water St, Unit 2601
Original list price: $2.7 million
Sold price: $2.5 million
This three bedroom (plus den) has fantastic lake, river and city views from its south-facing corner exposure in Streeterville. Spanning 3,983 square feet on the 26th floor, the unit includes a huge gourmet chef’s kitchen with granite, Subzero appliances and a wine cooler, along with several professionally organized closet spaces. The property also includes two parking spaces, a valuable commodity in this area of Chicago.

209ELakeShoreDr209 E Lake Shore Dr, Unit 6W
Original list price: $4.2 million
Sold price: $2.1 million
This Chicago co-op is city living at its finest. With 5,675 square feet, five bedrooms and 6.1 baths, this half-floor residence boasts a whopping 60-feet of Lake Michigan views. The building was once home to famed architect Benjamin Marshall, and is one of the finest, service-oriented co-ops in the city with full amenities, parking and a rear garden. This unit in particular offers exquisite architectural details and an extraordinary floorplan made for family living and entertaining.

180 E Pearson180 E Pearson St, Unit 7203
Original list price: $2.2 million
Sold price: $2.1 million
A spot on the 72nd floor brings three coveted qualities to this property: It’s quiet, private and offers unobstructed north, south and east views. This 3,320 square foot unit begins with a majestic entry foyer that makes an ideal showcase for artwork. A large living room overlooks the lake and city, and you’ll also find a wood-paneled library, three bedrooms with ensuite baths and his-and-her master closets. Residents of the Water Tower can enjoy the world-class amenities offered by the adjacent Ritz-Carlton Hotel, and the unbeatable location on Michigan Avenue puts them steps from superb dining, shopping and the lakefront.

180 E Pearson St, Unit 6104
Original list price: $2.4 million
Sold price: $2.1 million
Located in the southeast corner of the 61st floor of the Water Tower, this 4-bedroom Chicago condo was recently redone in marble, slate and granite finishes. Spanning 3,320 square feet, this unit boasts a raised floor in the living room to take advantage of the view, custom shelves, cabinetry and built-ins throughout, wood floors, custom closet designs and a DeGuilo kitchen with leaded glass-front cabinets and high-end appliances. The master bath—one for four baths in all—includes a Kohler jetted tub and steam shower.

For more info on the Chicago condos that sold recently and how what’s happening on the market might fit into your own search, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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