Perhaps it was the winter doldrums or some overlapping effects from the volatile stock market, but Chicago luxury home sales in February were well, “just OK.” Just 26 luxury homes (those sold for more than $1 million) closed last month, totaling $46 million. More than $8 million of that was a single double-lot property that certainly stood out from the rest.
Even when one property is completely distinctive from the rest, there are often a few common threads that can be found among recently-sold luxury homes. This month, there’s a clear interest in a great location (Lincoln Park, the Gold Coast, Bucktown), oversized lots and generous square footage (2 homes boast 9,000+). And lastly, one commonality we’ve seen fairly regularly among luxury real estate sales in Chicago: purchasing with cash.
Cash is King in Chicago Luxury Real Estate
Four out of the top five most expensive homes sold last month were bought with cash. You’ll notice in the recap below that several of the top properties sold did so at a considerable discount to their list price—and it’s likely that the buyer has their cash offer to thank for that. Cash also helps buyers to negotiate a good deal, especially when the market is experiencing some volatility.
Here’s a closer look at the top five properties that sold last month in Chicago, in descending order from the most expensive:
2026 N Mohawk St
Original list price: $8.95 million
Sold price: $8.35 million
This spectacular space was built on a double lot by developer firm Metzler Hull, who is known for building beautiful, upper-bracket homes in Chicago. Boasting a location on the best block in East Lincoln Park, no luxury was spared in this 11,000 square foot home, from the fine details to the thoughtful floor plan that blends intimate family living with fabulous entertaining space. The list of features for this Chicago luxury home is lengthy. Each of the 7 bedrooms has an ensuite bath and large closet. The state-of-the-art kitchen is built for gathering and relaxing, with a seamless transition from the family room. The elegant master suite features a large walk-in shower, soaking tub, double vanity, dressing room, walk-in closet and make-up area. Other spaces include a library, exercise room, private professional theater, indoor/outdoor basketball court, coat room, a large laundry room , attached four-car, heated garage and four private outdoor areas.
1352 N Lasalle Blvd
Original list price: $3.49 million
Sold price: $3.05 million
This stately Old Town mansion sits on an oversized (149 foot) lot. Its 9,200 square feet include 5 bedrooms and 4.2 baths, a large eat-in kitchen, paneled dining room, den, family room, foyer, five-stop elevator and a lower-level in-law apartment. There’s even an additional 2 bedroom, 2bath guest apartment. Other details include a grand staircase, 7 fireplaces with carved mantels, intricate moldings and 8-foot original pocket doors.
1917 N Honore St
Original list price: $2.995 million
Sold price: $2.8 million
Just built in 2013, this brick/limestone home—on an oversized 33.5-foot lot—was customized by Tom Stringer Design in a warm, transitional style. A fully integrated kitchen includes commercial-grade appliances and stardust marble with leather finish countertops, while the luxurious master suite features a separate sitting room and spa-like bath with heated flooring, towel rack and oversized steam shower. A 900-square foot rear patio/yard encompasses a completely private rooftop oasis complete with IPE decking and a custom stainless steel hot tub. And the home’s location is ideal on one of the premier blocks in Bucktown.
1916 N Hudson Ave
Original list price: $2.5 million
Sold price: $2.5 million
A recently upgraded single-family home in East Lincoln Park, this 6,000 square foot Chicago home features a ton of great space for family living on a residential, tree-lined street. The generous spaces include a full-floor master suite with a 21 x 10-foot closet and brand-new master bath; a penthouse room, study, library plus several terraces and patios, including a mini “children’s deck.” Other features include 4 brand-new baths, high ceilings throughout, a chef’s kitchen with breakfast area for 10, a two-story family room, wide walnut floors throughout, heated lower-level floors and an attached two-car garage.
69 E Bellevue Pl
Original list price: $2.6 million
Sold price: $2.1 million
This home’s wow factor comes from its unique design, featuring an open-concept floor plan that is rarely found among the vintage homes in the Gold Coast. The first floor features a deck off the kitchen, and the third level includes an additional deck beautifully shaded by a nearly 200-year old maple tree. The home also boasts lots of natural light, a music system, four large bedrooms, 4.5 spa baths, a basement apartment and garage.
For more information on the Chicago luxury homes that have recently sold, or to see what’s on the market now, contact me at (312) 498-5080 or email me at email@example.com.