February Sales Show Luxury Homes with Unusual Lot Sizes are Selling

Luxury buyers in today’s Chicago real estate market certainly want something different from the standard cookie-cutter home. Brand-new homes, properties on extra-large lots, homes with large rooms–and combinations of all of the above–are unique features that buyers are looking for when making a home purchase.

Chicago Real Estate Sold in February

Although there were only 11 luxury homes sold in February, these homes were without a doubt properties that differentiated themselves from standard Chicago homes. The five most expensive homes ranged from $1.8 million up to $4.5 million, and most buyers paid significantly less than the asking prices. And this is where those large lot sizes come in — all of the properties sold were on lots much larger than the standard 25 ft x 125 ft that is standard in the city of Chicago.

Larger lots allow for larger bedrooms throughout the home, and the master bedrooms in some of the February sales range anywhere from 16 ft x 16 ft on the low end up to 24 ft x 15 ft on the high end (a size that is quite substantial for most homes). Combining that ample space with some of Chicago’s best neighborhoods–Lincoln Park, Lakeview and the Gold Coast–is an ideal combination for luxury buyers in today’s market.

Here’s a closer look at the top 5 luxury homes that sold in February:

1701 N Dayton
Original list price: $4.5 million
Sold price: $4.5 million
This exquisite Chicago new construction home in Lincoln Park sits on a 36-foot-wide parcel, allowing for 8,000 square feet of living space inside. With 3 levels, six bedrooms, a finished basement and large outdoor deck, it’s no surprise that this home sold even before the listing sheet was issued.

2237 N Dayton
Original list price: $4.2 million
Sold price: $4,143,094
Another new construction property in Lincoln Park, this home sits on a 32-foot-wide lot. Inside is about 6,800 square feet of living space, which includes a massive kitchen, a great room with deck, guest suite on the penthouse level, roof deck, exercise and media room and more.

1236 N State Pkwy
Original list price: $2.34 million
Sold price: $2 million
Found in Chicago’s Gold Coast, this historic rowhouse is elegant and comfortable, with high ceilings, original pocket doors, triple bay windows and a large patio and garden.

1518 W Wrightwood Ave
Original list price: $2.6 million
Sold price: $1.9 million
The buyer of this luxury home in Chicago’s Lincoln Park got a great deal, purchasing the property for more than a half-million below the original asking price. Also on an extra-wide 33-foot lot, this custom home overlooks Wrightwood Park and features 20-foot custom windows, a huge gourmet kitchen, media room, attached 3-car garage and a swimming pool on the garage deck.

4112 N Hermitage Ave
Original list price: $1.889 million
Sold price: $1.815 million
A beautiful vintage home with a wrap-around porch on a beautiful block in Lakeview. The home was recently rehabbed and sits on a 40-foot wide lot with five bedrooms and four bathrooms.

For potential buyers, taking a look at the recent sales in the Chicago real estate market helps provide a good idea of what types of properties are available and for what price. I’d be happy to provide more details on these sales and show you what is available on the market now, as there are certainly properties available with these coveted features–large lot, great neighborhoods, with ample square footage. To get a closer look, contact me at 312-264-5853 or email me at ssalnick@dreamtown.com.

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