January Luxury Condo Sales Demonstrated That Buyers Want Square Footage

A common misconception about condo living is that condo means small. Apartment-like. A downgrade from a single-family home. But Chicago condos often defy that idea, and last month’s top luxury sales are no exception. Condo buyers were on the hunt for serious square footage, and square footage was certainly what they got.

Since many condo buyers today are moving from a large single-family home, condos with ample square footage are ideal. Buyers can take advantage of all of the benefits of condo living but don’t have to sacrifice space or their priceless possessions. In January, the top luxury condos sold in Chicago ranged from 3,100 square feet all the way up to 4,700+. Combine that with 9- to 10-foot ceilings and newer (if not brand new) construction, and buyers have just about everything they loved about their single-family home packaged nicely into a building with amenities and services they wouldn’t get elsewhere.

Chicago Condo Sales in January
Despite being in the heart of winter, January continued to be an outstanding month for sales of luxury Chicago condos. There were 30 units sold with a price tag of $1 million or higher, totaling $55 million for the month. The highest priced condo was upwards of $5 million.

You won’t find many strangers in last month’s sales report—most of these buildings here featured in my top 15 Chicago condo buildings over the last year. Here’s a closer look at the top luxury Chicago condos sold in January, in descending order:

2550 N Lakeview Ave., Unit D6-35
Original list price:
$5.62 million
Sold price:
$5.335 million
Square footage:
4,703
This is a half-floor residence in Lincoln Park 2550, a building that could very well be one of the city’s most well-received new construction projects in the last couple of years. Its location on a southeast corner provides exceptional panoramic views, with an open floor plan, high ceilings and floor-to-ceiling windows. The gracious space includes 4 bedrooms, 4.5 baths and a library, plus 250 square feet of outdoor space. The luxuriousness is taken down to every detail, with state-of-the-art appliances and exquisite finishes like solid oak floors, crown moldings, and marble baths.

The Elysian Residences11 E Walton St., Unit 3002
Original list price:
$3.75 million
Sold price:
$3.5 million
Square footage:
3,436
Located in the Gold Coast’s Elysian Residences, this elegant home is a perfect pairing of classic elegance and modern luxury. With 3 bedrooms/3.5 bath, the floor plan also includes a living room with fireplace, gourmet kitchen, 180-degree views, 2 terraces, 10-foot ceilings, custom millwork, spa baths and walk-in closets. Not to mention, residents here can enjoy with 5-star services and amenities of the Waldorf Astoria Hotel, which sits on the bottom floors of the building.

Chicago condos in Trump Tower401 N Wabash St., Unit 82D
Original list price:
$3.8 million
Sold price:
$3.1 million
Square footage:
3,102
I can always count on Chicago’s Trump Tower to have one (or more!) spots on the top 5 sales list from month to month. This unit is a 3 bedroom, 4 bath stunner with sweeping views of the city and skyline. A wonderful master suite includes an extra large bath and double closets, and entertaining is made easy in a spacious living room/dining room that follows the dramatic curve of the building. Trump Tower also boasts some of the finest services and amenities in Chicago real estate, with everything from poolside service to in-home catering right at residents’ fingertips.

The Pinnacle Chicago21 E Huron St., Unit 4401
Original list price:
$2.95 million
Sold price:
$2.905 million
Square footage:
3,828
Luxury living is easy at the Pinnacle, a downtown building with a long-revered status among Chicago condos. This penthouse suite is just under 4,000 square feet and offers spectacular east, west and south views from floor-to-ceiling windows. An oversized master bedroom includes 2 additional en-suite bedrooms and his-and-her walk-in closets. Details include a granite island in the large gourmet kitchen, a marble entryway, built-in surround system and a 150-square foot private terrace. A storage locker and wine cellar are also included in assessment costs for residents here.

Residences at 900 Chicago77 E Walton Ave., Unit 24F
Original list price:
$2.725 million
Sold price:
$2.725 million
Square footage:
3,479
Located in the Residences at 900 just off of Michigan Avenue, this 3 bedroom, 3.5 bath unit features fabulous northwest views through floor-to-ceiling windows. Location aside, this unit features details like 4” white oak floors, state-of-the-art kitchen technology and 10-foot ceilings. Additional perks include an in-unit washer/dryer, valet or self-part and storage on the same floor.

Looking at the previous month’s sales gives buyers a look at what costs what when it comes to downtown Chicago condos. This is a great way to see the potential price tag of a certain amount of square footage or in a particular building. To learn more about last month’s sales or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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