January Weather Was Icy Cold, but Chicago Luxury Home Sales Were Sizzling Hot

Much like last month’s condo market, Chicago single-family home sales paid no attention to the weather in January, bringing in another strong month with luxury sales (homes $1 million an up) totaling $55 million.

About 1/3 of the homes sold were priced over $2 million, with the highest price sale coming in at $4.1 million.

Not surprisingly, the homes sold last month were in many of the same neighborhoods we see luxury buyers gravitating toward month after month: Lakeview, Lincoln Park and the Gold Coast. These are arguably the most sought-after areas for luxury real estate in Chicago, and judging by last month’s sales, they certainly delivery. Out of the top 10, 3 were in the Gold Coast, 4 in Lincoln Park and 2 in Lakeview.

Luxury Single-Family Home Sales in January
Several sales were even able to shave a bit off of the asking price, proving again that winter is a great time for negotiating in real estate.

Here’s a detailed view of the top 5 most expensive homes sold in Chicago last month, in descending order:

469 W Superior St
Original list price: $4.95 million
Sold price: $4.1 million
Neighborhood: River North
A home built for the most discriminating buyer, this 11,000 square foot residence is stunning, dramatic and sophisticated. Features of this Chicago home include 5 bedrooms and 6+ bathrooms, a master bedroom suite with his-and-her bathrooms, and 2 lush terraces. Other show-worthy characteristics like a stainless steel and mahogany staircase, state-of-the-art AV control system, wine cellar, and a 27 x 70 sq. ft. rooftop with city views take this home to the next level.

38 E Elm St
Original list price: $3.875 million
Sold price: $3.6 million
Neighborhood: Gold Coast
An ideal blend of classic style and modern luxury, this redone 1920s home spans a generous 7,200 square feet. Inside you’ll find 4 bedrooms, 4.5 baths, 2 gracious foyers, a winding staircase, and a 2-floor room and dining room filled with light by 9 Cathedral windows. Other features include a library, elevator, DeGuilio kitchen, 2 family rooms, wine cellar, 3 fireplaces, au pair apartment with a 31-foot rooftop terrace and a 2.5 car attached garage.

2055 N Fremont St
Original list price: $3.475 million
Sold price: $3.63 million
Neighborhood: Lincoln Park
A brand-new construction home in a new development, this home is on a reverse-corner lot with the same square footage of a 25 x 125 foot lot. Inside you’ll find a formal living room and dining room, an expansive kitchen/great room, master suite with his-and-her closets and a luxurious master bath. Six fireplaces cozy things up throughout, and the home boasts fantastic natural light on all 3 levels.

1643 N Burling St
Original list price: $3.195 million
Sold price: $3,077,500
Neighborhood: Lincoln Park
Just completed last summer, this Chicago new construction property spans a magnificent 5,580 square feet, with 6 bedrooms and 5.5 baths. The interior features top-quality custom millwork, hardwood floors, and high-end fixtures and lighting. Ceiling heights range from 10 to 13 feet, with a penthouse library and a lower level media room. The kitchen is a stunning Clive Christian masterpiece, with a butler’s pantry, SubZero, Miele and Wolf appliances.

654 W Hutchinson St
Original list price: $2.75 million
Sold price: $2.6 million
Neighborhood: Lakeview
Hutchinson Street is one of the most historic, prestigious blocks in the city, surrounded by prominent mansions. This home was originally built in 1939 by actress Betty Hutton and gut-rehabbed in 2005 by Nate Berkus interiors. On a 50-foot double lot, this home boasts lush terraces, 42 windows and blurs the line between indoor-outdoor living. The interior includes custom walnut millwork, Smart Home technology, a 13-seat theatre, radiant heat and 7 fireplaces, while the outdoor space includes a 30-foot heated salt water pool with waterfall and outdoor fireplace.

The Best Neighborhoods for Chicago Luxury Homes
It’s no wonder that the same familiar neighborhoods are always in my monthly round-ups of home sales. Lincoln Park, Lakeview and the Gold Coast are all areas that wonderfully blend an urban lifestyle with a residential feel. Here are a few highlights of my favorite parts from each:

Lincoln Park: Lincoln Park is a great neighborhood for families, thanks to great schools, community parks, and the residential neighborhood atmosphere. There are great neighborhood dining spots, boutique shopping and entertainment options. Several blocks in Lincoln Park have become known for their ultra-luxury mansions upwards of $2 million.

Lakeview: One of the oldest areas in the city, Lakeview can be broken up into even smaller neighborhoods within, each with its own urban feel. It’s only about a 10- to 15-minute drive from downtown and many areas are just a short walk to Lake Michigan.

Gold Coast: The Gold Coast neighborhood is close enough to downtown Chicago for a convenient commute, but the area itself is full of lush trees and beautiful brownstone homes. Some of the city’s most expensive homes are in the Gold Coast, fitting right in between ultra high-end shopping and dining.

To learn more about neighborhoods for luxury real estate in Chicago or last month’s single-family home sales, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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