Larger Lot Sizes Dominate Chicago Luxury Homes Sales for March

Most of my clients, when beginning their search for Chicago luxury real estate, have some sort of wish list in mind. Maybe it’s a particular neighborhood, a certain school, a glamorous closet or enviable outdoor space.

There’s another feature that buyers have been stating upfront they are looking for in their luxury home search: a large lot. The standard lot size for a Chicago home is 25 feet x 125 feet; anything wider than that is considered a large lot, and this is a huge differentiating factor among properties. A large lot allows for larger rooms and more square footage on the interior of a home—two things that carry a lot of weight when it’s resale time.

Last month, four of the top five most expensive homes sold were on larger-than-standard lots. One was even a whopping 55 feet wide, more than double the standard. Each of the top properties sold in March takes full advantage of those large lots, with loads of space, rooms and square footage. In March, 46 luxury homes were sold for a total sales volume of $86 million.

In ascending order to the priciest March sale, here’s a look at the top single-family homes that sold last month:

441wbelden441 W Belden Ave
Original list price:
$4.395 million
Sold price: $4.325 million
When it comes to large lots, this one takes the cake—a generous 55 square feet wide. This turn-key Lincoln Park home was a rare opportunity for a luxury buyer to purchase a like-new property that spared no details on a 2011 remodel. A kitchen with top-end appliances, an enormous great room, 6 total bedrooms including a big master suite, a lover level family room and play room, and a full in-law apartment are just a few of the exquisite features.

1442wberteau1442 W Berteau Ave
Original list price:
$3.879 million
Sold price: $3.777 million
Another newer property (built in 2009), this Ravenswood home sits on an extra-wide 42-foot lot that allows for 7,000 square feet of living space. The limestone façade displays sophistication on the outside, with a highly upgraded custom inside. Features include a top-quality kitchen with butler’s pantry, 4.5 bedrooms with an opulent master bedroom, a paneled study/media room with full bar a state-of-the-art wine cellar, gym, penthouse den with wet bar, 2 laundry rooms, an elevator and mud room. The exterior space also includes a bluestone terrace, 2 spacious decks and a heated sidewalk.

1845nmohawk1845 N Mohawk St
Original list price:
$3.85 million
Sold price: $3.65 million
Just built in 2010, this home is a premium, custom-built masonry home in much-loved Lincoln Park. Upgrades are found throughout, including fully automated security, snowmelt, 4 home automation systems, 8 HVAC zones and sprinkler system. An attached 2.5-car heated garage is the ultimate luxury for winter months. Inside the home, you’ll find custom millwork, four fireplaces, a chef’s kitchen with banquet seating, a master suite with luxe bath, plus 3 decks with gorgeous city views.

144wmontana1144 W Montana St
Original list price:
$3.395 million
Sold price: $3.27 million
This Lincoln Park home is a brand-new addition from Environs Development. Built on an extra-wide, 32-foot lot, this home was 6,140 square feet of turn-key perfection. The floor plan includes four bedroom suites on the second level, including a luxurious master suite with sitting area. Other rooms include a huge kitchen and great room, a penthouse level with giant family room, bedroom and roofdeck, and a lower level with a rec room, exercise room and guest room. The home is fitted with exquisite finishes and attention to detail throughout, and includes a 3-car heated garage and 4-stop elevator.

1500ndearborn1500 N Dearborn Pkwy
Original list price:
$3.95 million
Sold price: $3.25 million
This Chicago mansion sites on a prime corner lot measuring 30 feet by 150 feet, compared to the standard lot size of 25 ft x 125 ft. The property includes a coach house above the attached 3-car garage, with an interior courtyard in between it and the main house. The stately stone façade is only the beginning of this home’s elegance, as the interior boasts original millwork, many unique details, large living spaces and fabulous light.

No matter what’s on your own wish list for a Chicago real estate purchase, it’s important to see how those features stack up against recently sold homes. That will give you a good idea of the value of certain things—like the ever covetable large lot—and what that means for your real estate budget.

To learn more about the properties that sold in Chicago last month, or to see current listings with the features you’re looking for, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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