Luxury Chicago Condos Hit Record Sales in August

August was a highly unusual month for Chicago condo sales. Luxury condos in particular—those priced from $1 million up to $5.25 million—had a robust month for what is often a slower summer month. Luxury condos totaled $92.6 million for the month, with 13 properties selling for more than $2 million.

The growing number of homes sold for more than $2 million shows that luxury condos are certainly holding their ground and even growing in sales month after month. And large luxury properties are moving especially quickly, as buyers continue to gravitate toward properties with ample square footage—luxury condominiums that offer the space of a single-family home rather than a condo. Of the top five properties sold last month, each one is in excess of 5,000 square feet. Each of them also boasts a number of unique features that set it apart from the other homes on the market.

Here’s a detailed look at the top five Chicago luxury condos that sold in August:

palmolive159 E Walton Pl, Unit 21A
Original list price: $5.75 million
Sold price: $5.25 million
Inside the exquisite Palmolive building, this spectacular 21st-floor unit spans 4,700 square feet. Unobstructed lake views and spectacular details throughout help this condo stand out, along with ceilings of 11+ feet, hardwood floors and surround sound. The gracious formal dining room features lake views, while the spacious kitchen includes its own eat-in area overlooking the lake. A grand master suite features a sitting room, walk-in closet and a luxurious master bath with—you guessed it—its own view of the lake as well. A separate wing includes plenty of extra space: 2 bedrooms with ensuite baths, and office, sitting room and laundry room.

lp-25502550 N Lakeview Ave, Unit D5-36
Original list price: $4.742 million
Sold price: $4.5 million
We’ve seen many luxury sales at this address this year. Lincoln Park 2550 has been embraced by luxury buyers, as one of the most anticipated new construction properties. This Chicago condo takes up half of the 36th floor and offers exceptional panoramic lake and city views. Perched on the building’s northeast corner, this unit stretches over 4,400 square feet on the inside with 2 terraces that make up 325 square feet on the outside. With 11’10” floor-to-ceiling windows, exquisite oak floors, crown mouldings, marble baths and state-of-the-art kitchen appliances, this condo clearly shows why luxury buyers love Lincoln Park 2550.

The Elysian Residences11 E Walton Pl, Unit 4301
Original list price: $4.6 million
Sold price: $4.37 million
Formerly known as the Elysian, this Gold Coast building shares the hotel services and amenities available at the Waldorf Astoria, which shares the building. This half-floor residence on the 43rd floor features more than 4,000 square feet and highly customized finishes including: hand-rubbed mahogany panels in the library, herringbone marble floors in the master bath, a crotched walnut cabinetry in the office, a marble mantel from England and an onyx pedestal sink in the powder. The kitchen is fitted with Miele appliances, a breakfast bar, eat-in area and walk-in pantry.

55eerie55 E Erie St, Unit 5401
Original list price: $5.7 million
Sold price: $4.25 million
This River North condo is a stunning half-floor residence on the penthouse level. With 3 huge terraces, spectacular lake and skyline views and extra-wide ceilings, this 4,200 square feet Chicago condo also offers several building amenities, including an indoor pool, fitness center and a steam and sauna room. Additional stand-out finishes include dark wide-plank flooring, a custom Italian kitchen and a master suite with his-and-her walk-in closets. Not to mention, this unit comes with a whopping 4 parking spaces, a rarity among downtown Chicago condos.

Chicago condos in Trump Tower401 N Wabash Ave, Unit 48A
Original list price: $4,199,999
Sold price: $3.985 million
Another building that’s never a stranger to our top condos list, Trump Tower is the best of the best among luxury condos. This 4,000 square foot unit on the 48th floor was completely upgraded and redesigned by John Robert Wiltgen in 2012. This unit is one of only 9 of its size, with unobstructed northeast views, an open design, 3 custom-designed fireplaces, and his-and-her walk-in closets and baths. Parking was also available at an additional cost.

It’s especially important for potential buyers to take a look at the previous month’s sales if they’re looking to make a purchase. In an unusual month like this one, it’s important to see what condos are selling for and what is being offered to evaluate what you should look for within your own budget.

For more details on the homes sold last month or to see what luxury Chicago condos are on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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