Market Times for Chicago Luxury Home Sales Were Amazing in August

Just when you thought there would be a complete, expected slowdown for luxury home sales, it just didn’t happen in Chicago. Thus August, $1 million-plus homes sold at record speed, showing the pent-up demand for high-end real estate in the city.

With a total of $89.6 million in sales, properties sold in as little as three days up to 43 days after they were put on the market. And three out of the top five most expensive homes sold did so for cash (without a conventional mortgage), which also added a carrot for the sellers as well.

Lincoln Park a Favorite of Luxury Buyers

It’s no surprise that three of the top five homes sold were also in Lincoln Park. Luxury buyers love this neighborhoods for everything from its school districts to its parks to its proximity to downtown. Bucktown and Lakeview also made an appearance among the top five. The diversity in neighborhoods for these sales seems to indicate that buyers are realizing they can get more bang for their buck if they look outside of Lincoln Park and the Gold Coast, both of which come with a high price tag for location alone. Expanding your real estate search to other desirable neighborhoods could land you with more space, more features and more upgrades for the price.

Without further ado, here’s a closer look at the top five most expensive homes that sold in Chicago in August, in descending order:

1847 N Howe St1847 N Howe St
Original list price: $4.2 million
Sold price: $4.05 million
Gorgeous, meticulously designed and in the heart of Lincoln Park. This 6,500 square foot home starts with a striking limestone façade that leads to an amazing interior with the highest end finishes. The home is an entertainer’s dream, with a perfect layout, soaring ceiling heights and a sunny kitchen/great room combination that opens to a raised terrace area. Beautiful millwork can be found throughout six bedrooms (five on the upper levels) and the top-floor bonus room, which opens up to a terrace with fireplace and amazing city views. The home includes an elevator to all levels, including the penthouse level roof deck. The spacious lower level includes a guest room, family room, exercise room and a mudroom.

1637 N Burling St1637 N Burling St
Original list price: $3.995 million
Sold price: $3.9 million
A stunning home with a limestone façade on Lincoln Park’s most sought-after block, this home sold in a mere three days. Inside, you’ll fix 6 bedrooms and 6.2 baths; and outside, 4 great outdoor spaces, including a 4th floor roofdeck that provides the utmost privacy and iconic skyline views. The first floor is ideal to entertain with a formal living and dining room, a top-of-the-line eat-in kitchen that opens up to the great room, with easy access to two outdoor areas. The home has been highly upgraded throughout, with functional upgrades like smart home technology, heated bathroom floors and motorized shades; plus, aesthetic upgrades like white oak flooring, generous ceiling heights, solid wood crown molding, four-stop mahogany elevator and custom built-ins.

1723 W Wabansia Ave1723 W Wabansia Ave
Original list price: $3.2 million
Sold price: $3 million
Located on a 36-foot wide lot in Bucktown, this luxury Chicago home was turnkey ready for its lucky buyer. Inside, you’ll find a top-of-the-line kitchen, 4 generously sized bedrooms on the second level, a master suite with 12-foot ceilings and a spa bath, and a lower level gym, wine cellar, wet bar and much more. There’s also full-home automation to control surround sound, temperature, lights, the security system and window shades. A 1,600 square foot rooftop includes a full outdoor kitchen, pergola, Sunbrite TV, surroung sound, irrigation and lighting. Plus a 20 x 30 foot garage deck off of the living room and cozy private rear patio with fireplace and built-in grill. This home spent just 16 days on the market before it was sold.

1455 W Oakdale Ave1455 W Oakdale Ave
Original list price: $2.975 million
Sold price: $2.875 million
This custom-built, brick and limestone home sits on a double-wide lot, allowing for a whopping 7,622 square feet of living space inside. With 6 bedrooms and 5.1 baths, the home has been highly upgraded in the last decade. Inside, you’ll find a long list of exquisite details like oak flooring, custom closets, custom window treatments, a lower-level steam shower, a mahogany paneled library, hand-scraped walnut floors in the living room, dining room and second floor bedrooms hand-scraped hickory floors, custom cherry doors, baseboards, wainscoting and a wood-paneled media room with 11 recliners. This home spent 38 days on the market before it was sold.

2245 N Seminary Ave2245 N Seminary Ave
Original list price: $2.795 million
Sold price: $2.5895 million
This gorgeous home was built in 1886, but just underwent a top-quality redevelopment on its quiet, coveted block in Lincoln Park. Boasting 5,232 square feet, 6 bedrooms and 4.1 baths, this property is a perfect blend of updated, stylish finishes seamlessly integrated with traditional elements that reference the home’s deep history. Four bedrooms sit on the top level, including a master suite that includes a bath with massive steam room and a freestanding Victoria and Albert tub. An extra-wide kitchen flows into the family room at the back of the house, where the space is flooded with light from all sides, highlighting exposed brick elements and reclaimed wood beams. The living and dining room have more formal characteristics, like herringbone floors and upscale moldings. There is also a new, 1,000 square foot Chicago common brick addition and a new two-car garage with a Trex roof deck. This home spent 43 days on the market before it was sold.

For more information on the homes that sold last month, 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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