May Luxury Single-Family Homes Hit $59 Million

Ultra high-end homes are once again ruling the luxury market. The top five homes sold in May were all on the higher end of the spectrum, with four our of five topping $3 million and the most expensive selling for $5.875 million. Total sales of luxury homes (those sold over $1 million) in May totaled $59 million.

As I’ve told many of my clients, when it comes to luxury properties, there are certain features that come at a price. The most expensive homes have a number of things in common, but one feature in particular is popping up more than ever: turn-key homes that don’t require nay work to be done before moving in. Even better if the home is new construction or newly renovated.

New and almost-new homes are definitely at the top of buyers’ wish lists, which means they move especially quickly, as did the homes sold last month. Among the top five, each was sold in record time, the longest being just 21 days. For upscale properties, the time to sell is going down—but prices are going up.

Here’s a look at the top five luxury homes to sell in Chicago during the month of May:

image1207 N Astor St
Original list price: $5.875 million
Sold price: $5.875 million
On an extra-wide lot (27 x 107 ft), this fantastic home on storied Astor Street features 7,500 square feet, 6 bedrooms and 4.1 baths that have all been renovated to include high-end finishes and fixtures, radiant heat and home electronics. A great room stretches up to a 20-foot ceiling with a stone fireplace, while a sun-filled penthouse features a skylight and 2 terraces. The terrazzo floored lower level features a media room and wine room.

image2138 N Hudson Ave
Original list price: $5.2 million
Sold price: $5.1 million
This single-family home takes “extra-wide lot” to the next level with a lot that’s twice the standard 25 feet wide, allowing for a whopping 8,000 square feet of living space. That alone makes it atypical of a city home, but the large yard, park-like setting and abundant natural light make it feel almost like a vacation getaway. Inside you’ll find 5 bedrooms, a huge eat-in kitchen with high-end finishes, dining terrace off of the great room, two-story library, spa-like master bath on the top level and an attached 3-car garage.

image43 E Division St
Original list price: $4.5 million
Sold price: $4.15 million
This 5,500 square foot Italianate home hails from the 1870s—but has been fully revamped for contemporary living in 2015. The property includes coach house spaces that can be used as in-law quarters or even a separate living space entirely. Other features include a heated sidewalks, stone floors and 2-car garage, expansive storage and 2 additional outdoor parking spaces.

image2238 N Magnolia Ave
Original list price: $2.849 million
Sold price: $3.05 million
This sparkling new construction single-family home is on one of Lincoln Park’s finest one-way streets. The spectacular floor plan allows for superb natural light and is complemented by an array of feature: designer selections throughout, an amazing chef’s kitchen with integrated appliances and modern millwork. The great outdoor space includes a backyard, garage roofdeck, covered/open rooftop deck, great neighborhood views, outdoor grilling station and fireplace and heated steps and rear patio.

3646 N Lakewood Ave3646 N Lakewood Ave
Original list price: $2.395 million
Sold price: $2.3 million
Yet another Chicago new construction, this home was built by Bloomfield Development just steps from Southport Corridor and Blaine Elementary, one of the top (and therefore most sought-after) schools in the city. With a full masonry/brick construction that built a handsome exterior, the 4,800 square foot interior boasts 6 bedrooms, 5.1 baths, custom millwork, a SubZero/Wolf appliance package, hardwood flooring, lower level radiant heat and more. The home’s outdoor space includes a raised patio with fireplace and a rooftop deck with outdoor room.

With high-end luxury homes in Chicago moving so quickly on and off the market, it’s important to keep up with the current listings. What’s for sale today could be very different from what’s for sale tomorrow. If you’d like to keep an eye on a particular neighborhood, type of home, or particular features, give me a call and tell me what you’re looking for. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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