October’s Most Expensive Luxury Chicago Condo Sale is at Iconic Boutique Building

There’s been a fairly obvious trend we’ve seen in recent months among Chicago condo sales—buyers are gravitating toward new or newer properties in a great location with spectacular views. They also want a building that’s unique—not a run-of-the-mill condo building, but often a smaller, boutique-esque building with a small number of units but ample space within each unit itself. Things like 10-foot ceilings and big kitchens certainly are toward the top of the list as well.

All that can be found at 30 W Oak, which is home to October’s most expensive condo sale at $4.7 million. This is a great building for an architect or designer with a minimal, architectural aesthetic they would appreciate, especially those who are into mid-century modern design. The building’s design allows for floor-to-ceiling windows that add a certain elegance both inside and out. For art collectors, the building’s generous wall space in each condo makes is a great choice for displaying large pieces.

October is typically a month that Chicago real estate sales begin to decline as colder weather settles in. But this month’s total sales held strong, topping $58 million. October also saw sales ranging from just under $3 million up to $4.7 million, whereas the past several months have seen sales more around the $2 million range.

Top Chicago Condos Sold in October

Here’s a more detailed look at the Chicago condos that sold in October, starting with the most expensive sale:

30 W Oak St, Unit 23A
Original list price: $4.7 million
Sold price: $4.7 million
As I mentioned, this building has reached icon status thanks to its unique architecture. Virtually 2 blocks from Michigan Avenue, it’s also a block and a half to the most posh shopping in Chicago on Oak Street. The block is home to the newly-opened Tom Ford boutique, as well as Hermes, Harry Winston, Prada, Barneys and others. The unit sold at 30 W Oak boasts panoramic city and lake views from those floor-to-ceiling windows on the 23rd floor, as well as details like marble flooring in main living areas.

179 E Lake Shore Dr, Unit 29
Original list price: $5.575 million
Sold price: $4.5 million
This 3-bedroom condo in Drake Tower spans just under 5,000 square feet, with commanding views in all four directions. It’s also a full-floor unit, making it one of the more private options for luxury condo living. Drake Tower is a co-op building, next to the Drake Hotel and steps away from the Magnificent Mile and Oak Street Beach.

50 E Chestnut, Unit 1801
Original list price: $3.07 million
Sold price: $2.97 million
Another building with just one residence per floor (and only 34 residences total), 50 East Chestnut is a premier building in the sought-after Gold Coast neighborhood. Each condo has a private elevator foyer, floor-to-ceiling windows, 2 oversized terraces, elegantly appointed interiors with high-end cabinetry and appliances, plus the ability to customize your space from top to bottom.

900 N Kingsbury St, Unit 950
Original list price: $2.95 million
Sold price: $2.95 million
This penthouse loft is an architectural masterpiece: A corner unit with 5,500 square feet, 15-foot ceilings and walls of windows on the 9th floor, the top level of the original building. This Chicago condo boasts 4 bedrooms, 4.5 baths, a gourmet kitchen, 3 balconies and three garage space and private storage.

318 S Michigan Ave, Unit 700
Original list price: $2.3 million
Sold price: $2.3 million
This full-floor duplex unit was a blank canvas, with 4 bedrooms, 4,200 square feet, and a 1,000-square foot private terrace. Also located in an intimate, 5-unit building, this recently remodeled property was ready to be finished to the buyer’s liking.

It will be interesting to see if next month’s sales report brings a bigger change in the market now that the cold season has settled in. That being said, these months before the end of the year are a great time for buyers to make a move and take advantage of the seasonal slowdown to get a better deal. To see what’s on the market now or talk more about purchasing a Chicago home in 2013, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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