Pace of Chicago Luxury Condo Sales Continues in March

Chicago luxury condo sales continued to chug along right into spring last month, with 45 luxury condos sold. Luxury condos are those sold for $1 million or more, and in March that range went up to $2.7 million for the highest-priced property sold during the month.

At the beginning of this year, luxury sales were more like ultra-luxury sales, with the most expensive sales reaching into the $3 million, $4 million and $5 million ranges. But those high-end price tags have come down as we’ve moved into spring. This month, the five most expensive sales were all in the $2 million range. They also shared a few other commonalities:

New construction: All of the top five Chicago condos sold in March were new or newer construction. These buildings were built within the last several years, making it lucrative for buyers who want a home that feels modern and doesn’t require a lot of updating.

Cash buyers: Cash also proved to be king once again in March—4 out of the 5 most expensive sales were paid for out of pocket. Even though lenders are making it easier and easier to mortgage a high-end property with a jumbo loan, many luxury buyers are still opting to pay cash for home purchases. Cash presents a much more lucrative offer to a seller, since the transaction won’t hinge on financing, so it’s possible buyers are playing that card to secure their offers rather than risk being involved in a multiple-bidding situation.

Here’s a look at the top five sales, in ascending order to the most expensive Chicago condo sale of the month:

Chicago condo at 450 N Water St405 N Water Street
Original list price: $2.29 million
Sold price: $2 million
This dramatic 4-story luxury townhome sits on the edge of the river, offering single-family living with all of the amenities of a 4-star condo: a fitness center, indoor pool, 24/7 doorman and indoor heated parking. This 3,766 square foot home features high ceilings, a fireplace in the formal living room, and closets galore. A huge master suite sits on the second level—and a second master suite is on the third floor. This home is ideal for entertaining in every season. The lower level houses a family room and entertainment center with wine fridge, and a rooftop terrace includes a grill, garden and entertaining space. It’s also worth noting that the buyer of this home also bought it with cash.

Chicago condos in Trump Tower401 N Wabash Ave., Unit 46I
Original list price: $2.1 million
Sold price: $2 million
Take in breathtaking views of the lake and river in this generous 2,200 square foot Chicago condo on a rarely-for-sale tier of Trump Tower. This 2-bedroom unit includes high ceilings, impeccable finishes throughout, Snaidero cabinets, Wolf, Miele and Subzero appliances in the kitchen. The 2.5 baths are fitted with limestone, slate and marble with Kohler finishes. The living room and dining room spaces are larger than most other floor plans. And in additional to Trump Tower’s top-notch amenities, residents here also have access to the five-star luxury hotel services, ranging from in-home catering to spa services.

CHicago condo at 419 E Benton Pl419 E Benton Pl., Unit 419
Original list price: $2.28 million
Sold price: $2.21 million
Built in 2009, this 4 bedroom, three-story condo spans 4,100 square feet with outdoor space on each level, including a rooftop deck. Inside the covetable kitchen, you’ll find top-of-the-line appliances, stainless steel double oven, built-in refrigerator and microwave, and plenty of luxury finishes are found throughout the home.. And one of the highlights of living in the Gold Coast is the neighborhood’s extreme walkability. Marianos, Three Forks, Cuticle, Mezcalina and Fillinis are all a quick stroll away from this home.

Streeterville condo at 450 E Waterside in Chicago450 E Waterside Dr., Unit 3201
Original list price: $2.85 million
Sold price: $2.535 million
This 3-bedroom penthouse unit boasts sweeping views of the city, lake and river from every single room—and those beautiful vistas come from 11-foot floor-to-ceiling windows. Inside, luxe finishes and improvements take this Chicago condo to the next level, well beyond a basic developer unit. The spacious master suite includes a reading room, walk-in closet, shoe closet and dressing room, topped off with a master bath with heated stone floors and a spa shower. The Streeterville building also features a rooftop indoor swimming pool and hot tub.

Chicago condo at 340 E Randolph in Chicago340 E Randolph St., Unit 4801
Original list price: $2.7 million
Sold price: $2.66 million
This 48th-floor 3-bedroom condo in downtown Chicago sold before it was even officially listed. The unit itself boasts more than 2,300 square feet, and the building includes amenities like a bike room, door person, exercise room, party room, sun deck, sauna and steam room and much more. This was the only home in the top five sales last month that wasn’t purchased with cash.

As we near the summer months and home-buying season, it will be interesting to see if those “ultra-luxury” properties make a return to the Chicago real estate market. 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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