Spring is here, and so are the buyers. Last month’s numbers are in, and it seems that people who can afford luxury real estate in Chicago are coming out of the woodwork, which led to 56 luxury ($1 million-plus) homes sold in April. Of those 56, 15 homes sold for more than $2 million.
Trends Among Luxury Chicago Real Estate Sales
You’ll see a few commonalities among these sales, especially in location. Three of the top 5 homes sold were in Lincoln Park and 2 were in Lakeview. I am noticing that the Lakeview area is becoming popular among luxury buyers—particularly those who want larger rooms, an extra wide lot and new construction. Those features run considerably more expensive in Lincoln Park, plus land is limited, so such lots are much harder to come by.
Another trend is one we’ve been witnessing for awhile—extra-wide lots. Even a stretch of only a few feet past the standard lot size can afford a home more square footage, a more open layout and larger rooms, and these are all things buyers want in a new Chicago home. Last month’s sales in Lincoln Park are on extra wide lots and one is of the most exclusive blocks in the city.
With that, here’s a closer look at the top five most expensive sales last month, in descending order:
1874 N Orchard
Original list price: $5.975 million
Sold price: $5,927,483
Last month’s most expensive sale is truly special and checks off just about everything a luxury buyer is looking for. Foremost, the space is absolutely huge. At 35 feet x 131 feet, the lot is extra wide and extra deep—I might even call it extra, extra large. Plus, this street in particular lacks an alley in back, allowing the 8,530 square foot home to benefit from an attached, front-loaded garage and an enormous rear yard measuring 37 feet x 35 feet. That size outdoor space is practically unheard of in the city.
Secondly, the home was sold as proposed construction—which means brand new, plus the buyer can work with the developer to make customizations to their liking. While many details were TBD at the time of sale, there was one spectacular inclusion: a 5-stop elevator to provide access to the home’s massive penthouse roofdeck with exceptional city views. And one last (but most certainly not least) feature: the location is one of the most coveted in Lincoln Park, as Orchard is a prestigious block home to many beautiful mansions.
2032 N Clifton St
Original list price: $3.75 million
Sold price: $3.5 million
Built in 1883, this brick and limestone home was recently rehabbed on its fabulous Lincoln Park block. Details inside include a custom O’Brian Harris kitchen, Calcutta Gold marble counters, walnut cabinetry and Wolf and Miele appliances. An extra large master suite includes a huge chaise lounge shower, dual vanities and custom closets, and 4 additional bedrooms feature their own private paths as well.
2017 N Fremont St
Original list price: $2.95 million
Sold price: $2.775 million
This 5,000+ square foot home was a 3 flat converted into a single-family home on the ever-charming Fremont Street. Each corner was built to the highest quality, with luxe materials and finishes, limestone countertops, a gorgeous kitchen and a new lower level that could serve as a great room or guest suite. Plus, a 2-car heated garage, 3 heating/cooling zones, 4 fireplaces and 5 skylights are just a few perks throughout.
3446 N Janssen Ave
Original list price: $2.995 million
Sold price: $2.75 million
Another just-finished new construction home on an extra-wide (37.5 feet!) lot, this Lakeview home offers loads of space: 6,200 square feet and 6 bedrooms. That allows plenty of room for a huge professional-grade kitchen, massive family room, a deck above the 3-car garage and much more. Beautiful details are found throughout, from the solid brick/limestone exteriors to the interior hardwood floors, custom millwork, spa-caliber baths and radiant heated floors.
3649 N Lakewood Ave
Original list price: $2.85 million
Sold price: $2.75 million
Six bedrooms, 6,000 square feet and a stunning addition to the Southport corridor—this Chicago new construction home has plenty to boast about. Ideally located in the Blaine School District, the home was built on an extra-wide, 30-foot lot, allowing for generous space throughout. The home features quality millwork throughout, custom designed kitchen, a penthouse rec room, smart home integration, plus radiant heat on the lower level, baths and front steps. An attached three car garage is a rarer find among urban real estate, as is the abundant outdoor space.
Last month’s sales are proof that space is a luxury among Chicago homes—buyers covet square footage as much as a prime location newer properties. And many want all three of those and more! This is why I think it’s important for potential home buyers to keep an eye on what’s selling on the Chicago real estate market from month to month. If you’ve got a big list of “wants” for your own purchase, seeing what sold for what price can help you set expectations for your budget.
For more details on last month’s single-family home sales or to see luxury homes in Chicago on the market now, contact me at (312) 498-5080 or email me at firstname.lastname@example.org.