Sales of Chicago Luxury Single-Family Homes Fall Dramatically in September

For much of this year, Chicago luxury home sales have been rather robust, even through the typically-slow summer months. But September was a totally different story from what preceded it.

Not only have we seen healthy luxury sales (those $1 million and up), we’ve seen a surge in ultra luxury sales as well. Homes selling in the $4 million and $5 million range have not been uncommon in 2017. But last month, the most expensive properties were within a very narrow range along $1.4 million.

This could indicate a turning point in the Chicago luxury market—one that favors buyers at long last. Colleagues of mine with listings have been calling to ask my thoughts on the slowdown, and I attribute some of it to the fourth-quarter usual slowdown, when we always see a marked downturn in the number of buyers looking to purchase.

But, I do think the market could be skewing toward the buyer as well. The beginning of November is a great time to get serious about buying real estate. This time of year, sellers are nervous about having their properties on the market into the new year. That makes negotiating a bit easier, whether it’s for a reduction in price or more favorable terms.

It will be interesting to see how October shakes out compared to September, which closed out with 26 luxury sales of single-family homes and a total sales volume of $32.7 million. But for now, let’s dive into September, with a closer look at the top five single-family homes that sold during the month:

1835 W Barry Ave1835 W Barry Ave
Original list price: $1.549 million
Sold price: $1.475 million
This home exudes luxury as soon as you walk up to its handsome façade accented with rich, limestone detailing. The all-brick, extra wide property was custom built with a function floorplan that includes 3 en-suite bedrooms and full laundry room on the second floor; a private penthouse office space; an incredibly eat-in kitchen with top-of-the-line appliances and functionality; a generous great room; and beautifully detailed natural stone baths. There are also three private outdoor spaces, including a fully turfed roof deck, private garage deck with trex decking and pergola, rear patio with fireplace and an extra-wide and heated 2.5 car garage. The home also boasts full-home automation with a projection TV, designer-selected window treatments and a heated front limestone walkway and stairs. It’s also interesting to note that the buyer of this home paid cash.

2683 N Burling St2683 N Burling St
Original list price: $1.498 million
Sold price: $1.465 million
Located in east Lincoln Park, this corner lot home has been completely rehabbed across its three levels and 3,100 square feet. The interior boasts a gourmet kitchen, a master bath with radiant flooring and steam shower, plus a third-level recreation room with wet bar, beverage center and a full bedroom and bath. There are also numerous outdoor spaces to enjoy, and thoughtful finishes appointed throughout.

1950 N Sheffield Ave1950 N Sheffield Ave
Original list price: $1.599 million
Sold price: $1.45 million
With 4,400 square feet in the heart of Lincoln Park, this classic graystone was gutted and transformed into a luxury living space for the 21st century. The main level boasts a living/dining room combo, family room with French doors and a highly upgraded eat-in kitchen. On the second level is a massive master suite with oversized bedroom, newly renovated bath with dual vanity, two-person shower and large, custom walk-in closets. There are also upscale details like oak floors, two fireplaces, zoned HVAC and a home theater. A rooftop deck offers a gazebo and panoramic skyline views.

2635 N Dayton St2635 N Dayton St
Original list price: $1.549 million
Sold price: $1.435 million
This all-brick, three-story home is an absolute gem on a tree-lined street in Lincoln Park. The super-wide living and dining rooms make ideal space for entertaining, while a gracious living room with fireplaces brings in loads of light and overlooks the front garden and trees. In the kitchen you’ll find a big island and high-end appliances; in the family room, a fireplace and opening to the landscaped terrace. The master suite shares a floor with two bedrooms, with an additional two bedrooms on the third level. The buyer of this gem paid cash.

4131 N Oakley Ave4131 N Oakley Ave
Original list price: $1,442,500
Sold price: $1,402,500
The only new construction property in this month’s top five, this 4 bedroom home was meticulously built across every detail of its 4,000 square feet. Features include high-end finishes throughout, a gourmet kitchen, commercial-grade appliances, coffered ceilings, a wood-burning fireplace and floor-to-ceiling windows. A lavish master suite boasts his-and-her closets and a master bath with heated marble flooring, steam shower and Victoria Albert freestanding tub. On the lower level, radiant heat warms a huge family room with wet bar, fourth bedroom, den/office and powder room. And the exterior includes a stunning backyard with brick-pavered patio, outdoor stone fireplace and a finished trex roof deck and pergola over the garage.

If you’re considering a purchase in 2017, take a look at these sales and see how they compare to your own wants/needs for a new home and your budget. That can give you an idea of what to expect, especially if the market is indeed taking a turn in buyer’s favor.

For more on last month’s sales 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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