11 Luxury Chicago Condos Sold Between $2 and $3 Million in December

Considering the cold spell we’ve been having in Chicago, seeing the luxury condos that closed in December was a welcome surprise. During the month, a total of 61, $1 million-plus condos sold, reaching a total sales volume of $95 million. Twelve of those properties fell into the “ultra-luxury” category, priced between $2 million and $3 million.

Square Footage, Discounts Key to Top Condos Sold
As we’d expect, the top five condos (by price) had one common denomina
tor: close to 3,000 square feet or more, and going all the way up to 4,800 square feet. I have consistently recommended to my clients purchasing luxury property to aim for that amount of square footage at a minimum, as that is what helps high-end Chicago condos retain their resell value.

Many buyers are coming from the suburbs and trading their single-family home for something with less upkeep. But even as they are consolidating their belongings and trading in yard work for the convenience of assessments, many of them don’t want to find themselves cramped for space if they are moving from a 4,000 or 5,000 square foot home.

Another important note about the top condos that sold is the difference we see between asking price and list price. The buyers of the most expensive condos sold were able to obtain the properties for anywhere from $200,000 to $395,000 off their respective list prices. This is likely due to a few things: it was the end of the year, and many sellers are eager to make a deal and close the sale; and these buyers were able to offer cash, which helps negotiations in their favor. But in the end, the final purchase price appears to have worked in the buyer’s favor.
With that, let’s take a closer look at what the top properties had to offer those year-end buyers:

1201-s-prairie1201 S Prairie Ave, Unit 2301
Original list price: $3.395 million
Sold price: $3 million
Discount: $395,000
This half-floor condo on the 23rd floor boasts 5 bedrooms and 5.1 baths, making it a great alternative to the single-family home. The property has captivating views of Grant Park, Lake Michigan and the Chicago skyline—a must for a luxury condo in the city. Inside, you’ll find a top-of-the-line kitchen with Ernestomeda custom cabinets, Wolf and Subzero appliances; a generous master suite with two walk-in closets and a marble bath with heated floors, steam shower and freestanding tub. Other features include wide-plank herringbone floors, motorized shades and surround sound throughout. And for what you don’t find in the unit itself, you’ll find in the building: The Grant has a 24-hour door staff, indoor pool, gym, sundeck, lounge, catering kitchen, children’s playroom and theater room.

180-e-pearson180 E Pearson Unit 6402
Original list price: $2.875 million
Sold price: $2.8 million
Discount: $75,000
Spanning 2,975 square feet high on the 64th floor, this 3 bedroom, 3 bath Chicago condo in the Water Tower Residences has been renovated into an exquisite home. The Water Tower Residences sit atop the Ritz-Carlton hotel, ensuring its residents privacy, discreet service and top security alongside access to the hotel’s renowned five-star amenities like room service, spa, gym and pool.

340ERandolph340 E Randolph St, Unit 4503
Original list price: $2.95 million
Sold price: $2.73 million
Discount: $220,000
Spectacular views are the cornerstone of this downtown building, with unobstructed southern views from every room, including vistas of Millennium Park, Buckingham Fountain and Grant Park. This 45th floor 4 bedroom unit spans 2,750 square feet and includes $200,000 in upgrades from the developer: bamboo flooring, extra built-in cabinets, designer lighting, electric shade, top-of-the-line appliances, and a remodeled master bath. The purchase even included two side-by-side parking spaces. 340 E Randolph is a full-amenity building that includes a spa-quality, 4,000 square foot exercise facility, sauna, steam room, lap pool, sky garden atrium, full-service business center and a 24-hour doorman.

1500 N Lake Shore Dr1500 N Lake Shore Dr, Unit 20B
Original list price: $2.95 million
Sold price: $2.6 million
Discount: $350,000
This iconic Gold Coast co-op has been meticulously renovated. Its 3,150 square feet include a spacious adjoining living and dining room with expansive lake views, high ceilings and beautifully finished hardwood floors throughout. Other features include a cozy lacquered library that overlooks the lake; a master bedroom with huge walk-in closet; new windows, electric, plumbing and zoned air conditioning with humidity control. The building is full-service, with 24-hour door staff, valet parking, guest parking, an on-sit engineer and is pet-friendly.

The Fordham Chicago25 E Superior St, Unit 4401
Original list price: $2.75 million
Sold price: $2.55 million
Discount: $200,000
Ah, the Fordham. This is a one-of-a-kind, half-floor penthouse in a one-of-a-kind building. Located just steps from Michigan Avenue, this 44th floor Chicago condo offers a generous 4,800 square feet of luxurious space. The property is bright and sunny throughout, with oversized windows in each room that bring in spectacular views of the lake and city in all directions. The floor plan is ideal for entertaining, with a large, open chef’s kitchen, a master bedroom with large bathroom and dressing room, plenty of closets, high-end appliances and more. The Fordham is a full amenitiy building with 24-hour door staff, theater, party room, indoor pool, sun deck, fitness center, sauna, massage room, wine cellar, humidor room and a dog run.

Even though December is a busy, busy time—wrapping up the end of the calendar year, holidays, travel—it’s also proven as a great time to take on making a home purchase, as shown by last month’s sales. These opportunistic buyers were able to work the timing in their favor for big discounts off the asking prices of the city’s top Chicago condos for sale.

If you’re considering a purchase this year, I’d recommend getting started before spring is in full swing. With less competition from other buyers, there’s a good chance that we can negotiate a good deal on a home before the real estate market season is in full swing.

For more information on what’s on the market now or to get started on your home search, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Condo Sales in February Included Great Locations, Large Square Footage and Amazing Views

When I meet with a client looking to purchase a Chicago condo, a key part of our initial interview is to discuss their needs and wants when it comes to real estate. I most often find that clients are in search of specific locations, a minimum of 3,000 square feet of space, and amazing views. Views of the lake are especially important to clients coming to Chicago from other parts of the country—it’s often No. 1 on their lists (and I can’t say I blame them!).

That said, you’ll see that last month’s Chicago condo sales were all about those views. Each of the top five properties sold offer a spectacular view that would be sure to “wow” every guest. Another sought-after wow factor is the size of the unit. Four out of the top five properties have more than 3,000 square feet, with one boasting 4,180 square feet. That kind of square footage is almost as large as some houses in the ‘burbs.

February saw a total of 42 Chicago condos sold with a total volume of $61 million. Here’s a closer look at what sold, in descending order.

310 S Michigan Avenue310 S Michigan Avenue
Original list price: $4.9 million
Sold price: $3.8 million
This penthouse unit spans a generous 4,180 square feet with 4 bedrooms, 4.2 baths and a vintage charm blended with breathtaking quality. This Chicago condo has paid incredible attention to detail with recessed lighting, high ceilings, extensive crown molding, high ceilings, sun-filled rooms and five fireplaces. A 1,700 square foot terrace lets you enjoy the outdoors in the heart of the city. This Chicago condo boasts the best style, quality and location a buyer could ask for. It’s also worth noting that this home appears to have sold for more than $1 million below the original asking price.

4EastElm4 E Elm St, Unit 15S
Original list price: $3.7 million
Sold price: $3.665 million
One of the latest new construction opportunities among Chicago condos, 4 East Elm has nearly completely sold out. The building offers 35 sleek and modern half-floor residences, each with elevator entry and high-end finishes. Most units boast a least three exposures with lake and city views. The amenity offering is an ultimate urban oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

505 n lake shore505 N Lake Shore Dr, Unit 6806
Original list price: $2.345 million
Sold price: $2.345 million
This exquisite penthouse in Lake Point Tower is the ultimate in luxury. With 3,650 square feet, 3 bedrooms and 180-degree premium views of the city, lake and shoreline. Inside, find custom built-ins, a gourmet kitchen with high-end appliances, a wet bar in the huge living room, a large dining room and an elegant master suite. The building includes a private 2.5-acre part with an outdoor pool, grills, lagoon with waterfall, 24-hour security, newly remodeled health club featuring fitness on demand, indoor pool and racquet ball court.

340ERandolph340 E Randolph St, Unit 3201
Original list price: $2.445 million
Sold price: $2.3 million
This 3 bedroom, 3.1 bath Chicago condo in 340 On The Park boasts unparalleled panoramic views of Lake Michigan, Millennium Park, Grant Park, Maggie Daley Park and Michigan Avenue. The 2,371 square foot unit has exposures on the south, east and north sides and has been professionally designed with $100k in upgrades, including a custom built-in with fireplace, grasscloth wallpaper, solar shades, wool drapes and wiring for sound. The open chef’s kitchen includes Snaidero cabinets, GE monogram appliances and quartz countertops. The luxurious master bedroom suite includes a walk-in closet and master bath with Dornbracht fixtures, spa tub, separate shower and double vanity. Details throughout include bamboo floors, 9-foot ceilings, floor-to-ceiling windows, plus two balconies and two additional ensuite bedrooms. The amenity floor in 340 On The Park includes an expansive fitness center, 75-foot indoor pool and winter garden.

179-e-lake-shore-drive-co-op-apartments-360179 E Lake Shore Drive, Unit 25W
Original list price: $2.2 million
Sold price: $2.2 million
A coveted co-op building on East Lake Shore Drive, this 3 bedroom, 3.1 bath sold before print. This 3,045 square foot unit is on the 25th floor, but details beyond that were sparse.

For potential buyers, I always recommend reviewing the prior month’s sales to get an idea for what kinds of properties are selling for what price. That intel will serve any buyer well when they are evaluating the market with their own wish list and budget.

For more information on what sold last month or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Most Expensive Unit Sold in 15 Chicago Luxury Condo Buildings During 2015

Chicago luxury condo sales had a strong year in 2015, but the ultra-luxury condo market was what really stood out. These are the $2 million-plus sales that include every bell and whistle a luxury buyer could hope to find—hence the price tag to go with it. Let’s take a look at what made the most expensive sales last year so special.

Features of Ultra-Luxury Real Estate in Chicago

Every buyer has his or her own unique wish list when they start hunting for a new home, but there are definitely trends among luxury buyers and what they’re looking for. The most common features I find luxury buyers want are:

  • Location: Downtown, close to downtown or in a great neighborhood near schools, dining and nightlife.
  • Newness of the building: Buyers want new construction, or as close to it as they can get.
  • Architectural details: A building’s design inside and out can make it stand apart from others, and buyers love a building by a noteworthy architect or designer.
  • Views: It wouldn’t be a luxury property without a built-in panorama of beautiful Chicago.
  • Square footage: Condo living doesn’t mean sacrificing space, and luxury buyers want at least 3,000 square feet, plus outdoor space on decks or terraces.
  • Services: From valet parking to in-room catering, the right luxury condo building puts every service imaginable at their residents’ fingertips.

Any luxury buyer will be happy to find a property that hits on those features. But the ultra-luxury buyer takes it a step further. This is the buyer who not only wants a great building, but the very best condominium in it—a luxury unit that is head and shoulders above anything else at that address.

These are the types of properties that get everyone in the building talking. For the client with the right budget (millions of dollars), it’s as much a statement-making status symbol as it is a place to call home.

Top Ultra-Luxury Condo Sales in Chicago for 2015
We saw a number of these types of properties sell in 2015—ultra-unique Chicago condos with unusual features you don’t find among typical luxury real estate. Of the top 15 individual sales, 13 sold for cash, and not one for less than $4 million.

Here’s a look at 15 Chicago condos that make for the ultimate luxury home:

189ELakeShoreDr189 E Lake Shore Drive, PH18
Sold price:
$10,375,300
The unit: This beauty on the prestigious East Lake Shore Drive is a penthouse in every sense of the word, and it billed itself as the most magnificent one in the city. The interior boasts 7,662 square feet on the inside and almost 3,000 square feet of private outdoor space, including terraces with spectacular lake and city views. And there was one rarer find: this unit included parking for five cars.
The building: This prestigious building recently unveiled a new state of the art exercise facility. It also has one of the most gracious lobbies you’ll find in a Chicago residential building.

 

1300NStatePkwy1300 N State Pkwy, Unit 1201
Sold price:
$6,933,333
The unit: This 3 bedroom, 4.1 bath unit is an exquisite duplex at The Ambassador. Its 6,800 square feet includes a library, private dog run, DeGuillo kitchen with La Cornue range and 5 fireplaces, plus a 1,400 square foot private terrace. Sweeping views, custom fittings, soaring ceilings, a custom staircase and tasteful design throughout add to the features that make this Chicago condo a total standout.
The building: The Ambassador is a pet-friendly building that includes an exercise room, bike room, party room and sun deck. Its Gold Coast location puts it just 2 blocks from the lakefront.

 

159EWalton159 E Walton, Unit 33A
Sold price:
$6.2 million
The unit: Located in the famous Palmolive building, this 5,200 square foot, full-floor unit was designed by Nate Berkus. The lux master suite includes a spa bath and elegant dressing room, and the eat-in kitchen boasts appliances by Wolf, SubZero and Miele. The space in this 3-bedroom unit makes it perfect for an art collector, with additional features such as outstanding lake views, a private elevator lobby, a whole-house smart system for lighting, shades and music.
The building: Architecturally speaking, this building is world renowned for its dynamic art deco design. Amenities include a modern exercise facility, a common entertaining room, a 24-hour door staff and additional storage space for residents.

 

2550NLakeview2550 N Lakeview Ave, Unit S3801
Sold price:
$6 million
The unit: This was a great opportunity for the buyer to turn a new construction condo into their urban dream home. This southeast duplex penthouse in Lincoln Park 2550 spans a whopping 8,167 square feet of raw, un-designed space across two top floors.
The building: Designed by architect Lucien Lagrange, Lincoln Park 2550 is at the top of the list for what Chicago has to offer in luxury real estate. It’s a smaller, boutique building with an ultra-elegant feel and five-star amenities, including a health club and spa, private park, theatre room and more.

 

1021NDearborn1021 N Dearborn St
Sold price:
$5.5 million
The unit: The details are scarce on this 5,835 square foot 4-bedroom, as it was sold before it was even officially listed. But this is an exceptionally elegant Chicago condo, with 4 levels, a 441-square foot wrap-around balcony, and a full-floor master suite.
The building: Located at Dearborn and Oak streets around the corner from Washington Square Park, this modern townhome building is an exquisite design from Smithfield Properties, who also built the neighboring 30 West Oak.

 

340ERandolph340 E Randolph
Sold price:
$5.2 million
The unit: A top-floor penthouse, this 4,919 square foot 3-bedroom in 340 on the Park boasts one of the huge selling points of a luxury condo in Lakeshore East: Endless views of Millennium Park and the city skyline, enjoyed through soaring 12-foot, floor-to-ceiling windows. Inside, you’ll find a high-end chef’s kitchen with multiple entertaining areas, a master suite with sitting area and private office, plus contemporary finishes, smart-wired audio, electronic window treatments and tons of closet space. Three terraces make it easy to enjoy sweet Chicago summers.
The building: 340 on the Park anchors the south entry into Chicago’s Lakeshore East neighborhood, with a stand-out design. The lobby envelopes you in luxury the moment you walk in, and each residence is a perfect blend of traditional elegance and modern living. Amenities here include a sky garden atrium, club room, fitness center with lap pool and spa facilities.

 

435WDeming435 W Deming Pl, Unit 435
Sold price:
$4,999,999
The unit: This brand-new 5 bedroom, 4.2 bath new construction unit was sold before print.
The building: A new construction property from LG Development, 435 W Deming is a group of ultra-luxury row homes across from Lincoln Park.

 

65EGoethe65 E Goethe St., Unit 101
Sold price:
$4.9 million
The unit: With 3 bedrooms, 2.2 baths and a whopping 5,500 square feet, this unit is an ideal property for an art collector, thanks to generous wall space for showcasing work. This two-level unit also includes facing private terraces that overlook Goudy Park, a custom terrazzo floor on the first level, two included parking spaces and an adaptable floor plan to add additional bedrooms and bath if desired.
The building: The Chicago condos at 65 E Goethe are a crown jewel of the Gold Coast. Designed by Lucien Lagrange, the building has a traditional French style that fits right in with the elegance of the Gold Coast. Residents here enjoy an on-site concierge/manager.

 

209ELakeShoreDr209 E Lake Shore Dr, Unit 7E
Sold price:
$4.5 million
The unit: A 5,900 square foot 3-bedroom, 4.2 bath, this thoughtful and meticulous condo was renovated just 3 years ago by Marvin Herman Archiects. Features include a stately living room and dining room that share unsurpassed views of the city and lake, a paneled library, a custom kitchen and breakfast room with Clive Christian cabinetry and La Cornue range, Italian walnut-paneled media room and a master suite with attached sitting room, his-and-her baths and dressing rooms.
The building: This is one of the city’s finest co-op buildings, designed by renowned architect Benjamin Marshall in 1925. Amenities include a 24-hour door staff, an exercise room, private garden and attached parking garage.

 

800NMichigan800 N Michigan Ave, Unit 5702
Sold price:
$4.25 million
The unit: This half-floor residence in Park Tower showcases spectacular details throughout: an Ernestomeda kitchen, fireplace, walnut floors, zen master bath, custom closets, smart house audio-video system, a wet bar and a midnight kitchen. Exceptional 270-degree views can be enjoyed from inside or from the 8 by 14-foot terrace.
The building: Park Tower is one of the most loved luxury condo buildings in downtown Chicago, also designed by Lucien Lagrange. Residents of Park Tower can take advantage of the services and amenities from the adjacent Park Hyatt Hotel, such as the full-service NoMI Spa, 25-yard pool, dry cleaning services and much more.

 

159EWalton159 E Walton Pl, Unit 18A
Sold price:
$4.4 million
The unit: With 4,700 square feet high on the 19th floor, this 3-bedroom condo boasts unobstructed views of Lake and Michigan Avenue. Exquisite attention to detail is found throughout, such as hardwood floors, top-of-the-line kitchen appliances, two included parking spaces, an eat-in breakfast nook that overlooks Lake Michigan and 4 separate HVAC zones. The unit’s grand master suite includes a sitting room, lux bath with whirlpool tub and lake view, and a separate wing is home to 2 large ensuite bedrooms.
The building: Chicago’s Palmolive building is not only an architectural gem for its renowned art deco style, but one of the most sought-after vintage buildings for luxury living. Residents here can enjoy access to the building’s private health club, concierge services and attached heated parking.

132EDelaware132 E Delaware Pl, Unit 6302
Sold price:
$4.25 million
The unit: This 7,000 square foot duplex was designed by Juan Pablo Molyneaux and architect Marvin Herman high atop the Four Seasons Hotel. The details are impeccable: P.E. Guerin hardware, Beaumaniere limestone floor, a grand staircase to the second level and the highest quality custom finishes and millwork, to name a few. The spectacular double-volume space includes ensuite bedrooms, library, second floor gallery, 2,000 bottle wine cellar, tasting room and home theater.
The building: Residents of 132 E Delaware have a great advantage in sharing an address with the Four Seasons Hotel, allowing them to take advantage of all amenities and service offered by the 5-star hotel group.

 

340ERandolph340 East Randolph St, Unit 5903
Sold price:
$4.138 million
The unit: This luxury penthouse boasts all of the details that put a property in the luxury category: high ceilings, contemporary finishes, maple hardwood floors, Snaidero cabinets, built-in appliances, smart-wired audio and electronic window treatments. Panoramic views of the city skyline, Millennium Park, Lake Michigan and Buckingham Fountain can be enjoyed from a large 11-by-31-foot covered terrace.
The building: A favorite in Lakeshore East, 340 on the Park includes a winter garden, 75-foot, 2-lane lap pool and state-of-the-art exercise facility.

 

401NWabash401 N Wabash Ave, Unit 41S
Sold price:
$4.1 million
The unit: This property is less than 10 years old, but its 4,000 square feet have been highly upgraded, with features including 2 fireplaces, 10-foot floor-to-ceiling windows, Miele, SubZero and Wolf appliances; not to mention, the breathtaking views that are a guarantee at Trump Tower. This sale also came with potential to be combined with the 1,100 square foot unit next door to create 5,100 square feet of wrap-around views.
The building: Not only is the River North location highly coveted for its easy access to the best things Chicago has to offer, but Trump Tower is a sought-after building in itself. Residents here can enjoy the amenities from the building’s hotel, along with 5-star services like in-home catering, valet parking and more.

 

30WOak30 W Oak St, Unit 12B
Sold price:
$4 million
The unit: This 3-bedroom, 3.1-bath was beautifully custom designed throughout its 3,349 square feet.
The building: This Gold Coast building is less than 10 years old and a favorite among luxury buyers looking to be close to downtown Chicago. A south-facing, all glass façade brings in stunning light and neighborhood and skyline views. Each unit inside boasts 10-foot ceilings and a private terrace to take it all in.

 

 

 

 

 

The Burnham Plan Celebrates 100

When purchasing a Chicago home or Chicago condo, the scenery and local amenities are oftentimes key. The area along Lake Shore East is a particularly unique part of town because of its close proximity to classic attractions, making it a hot spot in the Chicago real estate market. If you’re the type to frequent museums, parks and festivals on a regular basis then this area is for you. As summer draws near, the festivities will ensue, and this year Chicago really has something to celebrate.

This year marks the 100th anniversary of the Burnham Plan, which ultimately shaped the city of Chicago, as we know it today. Co-authored by architects Daniel Burnham and Edward H. Bennett, the plan laid out six major improvements to the city, two of which were improving the lakefront and acquiring an outer park system. Without this plan, Chicago favorites such as Grant Park, Navy Pier and North Michigan Avenue would be nonexistent. To commemorate the Plan’s impact on Chicago, two temporary pavilions have been commissioned by the Burnham Plan Centennial Committee for Millennium Park and are set to open June 19 through October 31.

1909 Plan of Chicago

1909 Plan of Chicago

The first pavilion, designed by London-based architect Zaha Hadid, is a tent-like structure constructed from aluminum and covered with silver tensile fabric. According to the Centennial Committee, the outer portion of the tent is ribbed to represent “the diagonal lines and avenues in Burnham and Bennett’s 1909 Plan.” Inside the tent, visitors can reflect on Chicago’s amazing transformation via a video installation by London-based artist Thomas Gray.

The second structure, designed by Amsterdam-based Ben van Berkel of UNStudio, is reminiscent of a canopied roof resting atop a tripod. The structure will be made from steel and covered with plywood painted in a high-gloss white. At night, it will be lit with ever-changing LED lights that vary in color and pattern.

These pavilions are sure to add some pizazz to Millennium Park, not to mention the views along Lake Shore East. The scenes from 340 on the Park and 360 E. Randolph would have any condo owner singing Burnham’s praises, as they look out on an unobstructed view of Grant and Millennium Parks. If the view doesn’t quite satisfy, residents can simply walk across the street to take look at the centennial celebration up close. Both buildings have available units for sale.

Spectacular views that celebrate the essence of Chicago—Burnham would be proud!

If you’re interested in purchasing a luxury Chicago condo along Lake Shore East, or want to learn about Chicago real estate, get connected with helpful buying and selling resources here.