May Luxury Chicago Condo Sales Were All About Chicago’s Gold Coast

Chicago’s Gold Coast neighborhood is no stranger to luxury real estate, or the wish lists of high-end buyers. Nestled just blocks from the Magnificent Mile, residents of the Gold Coast are just blocks from everything they need:

Shopping: The boutiques along Oak Street are of world-class caliber: Harry Winston, Hermes, Jimmy Choo and many other shops line the block.

Dining: Great food can be on the menu every night when you live in the Gold Coast, with restaurants like Gibson’s, Nico Osteria, Tavern on Rush, Café des Architectes and others.

Beaches: The Gold Coast is within walking distance of the lakefront, including Oak Front Beach. This is a neighborhood hot spot, with swimming, volleyball tournaments, walking trails and more.

The Loop: Just south of Magnificent Mile, the Gold Coast puts downtown commuters just a quick zip from the office. The Loop is easily accessible by bus, El train or even walking.

So it’s no surprise that the Gold Coast was front and center of May’s Chicago condo sales. Not only is this one of the most sought-after neighborhoods in the city, but it is one area where you can find a high-rise condo with at least 3,000 square feet of living space. In May, the top sales ranged in size from 3,172 square feet all the way up to 4,931 square feet. Suburban clients love that many of these buildings don’t sacrifice space for a move into the city—they can find the same square footage that they had in the ‘burbs but with all of the urban conveniences of condominium living.

It is also apparent that, when a new construction building comes on the market, upscale buyers will flock to it. Brand-new Chicago condos are selling very well, and many buyers are willing to pay a premium price to live in them, as is evident in the top May sales.

With that, let’s take a closer look at the most expensive Chicago condos to sell in May:

4EastElm4 E Elm St, Unit 8S
Original list price:
$3 million
Sold price: $2.88 million
This is one of the newest buildings in the Gold Coast, one that’s been warmly embraced by luxury buyers—at listing time, the building was more than 90% sold. Four East Elm boasts sleek and modern half-floor residences, this one more than 3,400 square feet. Units boast elevator entries, luxury finishes, exposures with city and lake views and much more. The amenities make this building the ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room, clubhouse lounger and 24-hour doorman. Not to mention, the location in the heart of the Gold Coast is a buyer’s dream, near restaurants, world-class shopping, the beach and plenty more.

800NMichigan800 N Michigan Ave, Unit 4602
Original list price:
$3.175 million
Sold price: $2.925 million
A rarely-available residence in Park Tower, this 3,172 square foot Chicago condo boasts and open floor plan for today’s lifestyle. The sensational open chef’s kitchen has a glass breakfast area that faces the lake and city, opening up to an open living room, dining room and family rooms. From there, you’ll find breathtaking, dramatic Lake Michigan and skyline views. Details throughout include high ceilings, wood floors, motorized blinds and private elevator access. Living at Park Tower is exceptional, upscale living at its finest—residents here enjoy the amenities and services of the neighboring Park Hyatt Hotel, which includes an indoor pool, fitness center, NoMI Restaurant and more.

1209-n-astor-st1209 N Astor St, Unit PH
Original list price:
$3.499 million
Sold price: $3.1 million
A spacious, full-floor penthouse on Astor Street, this co-op unit has been renovated down to every meticulous detail. Spanning the entire width of the building with 4,100 square feet, the property includes a living room, dining room and library, along with a state-of-the-art kitchen with high-end appliances, eat-in area and sitting area. Large windows offer 360-degree views. The exceptionally run building includes a lovely garden and much more.

400-w-huron 400 W Huron St, Unit 501
Original list price:
$3.75 million
Sold price: $3.75 million
From the developer of 30 West Oak, this is slated to be Chicago’s next iconic building. With groundbreaking contemporary design inside and out, the building has just 25 units, ranging from 2,100 to 4,931 square feet. This unit features a one-of-a-kind, custom full-floor floorplan with 4,931 square feet. This home nearly matches the interior square footage with outdoor entertaining space, including a private pool and spa. Other details include 10-foot ceilings, Valcucine cabinets, Miele appliances, stone floors, luxe baths, expansive terraces and separate enclosed garages.

800NMichigan800 N Michigan Ave, Unit 2801
Original list price:
$4.495 million
Sold price: $4.26 million
This unit in the iconic Park Tower is a half-floor residence that brings together masterful design and modern luxury. Spanning 4,220 square feet, this unique and customized home includes a gourmet kitchen, large outdoor terrace, the utmost privacy offering and panoramic views that include Lake Michigan and a clear line down the Magnificent Mile. Residents of this building have the 5-star amenities of the Hyatt Hotel right at their fingertips: such as rooms service and catering direct to the door, concierge service, and indoor pool and health club and a deluxe sun deck.

For more information on the Chicago condos that 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.

11 Upper Bracket Chicago Condos Sell in April

When I refer to the “upper bracket” of Chicago luxury condos, I am referring to properties that sold upwards of $2 million up to $4.2 million, as was the case last month with 11 upper bracket condos sold in this range. April’s sales certainly indicate that sales in the $1 million-plus market should be strong in the next few months. In total, the month saw 60 sales close for a sales volume of $93 million in April.

Looking at what sold last month, four out of the top five Chicago condos sold were brand new construction. They were also in excess of 3,000 square feet. I am anticipating in the upcoming months that new construction with generous square footage will make a frequent appearance on our most-expensive-sales list.

In the meantime, here’s a look at the top five upper-bracket Chicago condo sales from April, starting with the most expensive:

25502550 N Lakeview Ave, Unit 1101S
Original list price: $4.6 million
Sold price: $4.2 million
This 3 bedroom, 3.1 bath unit sits on a corner and has been exquisitely appointed and highly upgraded. You’ll find stunning views of the lake, park and city skyline through dramatic 11-foot ceilings in nearly every room. State-of-the-art technology brings sound, light, HVAC and window treatments at the touch of a button. There are terraces for sunrise and sunset, including a 45-foot loggia off of the family room. Living in Lincoln Park 2550 is like staying at a fine resort, with dedicated concierge and a number of enviable amenities (more on that below).

4EastElm4 East Elm St, Unit 21S
Original list price: $4 million
Sold price: $4 million
The luxury condos at 4 East Elm have proved popular since the building debuted in the Gold Coast last year. The building is now 90% sold of its 35 sleek, modern half-floor residences, each with elevator entry into the unit. The Chicago condos in 4 East Elm include high-end finishes and at least 3 exposures with expansive views of the city and lake. Plus, residents here enjoy building amenities like an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 401
Original list price: 3,123,000
Sold price: $3,123,000
This Lincoln Park boutique condo building is brand new, with just 15 intimate units in the heart of the beloved neighborhood. With two combined units, this duplex penthouse occupies the top two floors of the building, with a 113-foot extra-wide floorplan. The penthouse includes 6 bedrooms, 4.2 baths, floor-to-ceiling windows and city views. Thoughtful details and finishes include Archisesto cabinetry, Sub-Zero and Wolf appliances and Jason Woo fixtures. The outdoor space is also incredible, with two balconies and a 39 x 32-foot private terrace.

4EastElm4 E Elm St, Unit 15N
Original list price: $2.99 million
Sold price: $3 million
4 East Elm strikes again! This brand-new construction unit spans 3,135 square feet, with only two units per floor and a private elevator. The superb open floor plan includes 3 bedrooms and 3.1 baths, with exquisite finishes throughout. Other details include 10-foot ceilings, Wolf and Sub-Zero appliances, Florense cabinets, in-ceiling invisible speakers, electric shade wiring, LED lighting and a luxurious master suite. The building’s amenities include a 24-hour door staff, outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 104
Original list price: $2,248,000
Sold price: $2,248,000
Also located in the new boutique building in Lincoln Park, this unit is an extra-wide combination unit, with 3 bedrooms and 3.5 baths. Features include floor-to-ceiling windows, Archisesto cabinetry, Sub-Zero and Wolf appliances, Jason Woo fixutres and a thoughtfully conceived open floor plan with superior finishes throughout. The building offers unimaginable outdoor spaces—this unit boasts an 81 x 50-foot terrace. The buyer of this Chicago condo paid cash.

Luxury Living in Lincoln Park 2550
2550NLakeviewIt’s been awhile since we’ve seen Lincoln Park 2550 on our top five list, but this building has been a mainstay of luxury living in Chicago nonetheless. Even as new construction condos return to the Chicago condo, this building continues to stand apart from other luxury properties, thanks to its extensive list of amenities that makes day-to-day living feel like a resort vacation. In addition to concierge service, Lincoln Park 2550 offers its residents spa-like fitness facilities, private cinema, dry cleaners, yoga studio, party room, game room, library, dog run and a beautifully landscaped 1.25-acre private park. The location also can’t be beat, as this building is within an easy talk to restaurants, bars, grocery stores and public transportation.

I currently have a listing at 2550 N Lakeview, with 2600+ square feet, two north-facing balconies, two heated garage spaces and access to all of the amenities and services of this outstanding building.

For more information on this unit, or to see other properties that sold in Chiago luxury real estate last month, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Plenty of Chicago Luxury Condo Deals to be Had in January

Plenty of Chicago Luxury Condo Deals to be Had in January

When it comes to purchasing Chicago luxury real estate, there are a number of variables that can help a buyer get a great deal. One of those is as simple as a page on the calendar: specifically, January.

Obviously, January is one chilly month for Chicago, and the cold weather definitely plays a role in dropping the price of real estate so sellers can ensure it doesn’t sit on the market for the rest of winter. And right now, the possibilities of rising interest rates and inflation are right around the corner, motivating sellers even more. Sellers are in the best position when there is economic stability, so when questions about housing policy arise from the government, or there is talk of interest rates being made higher, many sellers believe that their best bet is just to get the property off their hands.

But it’s not just the season that plays into a buyer getting a great deal. Luxury buyers can also come out on top by looking at:

List price: More buyers are nervous about putting in a low-ball offer when purchasing a property, but some savvy buyers—especially those who have cash on hand—are not afraid to make an unusually low offer.

Cash on hand: When purchasing Chicago real estate anywhere from mid-November through February, cash is an especially important factor in a buyer getting a deal. Sellers don’t want to hold properties on the market and risk of a loan not going through, so knowing that a buyer plans to pay with cash eliminates that stress and gives the buyer an edge.

State of inventory: When real estate inventory is low and a seller still hasn’t sold their property in 3-4 months, it’s a sign that they’ve priced it too high and the market has “penalized” the seller accordingly. The result is often a better discount for the buyers.

Needless to say, January was a good month for the buyers of the top-priced Chicago condos. Here’s a detailed look at the units that sold during the month:

401NWabash401 N Wabash Ave, Unit 42A
Original list price: $4.3 million
Sold price: $4.05 million
The lucky buyer of this 3,948 square foot River North condo was able to get a deal on this home, purchasing it for all cash for more than $250,000 off the list price. With just under 4,000 square feet of opulent living space, the home boasts three bedrooms, separate media room and family room. A spacious foyer opens into a sundrenched, river-facing living room that looks out onto sweeping, unmatched views of Chicago from the floor-to-ceiling windows. This unite has been stylishly customized with new hardwood floors, custom lighting, built-ins and surround sound and exquisite finishes in the kitchen and baths. The generous master suite includes two enormous walk-in closets and lavish his-and-hers master baths.

4EastElm4 East Elm, Unit 10S
Original list price: $3.2 million
Sold price: $3.19 million
This Gold Coast condo is among the last few remaining in 4 East Elm, one of the city’s new construction buildings that received a warm welcome from high-end buyers in 2016. This three bedroom, 3.1 bath is on the 10th floor, spanning 3,486 square feet. The building offers 35 sleek, modern half-floor residences, each with elevator entry, high-end finishes and at least three exposures featuring expansive city and lake views from many. Amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

800NMichigan800 N Michigan Ave, Unit 4302
Original list price: $3.025 million
Sold price: $2.9 million
This Park Tower home sold for a surprising $75,000 below list price. With 3,025 square feet, this home is the epitome of Chicago luxury living with a top-notch location, the amenities of the Park Hyatt Hotel, and all of the upscale details you could ask for. An open and light floorplan gives away to a living and dining room with large windows that face east and south for iconic lake and city views. A wide private terrace overlooks expansive views of Lake Michigan. The kitchen is quiet and efficient with high-end finishes, luxury appliances, Thermador six-burner stove and a center island with storage. The master bedroom is designed to be an absolute refuge, complete with an office, spa-like bath and enormous walk-in closet. The sale of this Chicago condo also included two parking spaces.

30WOak30 W Oak St, Unit 19B
Original list price: $2.9 million
Sold price: $2.875 million
Spanning just over 3,000 square feet, this 19th floor 2 bedroom has been highly upgraded. Not to mention, 30 W. Oak is an award-winning, architecturally significant building with less than 45 units in total, making this one of the most sought-after luxury buildings. A gracious, open floorplan features floor-to-ceiling windows that look out to panoramic views from every room; you’ll also find a designer Poliform kitchen, and an oversized master suite with a glamorous dressing room that feels like a private boutique. Amenities in the building include on-site management, phenomenal door staff and a state-of-the-art exercise room.

1500 N Lake Shore Dr1500 N Lake Shore Dr, Unit 17C
Original list price: $3.49 million
Sold price: $2.775 million
This classic 1920s co-op on the famous Lake Shore Drive has extraordinary views, a generous floorplan and boasts thoughtful design throughout. The building itself has a historic design with a gym, parking and convenient location—and units in this building are rarely available, let alone one on a high floor. This property in particular has a whopping 4,100 square feet of living space on the 17th floor, complete with four large bedrooms with ensuite baths, a grand east-facing entertaining space and a spacious kitchen.

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

Chicago Luxury Condo Sales Went Out Strong in December

As we wrapped up 2016, the top Chicago condos were singing much of the same song that they did for much of the year. Ultra-luxury properties reigned among the most expensive homes sold, not just in terms of price but in the exceptional elegance found in each and every one.

The priciest condos to sell in December were all found in some of the city’s most prestigious buildings. Whether vintage, co-op, new or old, these buildings are all in highly coveted locations, thanks to the walkability to exquisite shops, city activities and diverse dining options.

The other common denominator among the condos sold last month was square footage. Luxury buyers want at least 3,000 square feet, and that showed in the top sales. A penthouse co-op offered 5,580 square feet, which is a number typically associated with a single-family home in the ‘burbs.

Lastly, a majority of these top sales were sold at a major discount from the original listing price. A co-op on East Lake Shore Drive sold for a solid $1 million less than it was originally listed at. That’s a great deal for the buyer who isn’t afraid to shop for real estate during the cold winter months, when sellers are apt to negotiate and get those properties off the market.

All in all, December saw $68 million in total sales for December. Let’s take a more detailed look at what sold, with the top five properties in descending order:

Water Tower Place at 180 E. Pearson in Chicago

180 E Pearson St, Unit 5603
Original list price: $3.5 million
Sold price: $3,562,460 million
This ultra-luxury Chicago condo (purchased by a cash buyer) is one of five custom residences in the iconic Water Tower Residences, one of downtown’s most beloved buildings. These condos are being transformed into gorgeous, custom homes by Centaur Interiors, completely renovated using the finest materials and fixtures, state-of-the-art technology and precise attention to detail. The new residents can enjoy forever views in every direction, along with AAA+ amenities of the Ritz-Carlton, such as a concierge, 24-hour door staff, fitness center, pool, room services and more.

450ewaterside450 E Waterside Dr, Unit 2801
Original list price: $3.9 million
Sold price: $3.45 million
A penthouse unit with nearly 5,000 square feet of living space, this Chicago condo was a rare opportunity for the buyers to get into one of the premier buildings of Lakeshore East. This neighborhood offers spectacular lakefront and riverfront living, with breathtaking water and skyline views from every room. The unit boasts a dramatic foyer that opens to more that 46 feet of open, spacious living space fitted for modern living. Lux features include 11-foot ceilings, smart home technology, LED lighting and an exceptional level of detail given to the comfort and ease of living throughout the home. Located just a few blocks from Millennium Park and Navy Pier, the Chandler amenities include an indoor rooftop pool fitness and media rooms and an array of offerings still in the works.

4EastElm4 E Elm St, Unit 13S
Original list price: $3.4 million
Sold price: $3.4 million
The new construction condos at 4 East Elm were easily among luxury buyers’ favorite buildings in the second half of 2016—and sales are still going strong, with more than 90% sold. These sleek and modern half-floor residences each have elevator entry and most have three exposures that allow expansive lake and city views. This building is the ultimate urban oasis of luxury and privacy, with amenities that include an outdoor pool, sun deck fitness center, screening room, clubhouse lounge and 24-hour door staff. This 3,500+ square foot unit in particular was purchased with cash.

209ELakeShoreDr209 E Lake Shore Dr, Unit 1E
Original list price: $4.2 million
Sold price: $3.2 million
A beautiful co-op building in the Gold Coast, this three-bedroom property spans a generous 5,580 square feet and was completely redone by renowned architect John Ronan. The exquisite renovation kept the unit’s classic design and enhanced elegant, rich details like hardwood floors, extensive millwork, sleek moldings and more. The open floor plan is ideal for entertaining, and calming views overlook the lake and the treetops along East Lake Shore Drive. This co-op was also purchased by a cash buyer.

1550_N_State_Unit_FrontView_1_1550 N State Pkwy, Unit 402
Original list price: $3.85 million
Sold price: $3 million
Purchased by a cash buyer, this 4,160 square foot Chicago condo is in one of the most revered buildings in the Gold Coast. Occupying a half floor, this property boasts east and north views of the stunning lake and park from every room. Along with three bedrooms and three-and-a-half baths, this home features four balconies, 10-foot ceilings, major windows and bays and two fireplaces. The building amenities include 24-hour door staff, a guest apartment, exercise room, wine room and a live-in engineer.

For more information on Chicago condos that sold last month, or to take a look at what’s on the market now (and take advantage of those winter buyer benefits!), contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Square Footage a Major Factor for Chicago Luxury Condo Sales in September

In 2016, we’ve seen two major things at the top of luxury buyer’s wish list for a new home purchase: new construction and square footage.

And that was exactly what many of them got last month. September luxury condo sales were unusual on the high end, with a number of ultra-luxury properties at the top of the list. Twelve properties sold for more than $2 million, with the highest sale clocking in at a whopping $8 million. And these homes are selling quite easily—it’s clear that the upper bracket of luxury real estate no longer has to be on the market for a year before finding the right buyer. These homes are selling in just a matter of days.

Luxury Buyers Want Square Footage, New Construction

Looking at the top five most expensive sales last month, four out of five of them offered exceptionally large square footage—4,000 square feet on the low end, and all the way up to 8,000 square feet for a unit at 50 East Chestnut in the Gold Coast. We also saw another sale at 4 East Elm, a new construction building in which every residence is a spacious half floor.

I always find that the magic number for square footage is 3,000 square feet. Buyers who are moving into Chicago are often looking to downsize, but still retain some of the space they had in their home in suburbs. Their effort to “downsize” is often less focused on small-space living, and more in the added conveniences that come with condo living, building amenities and a great location close to everything.

Things to Consider When Shopping for a Chicago Luxury Condo

Whether it’s a condo or a single-family home, when shopping for a larger-sized property, it is very important to understand the layout and “flow” of the home, not just the size. There are a number of nuances in certain floorplans that can make a home feel much smaller than indicated on the listing sheet.

For my clients, I always do the research beforehand so that I can establish the square footage of a property before taking them to see it in person. I have worked on a number of large condos and can make suggestions on existing floorplans on how they can be modified to make the most of the space and maximize resale value down the line.

Top Chicago Condos Sold in September

Total sales volume for Chicago luxury condos sold in September reached $90.0 million. Much of that was thanks to a number of high-priced, ultra-luxury properties at the top of the list. Let’s take a closer look at the 5 most expensive sales last month, starting at the top:

159EWalton159 E Walton Pl, Unit PH
Original list price:
$8.5 million
Sold price: $8 million
This double-floor penthouse is a historic space in the iconic Palmolive Building, offering comprehensive views in every direction. This Chicago condo spans 7,880 square feet, with three terraces totaling 600 square feet. The top floor boasts soaring, 14-foot ceilings, while the 36th floor features a gracious living space. The rest of the unit has been configured to include a theater room, card room, billiard room, office and a service kitchen for the patio. While the unit was move-in ready, the nature of the space also offered the new buyer the opportunity to make it their own.

11 E Walton St11 E Walton St, Unit 4002
Original list price:
$5.15 million
Sold price: $5 million
This 4,000 square foot unit is a rarely available home in one of the city’s most prestigious residences, the Waldorf Astoria. A north/east exposure offers panoramic, unobstructed lake views into the sunny, open floor plan with contemporary design weaved throughout. An eat-in kitchen includes custom cabinetry, stainless steel Subzero and Wolf appliances, a wine refrigerator, an incredible bar with glass sink, stone countertops and more. The home theater could be converted to a fourth bedroom or left as-is. The luxury master suite includes an exercise room, infinity jetted tub, oversized steam shower and large walk-in closet. In addition to sought-after building amenities like a 14,000 square foot spa, fitness center, concierge and in-room dining, this Gold Coast condo also includes an additional coveted feature: a parking spot.

The Elysian Residences11 E Walton St, Unit 3201
Original list price:
$4.79 million
Sold price: $4.79 million
There weren’t too many details on this sold-before-print condo available beyond its 3 bedrooms and 4,000 square feet. Units in the Waldorf Astoria aren’t often available, and this was the second lucky buyer to land one last month.

50echestnut50 E Chestnut, Unit 601
Original list price:
$4.5 million
Sold price: $4.55 million
This is a one-of-a-kind duplex in a coveted Gold Coast Building. This spectacular space offers a generous 8,000 square feet, six bedrooms, and stunning finishes throughout. Spanning two full floors, the condo allows for spacious rooms, great entertaining space and a gorgeous cook’s kitchen. There are also four private balconies and access to a huge building terrace. Just one block off of Michigan Avenue, this location is just steps from all of the wonderful offerings of the Gold Coast.

4EastElm4 E Elm Street, Unit 20S
Original list price:
$4.225 million
Sold price: $4,239,954
The new kid on the block, 4 East Elm, has been the darling of luxury condo sales in 2016. The building is now over 80 perfect sold and closed for its half-floor, new construction properties that many luxury buyers have fallen in love with. Each unit has an elevator entry, luxury finishes and most have expansive lake and city views as well. It’s location at State and Elm streets—in the heart of the Gold Coast—is hard to beat, and the building itself boasts a bevy of amenities like an outdoor pool, whirlpool, sun deck, fitness center, screening room, clubhouse lounge and 24-hour doorman.

There are a number of new construction properties on the market now that I’d love to introduce you to. If you’re in the market for a Chicago luxury condo, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Square Footage was Key for Chicago Condo Luxury Sales in August

When my clients are looking at purchasing a Chicago luxury condo, they generally aren’t looking to sacrifice space. In other cities, condo living might indicate downsizing, small-space urban living, but Chicago has a great offering of buildings that feature the same amount of space you’d find in a single-family home, often with coveted amenities and services on top of it.

If they have the budget, I always recommend my clients look for a Chicago condo with at least 3,000 square feet. That seems to be the minimum square footage that a luxury buyer wants, whether they are a family with children, empty nesters, or other. And if you look at last month’s top luxury condo sales, the square footage number definitely holds up among the top five most expensive sales.

The top five condos sold have square footage ranging from just a hair under 3,000 square feet, all the way up to 5,143 square feet. All of them are also found in some of the city’s most popular buildings, noted for their prestige and coveted locations in Near North and the Gold Coast.

Finding out what sets one Chicago condo building apart from the rest is an important part of the research process if you’re looking to buy. If you’re considering a purchase, contact me at (312) 498-5080 for input on some of the unique features you’ll find among these buildings that will help you narrow down which is best for you and your family. Or, take a look below at the details for each of the top five condos sold in August (starting with the most expensive sale):

21-e-huron-st21 E Huron St, Unit 4801
Original list price: $5.5 million
Sold price: $4.5 million
This full-floor, top-floor penthouse is absolutely spectacular—and with 5,143 square feet and unobstructed, 360-degree views, this one certainly earned its way to the top sales spot in August. A private elevator opens up into this unit, which was recently renovated to include custom millwork, custom lighting, a 700-bottle wine cellar and a master suite with enormous walk-in closets and luxe bath. An enormous terrace and balcony provides coveted outdoor space. Other features include a state-of-the-art HEOS sound system by Denon, a security system and two penthouse parking spaces. The Lucien Lagrange-designed building is also full-amenity, offering a fitness center and spa, a sundeck, an indoor pool and Jacuzzi, a business center, private theatre and wine cellar.

800NMichigan800 N Michigan Ave, Unit 5301
Original list price: $5 million
Sold price: $4.4 million
Park Tower is one of the most iconic buildings in Chicago, with an unbeatable location right on the Magnificent Mile. This 4,200-square foot unit is high on the 53rd floor, allowing for stunning views; it was also recently remodeled with the finest finishes to create an impeccable home for modern living.

4EastElm4 E Elm, Unit 225
Original list price: $4.1 million
Sold price: $4.1 million
The new construction condos in 4 East Elm have been no stranger to the top luxury sales over the last few months—the building is now over 80% sold. This 3,516 square foot unit is one of just 35 modern, sophisticated half-floor residences in the building, each with elevator entry, high-end finishes and at least three exposures, many with expansive city and lake views. Amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

50echestnut50 E Chestnut, Unit 1701
Original list price: $3.75 million
Sold price: $3 million
This full-floor Chicago condo in the Gold Coast stretches a generous 4,000 square feet, with 3 bedrooms and 3.1 baths. The building is sleek and contemporary, with breathtaking views in all directions. This unit in particular boasts an open floor plan that allows for spectacular vistas through floor-to-ceiling windows, with Lake Michigan to the east and the iconic Chicago skyline to the south. Private terraces on the east and west sides allow for intimate outdoor space to take in the view. The full-service building includes a top-floor fitness center, a landscaped garden, a sun deck and dark run. Residents of 50 East Chestnut are just steps from everything the Gold Coast neighborhood has to offer, including cultural institutions, world-class shopping, dining, Lake Michigan and the Magnificent Mile.

77-e-walton77 E Walton Pl, Unit 25D
Original list price: $2.65 million
Sold price: $2.52 million
This 3 bedroom, 2,940 square foot condo is a rarely available “D” tier floor plan at a sought-after luxury building in the Gold Coast. With beautiful views from the 25th floor, this unit features spectacular finishes, floor-to-ceiling windows, 10-foot ceilings and hardwood floors throughout. The Snaidero kitchen has two dishwashers and two refrigerators, and the master suite includes a lavish spa bath.

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

Chicago Luxury Condo Sales Were on a Tear in July

No summer slump here. Chicago luxury condo sales had yet another strong month in July, which is highly unusual for a mid-summer month. One of the reasons for the high sales volume is a ground-breaking price on a unit in the Waldorf Astoria, which sold for $11.7 million. That’s a price that many pay in New York and San Francisco for luxury properties that are half the square feet of homes you’d find in Chicago.

While that property was certainly the standout, there was a number of other notable sales in July, as well. Ten of the 53 luxury condos ($1 million and up) were sold for more than $2 million. Total sales volume for the month was just under $94 million, an outstanding number for the middle of summer.

Here’s a closer look at the top Chicago condos that sold last month, starting with the most expensive:

Waldorf Astoria Chicago11 E Walton, Unit 5200
Original list price: $13.9 million
Sold price: $11.7 million
Spanning an entire floor in the Waldorf Astoria, this unparalleled residence was a custom build from top to bottom with the finest finishes available. It’s also interesting to note that the buyer opted to pay cash for the home. With 4 bedrooms and 4.1 baths, this Chicago condo features gracious, flowing living spaces, a beautiful paneled den, home theater, glass encased wine cellar, an incredible master suite with dream closet and a true spa bath that leads to an unbelievable private pool area.

ritz118 E Erie St, Unit PH1
Original list price: $10,850,400
Sold price: $8.632 million
This is the penthouse of all penthouses, located on the top (40th) floor of the Ritz-Carlton Residences, Chicago. A full-floor unit, this property was more than 6,000 square feet of raw space, with 12 to 18 foot ceilings plus 660 square feet of private, south- and east-facing terraces. The service of the Ritz-Carlton Residences is unmatched, with on-site, five-star staff to cater to residents’ every need. Residents here also have access to the Landmark Club, Chicago’s only private, residential city club located on the 10th floor of the building (which also boasts an unbeatable location just off of the Magnificent Mile).

270EPearson270 E Pearson St, Unit PH16E
Original list price: $4 million
Sold price: $4.3 million
A duplex penthouse unit in a luxury boutique building, this Chicago condo has undergone a number of refinements to create an elegant living space. The interior features an open floor plan with 12-foot ceilings, an open millwork staircase, gourmet kitchen, crown moldings, hardwood floors, custom finishes throughout, tremendous closet space and ensuite bedrooms. Outside, you’ll find 800s square feet of outdoor space with spectacular lake, city and park views. The building is just steps from Michigan Avenue, with high-end shopping, dining and transportation.

4EastElm4 E Elm St, Unit 17N
Original list price: $3.1 million
Sold price: $3.135 million
The brand-new building at 4 East Elm has been the darling of luxury real estate in recent months, taking up many spots on the top sales lists. This unit in particular was a 3,095 square foot, 3 bedroom, 3.1 bathon the 17th floor. With just 35 half-floor residences, the building has been very popular among luxury buyers, thanks to a number of features including elevator entry into every unit, 3 exposures with city and lake views in most units, and high-end finishes. Building amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

328WisconsinSt328 W Wisconsin St, Unit 3N
Original list price: $2.6 million
Sold price: $2.6 million
This is a new, boutique building in the heart of Lincoln Park with just 7 units. This 3-bedroom home spans 3,801 square feet of gracious, light-filled space that includes a library with wet bar, 41-foot gallery wall for art collectors, a large master suite with his/her closets, 8-foot interior doors, 10-foot ceilings, plus two terraces. Contemporary finishes throughout include Snaidero cabinets, Subzero, Wolf and Miele appliances and quartz countertops.

If you’re considering a home purchase, contact me for a private tour of some of the exceptional properties that the Chicago real estate market has to offer right now. I can provide first-hand details on each of the buildings and explain why some are apt to increase in value more so than others. Or if you’re just getting started, I can send along images and details of 5-10 properties I think you’d want to check out. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago Luxury Condo Sales in June Skewed Toward Ultra Luxury

When we look at the previous month’s Chicago condo sales, there are typically one or two sales that fall in the ultra-luxury category. But in June—a month when warmer weather moves in and the extremely high-end sales tend to slow down—there were an unusually large number of ultra-luxury condos sold. The month saw 13 condos sold for $2 million or more, with the most expensive sale going all the way up to $6.7 million. Total sales volume for the month was $135 million.

So where is all of this ultra-luxury action happening? Four out of the five most expensive condo sales were new construction at 4 East Elm, a new luxury high rise in the heart of Chicago’s Gold Coast. This area is seeing resurgence in luxury new construction, but 4 East Elm offers something that many buildings do not: privacy. The building is comprised of half-floor units, so there is very little sharing of space compared to other luxury condo buildings.

Top Chicago Condo Sales Offer Generous Square Footage

In recent years, I’ve noticed that luxury condo buyers have their sights set on one feature in particular: space. The magic number is usually at least 3,000 square feet, and that number holds true among the condo sales from June, as each one of these sales offers well over 3,000 square feet of living space. The most expensive unit sold clocks in at a whopping 5,400 square feet.

Search Chicago condos with more than 3,000 square feet

While the price tags on these luxury Chicago condos might seem high, the cost per square foot of a condo in Chicago is significantly less expensive than some other major U.S. cities. The Chicago condos sold in June came to about $1,241 square feet, whereas New York or San Francisco real estate can easily cost more than $3,000 per square foot.

Here’s a closer look at the size and space of the Chicago condos that sold last month, starting with the most expensive sale:

image4 E Elm St, Unit PH23
Original list price: $6.69 million
Sold price: $6,692,192
As I mentioned, 4 out of the top 5 Chicago condo sales last month were in this building: 4 East Elm. As of last month, the property had sold 75% of its 35 half-floor residences, before this 5,400 square foot penthouse unit sold on the 23rd floor. The luxury Chicago condos in 4 East Elm boast elevator entry into each unit, high-end finishes, and at least three exposures with expansive views of the city and lake from most units. The building is billed as the ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

4 E Elm St, Unit 19S
Original list price: $3.9 million
Sold price: $3,936,052
This unit on the 19th floor spans 3,486 square feet, with 3 bedrooms and 3.1 baths.

4 E Elm St, Unit 18S
Original list price: $3.8 million
Sold price: $3,792,709
Identical to the unit above it, this 3 bedroom, 3.1 bath is on the 18th floor and offers 3,486 square feet of living space.

50echestnut50 E Chestnut, Unit 3701
Original list price: $3.795 million
Sold price: $3.722 million
If a half-floor residence in 4 E Elm isn’t enough space, 50 East Chestnut has your number. This Gold Coast building offers full-floor residences made for gracious living, with stunning views, delightful details and more. This 37th floor unit was customized to perfection, with expansive floor-to-ceiling windows with Lutron treatments, Snaidero cabinetry, Calcutta marble countertops, walnut floors, Venetian plaster walls, Ann Sachs tile and Wolf, Subzero and Miele appliances. With 3,550 square feet, this unit offers all of the quality and style you expect from the Gold Coast.

4 E Elm St, Unit 21N
Original list price: $3.6 million
Sold price: $3.6 million
With 3 bedrooms, 3.1 baths, this Chicago condo offers 3,135 square feet on the building’s 21st floor.

Having worked with luxury clients in Chicago for more than 25 years, I understand that space is really the name of the game when it comes to condo living, especially that magical 3,000 square feet. I’ve made it simple to search Chicago condos that offer a minimum of 3,000 square feet of living space on my website, so you can see firsthand what is on the market and at what prices. I would also be happy to show you the floor plans and other building details for these units to give you an idea of what it has to offer.

For more information 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.

Chicago New Construction Condo Sales Back In Force In May

Chicago’s Gold Coast were at the top of the list for condos sold in May; and one particular standout building was the brand new building at 4 East Elm. Total Chicago luxury condo sales in May were $88.5 million with 53 luxury condos sold.

Three out of the top five most expensive condos sold last month are in this new construction building, and each boost around 3,500 square feet of space. I have been noting for some time that 3,000+ square feet seems to be the magic number in terms of the space that luxury condo buyers are looking for.

Search Chicago condos with 3,000+ square feet

All five of the top luxury condos sold in were above 3,000 square feet, proving that upscale condo living in the heart of the city doesn’t mean sacrificing the space you might get in the ‘burbs. The most expensive home to sell in May was in 800 Michigan Avenue, with the unbelievable square footage of 6,240 square feet—that’s the size of a large home, all on one floor of one of downtown’s most iconic buildings.

For a limited time, I am offering $2,500 at closing for buyers who begin and end their home search with me. This is a great opportunity to have a little influx of cash to help with moving or decorating expenses. I encourage you to read a bit more about me in my bio, then contact me to see if I can help you get started on a search for your new Chicago home.

Here are additional details on the most expensive Chicago luxury condos to sell in May, starting with the most expensive:

800NMichigan800 N Michigan Ave, Unit 5101
Original list price:
$5.1 million
Sold price: $4.5 million
The crown jewel of May’s luxury condo sales was a 6 bedroom, 5.1 bath condo in the iconic Park Tower on Michigan Avenue. This unit spans a whopping 6,240 square feet and was priced well below market value for the building. The unit boasts an open floor plan that allows for entertaining above breathtaking, unobstructed, 360-degree lake views that can also be enjoyed from two 8 X 14 foot balconies. And residents of Park Tower have access to all of the amenities of the adjacent 5-star Park Hyatt Hotel.

image4 E Elm St, Unit 16S
Original list price:
$3.8 million
Sold price: $3,987,391
The mots expensive home to sell in 4 East Elm in May, this 3 bedroom, 3.1 bath condo spans 3,486 square feet on the 16th floor of the Gold Coast’s hottest new construction building. Four East Elm is home to just 35 Chicago condos in the heart of one of the city’s most beloved upscale neighborhoods. The building is sleek and modern with half- and full-floor residences and offer residents a bevy of amenities, including garage parking, 24-hour doorman, an outdoor pool and spa, a screening room and fitness center.

image4 E Elm St, Unit 17S
Original list price:
$3.9 million
Sold price: $3.9 million
The second most expensive sale in 4 East Elm in May, this 3 bedroom, 3.1 bath unit is high on the 17th floor and spans 3,486 square feet. If May condo sales are any indication, this Gold Coast condo building is already proving to be one of the most sought-after properties for luxury buyers in 2016. Each unit offers 10-foot ceilings and floor-to-ceiling Windows that emphasize the spacious, open interiors, with finishes that include Florense cabinetry, fully-integrated Sub-Zero Wolf and Miele appliances and wide plank solid white oak flooring.

401NWabash401 N Wabash Ave, Unit 29A
Original list price:
$3.5 million
Sold price: $3.5 million
Designed by John Robert Wiltgen, this downtown Chicago condo lives up to all of the luxe expectations you’d have for Trump Tower. Boasting 3,487 square feet two bedrooms, 4 baths plus a media room and den, the unit has been totally customized for luxury living. The living room has Trump Tower’s signature curved shape that allows for a panoramic skyline view of the river, lake and Navy Pier. Other features include 11-foot ceilings, spa-like master baths, a master bedroom with generous walk-in closets, gourmet kitchen with Wolf appliances and a SubZero refrigerator. Trump Tower has a great location in River North and is a full amenity building with health club and spa, pool, restaurant and bar.

image4 E Elm St, Unit 14S
Original list price:
$3.475 million
Sold price: $3,483,229
This new construction condo in 4 East Elm Is a 3 bedroom, 3.1 bath on the 14th floor. With 3,516 square feet, the unit boasts high-end finishes with at least 3 exposures in a building that is the ultimate urban oasis of luxury and privacy—amenities include an outdoor pool, sun deck, fitness center, screening room and clubhouse lounge.

Looking at recent sales of luxury condos can help prospective buyers understand what is popular on the market and at what price. Buyers can use that information to determine their own budget and wish list of features they would like to find in their own home.

If you’re interested in additional details on these sales, or what to see what’s available on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.