Strong Luxury Chicago Condo Sales in June, with 13 Units Selling for Over $2 Million

We’re well into a strong summer for Chicago luxury real estate sales, and the high-end condos that sold in June show it. The month saw $107 million in total sales volume for high-end ($1 million plus) condo sales, and 12 of those properties closed at a price of $2 million or more.

The most expensive Chicago condo sale in June was at the Waldorf Astoria. The property offers a whopping 4,000 square feet of interior space, and for the luxury buyer, it is all about the square footage. I’ve stressed this month after month as we report on the top properties sold in the Chicago luxury market—that buyers today want a minimum of 3,000 square feet in their new home.
New luxury developments have clearly taken note of this as well, as many new construction condo buildings offer “large living” in an urban space. New construction is again becoming hot with the Chicago buyer, as new properties (like 400 W Huron—more on that below) offer residents the sprawling space they’d find in a home in the suburbs, but with the location, amenities and convenience of city life.

But space and newness aren’t the only things the luxury buyer is willing to pay a premium for. Many are also after a great view, whether it’s of the cityscape, Lake Michigan, the skyline or better yet—all of the above.

Here’s a look at the top five most expensive properties that sold during that time:

Waldorf Astoria Chicago11 E Walton St, Unit 3802
Original list price: $4.725 million
Sold price: $4.375 million
The 38th floor of the infamous Waldorf Astoria, this Chicago condo offers forever views and is an entertainer’s paradise. The 4,000 square feet offers huge interior rooms, including a separate living and dining room and a large den (plus two terraces!). The indulgent master suite boasts three walk-in closets, an expansive sleeping room with fireplace, private terrace and a master bath with all-natural stone, huge walk-in shower, luxury Jacuzzi tub, heated floors and two oversized vanities. Other details include 10-foot ceilings, marvelous custom finishes throughout and complete control for an audio/visual system. Residents of the Waldorf Astoria also live among the epitome of luxury amenities from the building’s hotel, including a state-of-the-art spa, exercise room, pool, in-room dining and a Michael Mina restaurant.

400-w-huron400 W Huron St, Unit 1502
Original list price: $3.95 million
Sold price: $3.95 million
The new construction building at 400 W Huron comes from the same developer as the beloved 30 West Oak. This 4,175 square feet unit is on the 15th floor and showcases groundbreaking contemporary design inside and out. Luxe features inside include 10-foot ceilings, Miele appliances, stone floors, expansive terraces and separate, enclosed 2- and 3-car garages. Amenities include a 24-hour doorman, fitness center, wine storage and dog run.

401NWabash401 N Wabash Ave, Unit 85A
Original list price: $4.3 million
Sold price: $3.12 million
The 85th floor of 401 N Wabash predictably offers spectacular views, and this unit is no exception. Just over 3,000 square feet, this condo features the building’s signature curved glass and panoramic floor-to-ceiling windows. That means unobstructed views in every direction. Other luxury features of this Chicago condo include 11-foot ceilings in every room, three fireplaces, hardwood floors, a state-of-the-art kitchen with Miele, Sub-Zero and Wolf appliances, and a master bedroom with his-and-her closets and a spa-like bath.

Water Tower Residences180 E Pearson St, Unit 6205
Original list price: $3.29 million
Sold price: $3.1 million
Properties in the Water Tower Residences are rarely available, let alone an exquisite renovation like this one. Spanning 2,975 square feet on the 62nd floor, this Chicago condo has stunning views of the lake, Navy Pier and the city skyline. The designer chef’s kitchen features custom white cabinetry, the latest Wolf, Bosch and Sub-Zero appliances and a butler’s pantry and wet bar. You’ll also find state-of-the-art mechanicals that make this property truly upscale: Lutron lighting system, motorized shades, integrated lighting and an AV system. Residents here also enjoy amenities and 5-star services from the neighboring Ritz-Carlton Hotel.

400-w-huron400 W Huron St Unit 1201
Original list price: $3.1 million
Sold price: $3.1 million
Another property in newly developed 400 W Huron, this one a 3 bedroom, 3.1 bath with 4,091 square feet on the building’s 12th floor.

This monthly sales round-up paints a good picture for the prospective buyer as to what you can expect to find when you’re ready to get your own real estate search underway. Square footage, breathtaking views and newness all highly sought after, and therefore can come at a premium, especially when the market is hot. As an agent, I always work with my clients to ensure they understand the landscape of the current market, but also where they might be able to negotiate. The high-end real estate market is a nuanced one, but I am happy to talk more with you on what you can expect if you’re looking to make a purchase.

For more information on the Chicago condos that sold last month, or to see what’s on the market now, contact me at (312) 598-5080 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.

Live Big: Chicago Luxury Homes With Impressive Living Space

If you’re looking at luxury Chicago homes for sale, why not go big? There’s a lot of Chicago real estate with large square footage, so you can spread out and have all the room you’ve ever wanted.All of the luxury Chicago homes listed below have at least 4 bedrooms. Many have libraries and media rooms as well. These luxury Chicago condos all provide the ultimate in luxury: on-site gyms and spas so you can be pampered any time you want.

Gold Coast                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     11 E. Walton
3,972 sq. ft.

Have your choice of luxury Chicago real estate on either the 33rd or the 49th floor. This is brand new construction designed by the noted architect Lucien LaGrange and is above the exciting, ultra-luxurious Elysian Hotel. If it’s expansive views that you want, you cannot beat the 180-degree lookouts of these units. Each has two terraces plus 10-ft. ceilings. You can enjoy all of the hotel amenities, including an indoor pool, concierge services and deluxe spa.

1003 N. Dearborn Street
6,228 sq. ft.

Be among the first to live in one of the largest luxury Chicago homes in the city: These town homes are brand new. Located in Chicago’s prime Gold Coast neighborhood, this contemporary town home has four levels, Poggenpohl kitchens, custom wood flooring, stone baths and attached 2-car garage parking.

57 E. Delaware
4,700 sq. ft.

Live in a penthouse that takes up half of the floor with unobstructed north/east/west/south views of Lake Michigan and the city skyline. The ceiling to floor windows in this unit let you feast your eyes on the panoramic views. This prime piece of Chicago real estate has recently been gutted and completely renovated, with a state-of-the-art kitchen.

1550 N. State Parkway
6,000 sq. ft.
This elegant historical Benjamin Marshall building allows you to enjoy the view of the park and the Cardinal mansion. This piece of Chicago real estate is a duplex, which is unique in this type of building. The building is certainly out of the ordinary: It has panache and the understated architectural grandeur of another era.

Streeterville                                                                                                                                                                                                                              400 N. Lake Shore Drive
4,138 sq. ft. on the 23rd floor

4,748 sq. ft. on the 11th floor feet
Anticipated to be the most elegant and iconic building in Chicago, the Chicago Spire is designed by the famous architect Santiago Calatrava. Architectural details on the interior will be as exceptional and intricate as those on the exterior.

180 Pearson
5,508 sq. ft.

In the Water Tower residences, there’s an exciting duplex on the northeast corner of the building. This home has superb views of the lake, the city skyline and Navy Pier. And, as in any great luxury Chicago condos, you have access to the luxury amenities: In this case, the Ritz Carlton Hotel and the Carlton Club.

Cathedral Area                                                                                                                  25 E. Superior
4,974 sq. ft.

If you like penthouses, this townhome at the Fordham is all on one floor and you have the opportunity to have 6,200+ sq. ft. with 10- to 14-ft. ceilings of raw space to design as you choose, or a 7,000+ sq. ft. plus a 575 sq. ft. terrace. And private parking for 4 cars. Pure luxury.

Near North                                                                                                                    401 N. Wabash
4,029 sq. ft. on the 86th floor
6,850 square feet on the 87th floor
These luxury Chicago condos in the brand-new Trump Tower are one-of-a-kind: unprecedented lake, river and city views and extraordinary high ceilings. A luxury building that is sure to increase in value once it is totally occupied.

Lincoln Park
2520 N. Lakeview
4,891 and 5,129 and 5,131 sq. ft.

A variety of enormous spaces are available in this luxury Lincoln Park building. This is the ultimate new luxury Chicago real estate in Lincoln Park: It will have a 1.25-acre private park plus concierge, gym, spa, pool and private theatre. The building is designed by Lucien LaGrange on 3 acres in Lincoln Park with awesome views. These will be some of the few luxury Chicago condos in a neighborhood environment, right across from Lincoln park and the wonderful North Pond restaurant.

2355 North Commonwealth Ave.
5,000 sq. ft. Co-op

This is a real family home located in Lincoln Park, right near the Lincoln Park Zoo, Lake Michigan and plenty of shops. This exceptional piece of Chicago real estate is a full floor with gracious, oversized rooms.

2430 N. Lakeview
5,600 sq. ft. Co-op

There are two exceptional duplexes in this collection of luxury Chicago homes for sale, directly across from Lincoln Park. One on the 5th floor and another on the 11th floor.

2450 N. Lakeview
8,000 sq. ft. Co-op

Another elegant vintage building that’s been restored to luxurious, modern specifications. The square footage takes up the entire floor of the building and this space is larger than most single family homes in the city. If you live in this piece of Chicago real estate, you’ll be directly across from Lincoln Park.

For floor plans or price information for any of these properties, please inquire at 312.264.5853.