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 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.

Amazing Chicago Luxury Penthouse Sells in September

September’s Chicago luxury condo sales were really filled with real estate eye candy, starring an ultra-luxury condo along East Lake Shore Drive. The ultra-luxury market in general was strong among condos last month, with 9 properties sold in excess of $2 million. The total sales volume for luxury condos in September was $74.5 million—not the highest month of the year, but certainly far from shabby given that the real estate market tends to dip in September.

As we head into fall, I encourage potential buyers to take a look at what’s moving on the Chicago real estate market. Learn about what features come with what price tag, and use that information to help determine your own expectations and budget for a new home.

With that, here are the top five luxury condos that sold in September, starting with that exquisite penthouse unit:

189189 E Lake Shore Dr, Unit PH18
Original list price: $13.5 million
Sold price: $10.375 million
The month’s most expensive condo sale in Chicago deserves a drumroll, as this may very well be the most magnificent penthouse in the city. On the beautiful East Lake Shore Drive, this 5-bedroom condo spans 7,662 square feet on the interior—and a whopping 3,000 square feet (yes—3,000 square feet) of private outdoor space on the outside. The terraces off of the Solarium showcase the most spectacular lake and city views. The dramatic interior includes oversized windows, extraordinary ceiling height, a 50 x 20 foot living room that spans the entire front of the apartment with faces Lake Michigan. A thoughtfully appointed chef’s kitchen makes it prime for entertaining. The price also includes parking for 5 cars—a true rarity in the city.

Chicago condos in Trump Tower401 N Wabash Ave, Unit 41A
Original list price: $4.25 million
Sold price: $4.1 million
The Trump name alone is practically a guarantee that this Chicago condo is packed with luxury, but this 4,000 square foot 3-bedroom unit takes it to the next level. The home has been highly upgraded and features 2 fireplaces, 10-foot floor-to-ceiling windows, Miele/SubZero/Worlf appliances, plus the opportunity to combine with an 1,100 square foot unit next door that would create a 5,100 square foot home with wraparound views. The building itself, is known for top-of-the-line service, like a world-class spa and gym, hotel amenities and five-star services like in-home catering and much more.

55eerie55 E Erie St, Unit 5202
Original list price: $3.995 million
Sold price: $3.85 million
Luxury living on the Magnificent Mile—this 4,165 square foot penthouse unit has been extensively upgraded so that the interior features match the breathtaking lake and city views offered in every room. The completely custom interior sounds like a wish list from the most discerning luxury buyer: A chef’s kitchen with custom Italian cabinets, wide-plank hardwood floors, a palatial master with 2 walk-ins and lavish bath, three private terraces, and much more. The building is full service with a 24-hour doorman, workout room and pool.

30WOakSt30 W Oak St, Unit 17B
Original list price: $3.85 million
Sold price: $3.65 million
Elegance is at the forefront of this one-of-a-kind, highly upgraded 3 bedroom condo in Chicago’s Gold Coast. Features include a customized floor plan that spans 3,349 square feet, 10-foot ceilings, an expansive wall of windows with south and west views and a 24 x 12-foot terrace perfect for framing sunsets. A recently added bonus family room is just off the chef’s kitchen, which features Poggenpohl cabinets, Miele appliances, SubZero refrigerators and a built-in Miele coffeemaker. The lavish master bath showcases top finishes in custom built-ins and marble baths.

50-E-Chestnut-St-60611_unit-1801_Chicago_IL-114368350 E Chestnut, Unit 2301
Original list price: $3.75 million
Sold price: $3.55 million
Striking cityscape views from each room is the pièce de résistance for this Gold Coast luxury condo, thanks to its occupation of the entire 23rd floor. The 4,000 square foot layout is perfect for entertaining, with corner views and terrace access from the living room and a home theater in the family room. An expansive master suite includes an office, walk-in closet and two baths.

For additional details or photos on the properties 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.

Excellent Sales for Luxury Chicago Condos in May

Luxury condo Sales in May matched the heat of the summer, with a total sales volume of $70 million. There were 43 luxury condos sold, ranging in price from $1 million to over $3 million.

One building was the star of May’s sales: Lincoln Park 2550. Of the five most expensive sales, this new construction building took the 3rd and 5th spots for the month. This was a project that was highly anticipated for a number of years, and the excitement has only gained momentum now that it is complete. It’s like no other building in the city, with a stunning, elegant lobby and a 1 ¼ acre private park right on the grounds. It’s also close to private schools and offers the same amount of space as a single-family home, making it ideal if you have a nanny or other assistants during the day to day.

I’ve said many times that the buildings that do well for resale are those that differentiate themselves from everything else on the market. Lincoln Park 2550 certainly does that to the nth degree.

While this building was certainly the showpiece of May’s luxury condos, there were a number of other noteworthy sales as well. Here’s a closer look at the top 5 most expensive condo sales, starting with the most expensive:

50-E-Chestnut-St-60611_unit-1801_Chicago_IL-114368350 E Chestnut St., Unit 1301
Original list price: $3.295 million
Sold price: $3.195 million
At the corner of Rush and Chestnut in Chicago’s Gold Coast, this is a full-floor residence spanning more than 3,800 square feet. This unit was the last of the developer’s units, featuring a private elevator foyer, floor-to-ceiling windows, two oversized terraces, highly upgraded finishers, Wolf/Subzero appliances, designer cabinets and counters, upgraded light fixtures, built-out closets and hardwood floors throughout. The home is also pre-wired for audio, video and Lutron lights throughout.

Chicago condos in Trump Tower401 N Wabash Ave., Unit 77D
Original list price: $$2.95 million
Sold price: $2,837,500
Trump Tower reigns again on our top sales list. This 3-bedroom unit sits on the 77th floor, allowing for unbelievable sweeping views of the city, lake and skyline. The 4 baths include an extra large master bath with double walk-in closets. A spacious living room opens up to the dining room, which follows the dramatic curve of the building, and a large kitchen includes Subzero, Viking, Wolf and Miele appliances with Snaidero cabinets. Residents of Trump Tower can enjoy all of the amenities of the building’s hotel, including room-service, in-room dining, valet parking, a state-of-the-art fitness center and spa and much more.

25502550 N Lakeview Ave., Unit D1-24
Original list price: $2.854 million
Sold price: $2.73 million
This unit is found in one of the finest buildings in Chicago luxury real estate: Lincoln Park 2550. With 4 bedrooms and 4.5 baths, the interior stretches more than 3,500 square feet with a 254 square foot terrace that boasts lake, park, pond and city views. The fully appointed cook’s kitchen includes a large breakfast bar, Italian cabinetry, and SubZero, Wolf and Miele appliances. The home also includes oak floors and floor-to-ceiling windows and a marble spa master bath. The building is beautiful, but full of conveniences and amenities as well, such as an indoor pool, fitness center, dog run and much more.

Residences at 900 Chicago77 E Walton St., Unit 23F
Original list price: $2.7 million
Sold price: $2.7 million
Just off of the Magnificent Mile, the Residences at 900 is one of Chicago’s best residential addresses in downtown Chicago. The building offers a private residential lobby on Walton, valet parking, huge storage and state-of-the-art technology. This 3-bedroom unit spans 3,400 square feet with floor-to-ceiling windows, fabulous views, 10-foot ceilings, 4” white oak floors throughout, a Snaidero kitchen and a lavish master bath.

25502550 N Lakeview Ave., Unit C6-30
Original list price: $2.791 million
Sold price: $2.66 million
Here it is again: Lincoln Park 2550. This unit is a 3 bedroom, 3.5 bath unit with 2,655 interior square feet and 188-square foot terrace that offers amazing lake, park and city views. The large master suite includes a walk-in closet and marble spa bath, while the kitchen boasts Italian cabinetry, luxury appliances and more. This is one of the hottest buildings in Chicago right now, in the heart of scenic Lincoln Park and with practically limitless features and amenities for its residents to enjoy.

To learn more about the Chicago condos that sold last month or to see what’s on the market now, contact me at (312) 498-5080.

October’s Most Expensive Luxury Chicago Condo Sale is at Iconic Boutique Building

There’s been a fairly obvious trend we’ve seen in recent months among Chicago condo sales—buyers are gravitating toward new or newer properties in a great location with spectacular views. They also want a building that’s unique—not a run-of-the-mill condo building, but often a smaller, boutique-esque building with a small number of units but ample space within each unit itself. Things like 10-foot ceilings and big kitchens certainly are toward the top of the list as well.

All that can be found at 30 W Oak, which is home to October’s most expensive condo sale at $4.7 million. This is a great building for an architect or designer with a minimal, architectural aesthetic they would appreciate, especially those who are into mid-century modern design. The building’s design allows for floor-to-ceiling windows that add a certain elegance both inside and out. For art collectors, the building’s generous wall space in each condo makes is a great choice for displaying large pieces.

October is typically a month that Chicago real estate sales begin to decline as colder weather settles in. But this month’s total sales held strong, topping $58 million. October also saw sales ranging from just under $3 million up to $4.7 million, whereas the past several months have seen sales more around the $2 million range.

Top Chicago Condos Sold in October

Here’s a more detailed look at the Chicago condos that sold in October, starting with the most expensive sale:

30 W Oak St, Unit 23A
Original list price: $4.7 million
Sold price: $4.7 million
As I mentioned, this building has reached icon status thanks to its unique architecture. Virtually 2 blocks from Michigan Avenue, it’s also a block and a half to the most posh shopping in Chicago on Oak Street. The block is home to the newly-opened Tom Ford boutique, as well as Hermes, Harry Winston, Prada, Barneys and others. The unit sold at 30 W Oak boasts panoramic city and lake views from those floor-to-ceiling windows on the 23rd floor, as well as details like marble flooring in main living areas.

179 E Lake Shore Dr, Unit 29
Original list price: $5.575 million
Sold price: $4.5 million
This 3-bedroom condo in Drake Tower spans just under 5,000 square feet, with commanding views in all four directions. It’s also a full-floor unit, making it one of the more private options for luxury condo living. Drake Tower is a co-op building, next to the Drake Hotel and steps away from the Magnificent Mile and Oak Street Beach.

50 E Chestnut, Unit 1801
Original list price: $3.07 million
Sold price: $2.97 million
Another building with just one residence per floor (and only 34 residences total), 50 East Chestnut is a premier building in the sought-after Gold Coast neighborhood. Each condo has a private elevator foyer, floor-to-ceiling windows, 2 oversized terraces, elegantly appointed interiors with high-end cabinetry and appliances, plus the ability to customize your space from top to bottom.

900 N Kingsbury St, Unit 950
Original list price: $2.95 million
Sold price: $2.95 million
This penthouse loft is an architectural masterpiece: A corner unit with 5,500 square feet, 15-foot ceilings and walls of windows on the 9th floor, the top level of the original building. This Chicago condo boasts 4 bedrooms, 4.5 baths, a gourmet kitchen, 3 balconies and three garage space and private storage.

318 S Michigan Ave, Unit 700
Original list price: $2.3 million
Sold price: $2.3 million
This full-floor duplex unit was a blank canvas, with 4 bedrooms, 4,200 square feet, and a 1,000-square foot private terrace. Also located in an intimate, 5-unit building, this recently remodeled property was ready to be finished to the buyer’s liking.

It will be interesting to see if next month’s sales report brings a bigger change in the market now that the cold season has settled in. That being said, these months before the end of the year are a great time for buyers to make a move and take advantage of the seasonal slowdown to get a better deal. To see what’s on the market now or talk more about purchasing a Chicago home in 2013, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Most Expensive Chicago Properties to Sell in June: 2 Co-Ops at 1500 North Lake Shore

The luxury market for Chicago condos and co-ops has certainly gone through a few changes in the last two months. One important sign is simply the number and dollar amount of sales closing each month.

In June 36 luxury condos closed in Chicago for a total of $64.4 million. Interestingly, two of those properties—the most expensive to sell and to close—were co-op properties. Not to mention, both of these properties were on the market for more than 200 days. Chicago co-ops are often on the market for longer since there are special requirements for purchasing one—mortgages may be more difficult to obtain and many must be purchased for cash.

Co-Op Properties in Chicago

Co-Ops are coveted types of Chicago real estate for a few reasons—and considering that both of these co-ops closed in June is yet another sign that the luxury market is heating up.

Most Chicago co-op buildings feature a certain old-world charm you won’t find elsewhere—these are pre-war buildings with a European feel that luxury clients from New York and San Francisco especially appreciate. The exclusivity and cache of these buildings and the personal service that comes with it is also highly sought after. Just walking into one of the timeless lobbies of these buildings is marked by a certain panache and exceptionality that cannot be duplicated elsewhere.

When it comes to purchasing a Chicago co-op, buyers must go before a board, who will interview you and check all of your financials (including bank accounts) and vote as to whether you can purchase the apartment. Purchasing a co-op means you own shares in the building and don’t own your apartment outright. There are also many co-ops that will allow a purchase in their building with a mortgage. Give me a call at (312) 498-5080 and I can discuss the ins and outs of the co-op purchase process.

Luxury Condos Sold in June

While co-op buildings were the top Chicago condos to sell last month, here’s a closer look at all top 5, in descending order:

1500 N Lake Shore Drive, Unit 22A
Original list price: $4.95 million
Sold price: $5 million
This is one of the most stunning residences in the Gold Coast, from the lobby, to the service-oriented staff, all the way up to the spectacular lake and skyline views in this unit. Renovated by Jessica LaGrange, this Chicago condo features well-proportioned formal rooms idea for entertaining, a paneled library, oversized family room and a generous master suite. This 6,450-square-foot 4 bedroom co-op required cash only for the sale.

1500 N Lake Short Drive, Unit 7-8B
Original list price: $4.545 million
Sold price: $4.2 million
A renovated 4 bedroom/4.5 bath, this 5,000+ square foot co-op unit spans two levels to feel more like a home than an apartment. Overlooking Lake Michigan, the space is ideal for entertaining, with grand formal rooms, magnificent architectural details, a library with wet bar and large master suite with walk-in closets. Valet parking is also on site as part of the cooperative building’s service-oriented features.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Drive, Unit 1301
Original list price: $3.85 million
Sold price: $3.695 million
Another Lake Shore Drive gem, this unit is in a rarely-available, top-tier luxury building along the famed road. With 4,300 square feet inside a regal building, the unit features panoramic views of Lake Michigan, Navy Pier and the city. This unit is an art collector’s dream, with built-in shelving, custom millwork and light and sound controls throughout the property.

50 E Chestnut, Unit 1601
Original list price: $3.05 million
Sold price: $2.825 million
This Gold Coast building has been coveted by luxury buyers, with one residence per floor to exceptional privacy and exclusivity with only 34 Chicago condos in the building. Each home has a private elevator foyer, floor-to-ceiling windows and two oversized terraces. This 3-bedroom spans more then 3,800 square feet and includes a choice of Snaidero or Brookhaven cabinetry, Wolf and Subzero appliances and is pre-wired for audio and video throughout.

Ritz-Carlton Residences Chicago118 E Erie, Unit 30E
Original list price: $3,025,797
Sold price: $2.6 million
A 2-bedroom beauty found in the Ritz-Carlton Residences just off of Michigan Avenue, this Chicago condo features everything from high ceilings to access to the private Landmark Club. The building is managed by the Ritz-Carlton Hotel Company, ensuring that each resident receives the most elevated, unmatched service.

Whether you’re interested in a co-op purchase or a condo in one of the city’s most sought-after buildings, give me a call. I can walk you through the details of a co-op purchase or give you an idea of what’s on the market now. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Most Expensive Chicago Luxury Condo Sales in March Included Brand-New Construction

March was good to Chicago real estate, with Chicago Magazine just declaring it an “awesome” month for the market. Chicago condo sales did their part with 35 luxury sales during the month, totaling $63.8 million for properties priced anywhere from $1 million up to over $4 million.

Most of the top sales that closed last month were brand new or relatively new construction properties. And each had that elusive location, location, location (four out of five in the downtown area) and one in the most exciting new construction property in the city, 2550 Lakeview.

Here are details for the top five most expensive Chicago condo sales during March, in ascending order.

The Ritz-Carlton Residences, Chicago118 E Erie, Unit 36E
Original list price: $2,856,125
Sold price: $2,850,000
The 40-story Ritz-Carlton Residences is one of the most magnificent buildings along the Magnificent Mile. This newer 2-bedroom unit spans 2,461 square feet and includes all of the amenities and service the building has to offer–a residence club, grand salon, spa, fitness center and available chef. The building is managed by the Ritz-Carlton Hotel Company, which is nearly a five-star guarantee for the best service in luxury living. The 86 units in the Ritz-Carlton Residences Chicago feature recessed balconies or terraces and 10-12 foot ceilings.

N Lake Shore Drive Chicago Condo1448 N Lake Shore Drive, Unit 16AB
Original list price: $2.995 million
Sold price: $2.9 million
This newly renovated 4 bedroom co-op not only boasts a Lake Shore Drive address, but 60 feet of space facing Lake Michigan. The vintage residence’s 5,250 square feet has elegant formal rooms, a paneled library with wet bar, high-end kitchen with breakfast area, and four en suite baths. One of the biggest points of interest among luxury buyers is the fact that this property is just a short walk away from Latin School, one of the area’s most sought after schools.

2550 N Lakeview Ave, Unit C6-24
Original list price: $2,960,020
Sold price: $2,960,020
This 2,843 square foot 3-bedroom unit is in one of the city’s hottest new luxury buildings, 2550 Lakeview. Located in the heart of picturesque Lincoln Park, this building has swept the luxury Chicago real estate scene with everything from its architecture to the high-end benefits of being a resident here. The elegance of this building is apparent the moment you step into the grand lobby, and residents here have a 1.25-acre private park and garden, an indoor pool and hot tub, a catering kitchen and Club Lounge, private movie theater, game room and much more.

The Elysian Residences Chicago

11 E Walton St, Unit 3601
Original list price: $4.199 million
Sold price: $3.875 million
An exquisite Chicago condo located in the Elysian in the Gold Coast, this 3-bedroom home spans an exquisite 4,000 square feet. With an exceptional floor plan for living and entertaining, the unit also features two valet parking space, top of the line finishes, 10-foot ceilings, 2 terraces, hardwood floors, custom closets, commercial grade appliances, custom wood and lacquer cabinetry, wall coverings and window treatments. Residents of the Elysian can enjoy the amenities from the five-star Waldorf Astoria Hotel, including dine-in room service, concierge, 4,000 square foot spa and indoor pool.

50 E Chestnut, Unit 601-701
Original list price: $4.9 million
Sold price: $4,053,109
The priciest sale in March was a new construction duplex in the Gold Coast, complete with a two-entire-floor layout and a private elevator. This exclusive building houses just 34 residences, each with floor-to-ceiling windows, two oversized terraces, Wolf/SubZero appliances, and elegantly appointed interiors.

Luxury buyers are certainly on the lookout for properties that set themselves apart from everything else on the market, whether its with a great location, a special building or amenities and services that you simply don’t find anywhere else. Looking at the previous month’s sales gives buyer an idea for what is moving on the market now, and at what price–information that is crucial to anyone on the hunt for their own new home.

To learn more about Chicago condo sales during March or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

More than $60 Million in Luxury Chicago Condos Sold in June

Chicago condo sales continued to trend higher in June, with a total of 35 luxury units sold for a total of $60.4 million. Luxury condos are those priced at $1 million or higher.

If you’re in the market to buy, taking a closer look at the previous month’s home sales is a must. This gives you insight into what types of properties are going for what price, giving you as a buyer, more knowledge to negotiate with on your own purchase. If you’d like to see a list of all 35 properties sold in June, I can provide a list with photos for you to reference during your own home search. Just email me at: www.ssalnick@Rubloff.com.

Chicago Luxury Condos that are Selling

For the Chicago luxury condos sold in June, the top five were all located in downtown Chicago–by far one of the best locations thanks to its proximity to everything from parks and the lake, to work, to dining and entertainment, all in the heart of downtown. One thing I’ve noticed among the luxury condos that are selling is that they offer exceptional square footage. In this month’s sales, square footage ranges from a “low” 3,020 to a whopping 6,700 square feet.

For these upper bracket properties, I’ve also seen buyers continue to gravitate toward the newer buildings, those that have been built in the last five years or so. I also find that buyers who are working with cash are able to get a much better deal on a property because they have that to leverage with the seller and can close a deal quickly.

Luxury Units Sold in June

Starting with the most expensive condo sale in June, here’s a closer look at the top five units sold:

The Bristol in Chicago's Gold Coast neighborhood.

57 E Delaware St, Unit 4100
Original list price: $6.975 million
Sold price: $6 million
This extraordinary penthouse in The Bristol spans a massive 6,700 square feet with two sky top terraces and stunning lake and city vistas. This Chicago condo boasts huge 19-foot Cathedral ceilings in the living room, with a chef’s kitchen, 6” ebony wood floors, with 3 en-suite bedrooms and a separate master wing with a spa bath. This home also included 3 prime parking spaces, which is key in downtown Chicago. Not to mention–this home sold for nearly $1 million less than the asking price, and you guessed it–the buyer paid cash.

11 E Walton St, Unit 2902
Original list price: $3.675 million
Sold price: $3.35 million
The Elysian has been a part of nearly every monthly sales report for awhile now, and this unit was the last remaining terrace home. This unique condo features a spectacular 1,500 square foot wrap-around terrace, and an expansive floor plan with the finest finishes throughout. This unit also boasts views of Lake Michigan from its ideal location in the Gold Coast. The building itself offers residents a 14,000 square foot spa, valet, concierge and in-room dining.

445 E N Water St, Unit 2701
Original list price: $3.35 million
Sold price: $3.075 million
This penthouse duplex unit includes two private balconies, a wrap-around terrace and about 1,600 square feet of living space. With fabulous views of the lake, river and Navy Pier, this home also has custom European finishes, wide-plank wood floors, a smart home system, gourmet kitchen, upgraded appliaces and much more.

50 E Chestnut, Unit 3001
Original list price: $3.150 million
Sold price: $2.9 million
Up on the 30th floor, this Gold Coast condo is a great location for taking in breathtaking views of Chicago. This unit had a price reduction, allowing the buyer to get a great deal in this full-service building with deluxe amenities. The full-floor condo itself features designer finishes, two private balconies, garage parking and a highly desirable Gold Coast location that is just steps from the Magnificent Mile.

30 W Oak St, Unit 19B
Original list price: $2.275 million
Sold price: $2.275 million
The condos at 30 W Oak are found in an award-winning, architecturally unique building, which is something else many buyers are interested in as of late. This 19th-floor unit is impeccable, with many upgrades throughout, including the kitchen, baths, closet and even the breathtaking west view. This sale also included garage parking for two cars.

If you have questions about the Chicago condos for sale now, or want to learn more about what was sold in June, contact me at 312-264-5853 or email me at ssalnick@dreamtown.com

Luxury Chicago Condo Sales Close 36 in May, Totaling $55.8 Million

With sales over $55 million during the month of May, luxury condos continue to move in the Chicago real estate market. Amazing deals and ample square footage seemed to be the keys to sales in May, helping to sell the five most expensive condominiums ranging from $2 million up to $5.2 million. Another thing luxury buyers seem to be looking for is new construction condos in Chicago. Three of the top 5 sales were brand-new construction units, and I’ve noticed that many condo buyers continue to gravitate toward either brand new buildings or those that were built within the last few years.

Top 5 Chicago Luxury Condos Sold in May

Here’s a closer look at the five most expensive condo sales in May, starting at the very top:

1340 N State Pkwy, Unit 2 Original list price: $6.7 million Sold price: $5.2 million The most expensive sale was in one of the most elegant, timeless and talked-about buildings in Chicago‾the original Playboy Mansion. With a whopping 7,874 square feet of interior space, this single-floor unit features 4 bedrooms, 5 bathrooms, and an attached terrace. The unit’s living room was once the mansion’s ballroom, featuring original paneling and soaring ceiling heights (not to mention a piece of history). Entertaining in this Chicago condo is a must with an oversized formal dining room and chef’s kitchen.

50 E Chestnut, Unit 801 Original list price: $2.79 million Sold price: $2,312,500 50 East Chestnut is one of Chicago’s most exclusive buildings, with just 34 full-floor residences and a premier location in the Gold Coast. Because this is a new construction unit, the buyer is able to customize the space to their liking. Each unit in 50 East Chestnut features a private elevator foyer, floor-to-ceiling windows with 270-degree views, two oversized terraces and an elegant design that fits in perfectly with the panache of the Gold Coast.

110 W Superior St, Unit PH-2701 Original list price: $2.45 million Sold price: $2.22 million A stunner among downtown Chicago condos. This spectacular duplex penthouse features ceiling heights of 23+ feet in the living area, plus impeccable attention to detail throughout the unit and the buyer’s ability to customize to their liking. This new construction 3-bedroom spans 2,820 square feet with an enormous roof terrace and hot tub. Superior 110 is a full-amenity boutique building, with 24-hour doorman, fitness center, business center, dog run and deeded parking spots.

225 N Columbus St, Unit 8001 Original list price: $2 million Sold price: $2 million Found in new construction building Aqua, this penthouse unit offers unbeatable views from the 80th floor. With a unique architecture that gives every residence its own balcony, Aqua is located in Chicago’s New East Side, a newer neighborhood that residents love for its proximity to downtown and the Loop, Millennium Park and Lake Michigan. This unit in particular boasts floor-to-ceiling windows, crown molding, marble finishes and top-name kitchen appliances. The building features a sundeck, three pools, hot tubs, a fitness center, and much more.

180 E Pearson St, Unit 7204 Original list price: $2.995 million Sold price: $1.95 million Taking more than one million dollars off of the original list price, the buyer of this penthouse in the Water Tower got a superb deal. On the 72nd floor, this unit features spectacular panoramic lake and city views, with custom mill work, flooring and fixtures throughout. A lavish master suite features his-and-hers baths, with several walk-in closets, and the huge eat-in gourmet kitchen includes top-of-the-line appliances and a wine cooler. The building offers full amenities and a premium location just off the Magnificent Mile.

As I say with each new month, it’s crucial for buyers to take a look at recent sales in Chicago real estate. Being armed with such information gives buyers an idea of what is available on the market and what price it’s selling for–as well as what type of deals might be possible. The market can be unpredictable, and I encourage buyers to have all of the information they can get before making a purchase. For more details on these or other Chicago condos that sold recently, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.