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

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

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

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

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

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

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

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

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

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

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

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

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

Sale Records Made In June For Chicago Luxury Condos & Luxury Co-op

Not unlike single-family home sales, luxury Chicago condos sales for June brought in some impressive numbers: 49 properties sold for a total sales volume of $85.5 million. Luxury Chicago condos are those priced $1 million or higher, but 11 of the units that closed in June actually sold for more than $2 million, with the highest priced property (a co-op) going for a whopping $7.4 million.

Here’s a closer look at the top 5 most expensive properties sold on the Chicago luxury condo market last month, in descending order:

209 E Lake Shore Dr209 E Lake Shore Dr. Unit 11-E
Original list price: $7.9 million
Sold price: $7.4 million
One of the pricier sales we’ve seen among luxury real estate in Chicago the last several months, this co-op was noted as one of the most beautiful and elegant apartments in the city. The building was built in 1920, but this home was completely custom renovated by the design team of Gregga and Herman, using the finest materials and finishes to give it the details that take it to the next level. The East Lake Shore Drive address is not only a highly sought-after location, but offers residents unparalleled lake views from the 11th floor.

This unit was a co-op, which many of the buildings along East Lake Shore Drive are. But the truly noteworthy part is that this unit sold for cash in just 19 days. Luxury co-ops typically do not sell as fast as condos because there is much more involved—potential buyers must go before a board to provide all of their financials up front. Buyers coming from cities like New York or San Francisco are often clients who appreciate  pre-war buildings and units that are hardly cookie-cutter, so finding an out-of-town buyer often doesn’t happen quickly either. So the fact that this unit sold in just 19 days is truly remarkable.

2550 n lakeview2550 N Lakeview Ave, Unit C8-13
Original list price: $3.999 million
Sold price: $3.999 million
If you’ve been paying attention to recent sales of luxury condos in Chicago, you’re no strange to this building: Lincoln Park 2550. This is a stunning new construction building in the heart of one of the city’s best neighborhoods and parks, with amenities, services and more all at its residents fingertips. This 3-bedroom, 3.5 bath Lincoln Park condo is luxurious and roomy from the inside to out, from the 750+ square foot terrace to the high-end appliances in the kitchen to the marble spa bath in the master suite.

2550 n lakeview2550 N Lakeview Ave, Unit C8-12
Original list price: $3.854 million
Sold price: $3.795 million
Another Lincoln Park 2550 unit, this 3 bedroom, 3.5 bath spans 3,965 interior square feet, plus an additional 758 square feet on the terrace, which offers amazing southeast lake, park and city views. Inside is a fully appointed cooks kitchen with a large granite breakfast bar, Subzero, Wolf and Miele appliances and a gracious living room and dining room with oak floors and floor-to-ceiling windows. The large master suite features a walk-in closet and marble spa bath. Residents here can enjoy everything from a private ¼-acre park to a pool and fitness center, to the stunning lobby that greets you as soon as you walk in the building.

1100 n lake shore1100 N Lake Shore Dr, Unit 40B
Original list price: $4.299 million
Sold price: $3.2 million
Its location on North Lake Shore Drive gives this penthouse triplex unbeatable lake and city views. This 8,000 square foot unit is on a full private floor with a rooftop deck. Inside you’ll find 4 bedrooms, polished porcelain floors, rosewood walls plus custom tile and millwork throughout. The spacious rooms were designed for family use and entertaining, with 4 wet bars, a huge living room/dining room media room with built-in humidor and a top floor solarium with seating and eating area.

130 n garland130 N Garland Ct, Unit 5603
Original list price: $3.299 million
Sold price: $3.06 million
On the corner of beautiful Millennium Park, this Chicago condo was a custom designed and decorated penthouse unit with wraparound views to the east, south and west. The 4,400 square feet of living space includes 3 bedrooms and 3 full baths, plus a large open kitchen and family room. Lux details like custom marble, hardwood floors, electric blinds and the best finishes make this a one-of-a-kind condo in downtown Chicago.

Between new construction and older, pre-war buildings like the East Lake Shore Drive co-op, last month’s sales were quite varied, which speaks to how the luxury real estate market in Chicago is going. New properties continue to move quickly, as many buyers are on the hunt for brand-new homes and there hasn’t been much being built in the last few years. But older buildings are having their day as well, with resales seeing quite a discount when comparing listing prices to sold prices. It ultimately comes down to what the buyers are looking for, and that will be different for everyone.

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