Sales of Chicago High-End Luxury Condos Take a Dive in September

If you’ve been following along in recent months of Chicago condo sales, you’ll know that the real estate market had a busy summer among high-end properties. Sales far and above $1 million and $2 million have been common as of late, and I might have expected more of the same as we closed out September.

However, September was a bit unusual for the luxury sector. The most expensive sale topped out at just $1.5 million, which is hardly in the “ultra-luxury” category we’ve seen take over the top sales month after month. Not to mention, September is typically when the fall real estate market comes to life, as people return from summer breaks and want to make a move before the holiday season settles in.

So what does this anomaly mean? It could be a sign that the Chicago luxury real estate market is taking a turn in buyers’ favor. So far in 2017 has really favored sellers, thanks to limited inventory driving high prices. Many prospective buyers have either opted to wait out the market for better buying conditions, or are purchasing homes with cash to ensure they are able to get the home of their choice.

September Sales See Softer Prices, Square Footage

It’s possible that the various things at play throughout 2017 came to a head in September, resulting in sales that were significantly softer than what we saw in preceding months. The most expensive condo to sell in September went for just $1.5 million. Total sales volume for the month was $86.8 million, compared to August’s $95 million.

Another atypical trend last month was the square footage among the top sales. Most luxury buyers who are in the market for a condo still want at least 3,000 square feet, to retain the space of a single-family home but enjoy all of the conveniences of condo living.

And so, it’s safe to say that September was unusual. Let’s take a look at what the sales market brought with a closer look at the top five Chicago condos sold:

2748 N Lakewood Ave2748 N Lakewood Ave, Unit 2
Original list price: $1.435 million
Sold price: $1.4 million
A stunning row home in Lincoln Park, this row home spans 3,500 square feet (the only one out of the top five to cross the 3,000 mark in square footage). The open-concept living space is packed with luxury, style and sophistication, thanks to custom-quality details and finishes and fully outfitted technology like surround sound and recessed lighting. The home offers the privacy and security of a single-family home, with a gated courtyard entry and attached, heated two-car garage. The exterior boasts four spaces to enjoy the outdoors: a professionally landscaped, tranquil courtyard, two decks off the main and penthouse levels, and a custom-designed rooftop that feels like a five-star resort with breathtaking city views. Lincoln Park is a neighborhood coveted for its great location and this home is no exception with a central spot just a short walk to the brown line.

540 W Webster Ave540 W Webster Ave, Unit 911
Original list price: $1.325 million
Sold price: $1.425 million
A welcome (and rare!) new construction addition to Lincoln Park, Webster Square is a boutique style, 12-story building with 89 units ranging from 1 to 4 bedrooms. This 3 bedroom, 3.1 bath condo is 2,130 square feet, with a modern, open-floor plan, high ceilings, fantastic views, private balconies and upscale finishes. This beautifully appointed building is packed with amenities like a 24-hour doorman, fully-equipped fitness center, club and party room, business center, rooftop deck with dynamic lake and city views and a landscaped half-acre private park.

1929 N Sedgwick St1929 N Sedgwick St, Unit A
Original list price: $1.499 million
Sold price: $1.475 million
Part of a stunning 1870s all-brick walk up, this duplex-up penthouse in Lincoln Park is one of a kind, recently redesigned by James Thomas Firm and with no detail left out. The first floor boasts towering, 14-foot ceilings with crown molding, transitional custom lighting and custom silk draperies. A wide-open floorplan includes an oversized family room with built-in cabinets surrounding a wood-burning fireplace. And the kitchen is the crown jewel—all-white custom cabinetry, 11-foot island, detailing lighting and an eat-in kitchen. On the second floor, find a gracious master suite with a private southwest deck, a built-out closet and luxury bath with dual vanities, separate shower and jet tub. Outdoors is a 1,500 square foot private deck with outdoor kitchen, tv, irrigation, lighting, motorized shades, planters and amazing skyline views.

600 N Lake Shore Dr600 N Lake Shore Dr, Unit 3704
Original list price: $1.478 million
Sold price: $1.475 million
Lake Shore Drive is another highly sought-after address for Chicago condos, and this one is in a prime location in the building’s north tower. With 2,159 square feet right on the lakefront, there is plenty of room to relax and entertain in this standout home. A wall of windows running along the living, dining and kitchen areas and balcony make way for breathtaking views of Lake Michigan, Ohio Street Beach and Navy Pier. Details like custom light fixtures, dark hardwood flooring, custom wall paint and exquisite décor make this a covetable home.

950 N Michigan Ave950 N Michigan Ave, Unit 4402
Original list price: $1.5 million
Sold price: $1.5 million
A prestigious magnificent mile location at a premier address, this 2,175 square foot condo is an elegant urban oasis. A key feature of this Chicago condo is the tall picture windows that bring in beautiful vistas of Lake Michigan, Oak Street Beach, Lake Shore Drive and the shoreline from every room. This unit in particular has the highest ceilings in the building, at 10.5 feet, plus an expansive living room, separate dining room and a redesigned, expanded kitchen. The master suite has two private baths the three walk-in closets. Amenities in this impeccable, well-managed building include an indoor pool, sun deck and grills, fitness center, attentive 24-horu door staff and available garage parking.

No matter where you are in the process, if you’re considering purchasing a luxury Chicago condo, I highly recommend getting familiar with the most recent sales. Seeing what types of properties and features sold at what price helps give you an idea of what you might be looking at when you’re ready to find a property that matches your needs and your budget.

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.

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 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.

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.

January Luxury Condo Sales Demonstrated That Buyers Want Square Footage

A common misconception about condo living is that condo means small. Apartment-like. A downgrade from a single-family home. But Chicago condos often defy that idea, and last month’s top luxury sales are no exception. Condo buyers were on the hunt for serious square footage, and square footage was certainly what they got.

Since many condo buyers today are moving from a large single-family home, condos with ample square footage are ideal. Buyers can take advantage of all of the benefits of condo living but don’t have to sacrifice space or their priceless possessions. In January, the top luxury condos sold in Chicago ranged from 3,100 square feet all the way up to 4,700+. Combine that with 9- to 10-foot ceilings and newer (if not brand new) construction, and buyers have just about everything they loved about their single-family home packaged nicely into a building with amenities and services they wouldn’t get elsewhere.

Chicago Condo Sales in January
Despite being in the heart of winter, January continued to be an outstanding month for sales of luxury Chicago condos. There were 30 units sold with a price tag of $1 million or higher, totaling $55 million for the month. The highest priced condo was upwards of $5 million.

You won’t find many strangers in last month’s sales report—most of these buildings here featured in my top 15 Chicago condo buildings over the last year. Here’s a closer look at the top luxury Chicago condos sold in January, in descending order:

2550 N Lakeview Ave., Unit D6-35
Original list price:
$5.62 million
Sold price:
$5.335 million
Square footage:
4,703
This is a half-floor residence in Lincoln Park 2550, a building that could very well be one of the city’s most well-received new construction projects in the last couple of years. Its location on a southeast corner provides exceptional panoramic views, with an open floor plan, high ceilings and floor-to-ceiling windows. The gracious space includes 4 bedrooms, 4.5 baths and a library, plus 250 square feet of outdoor space. The luxuriousness is taken down to every detail, with state-of-the-art appliances and exquisite finishes like solid oak floors, crown moldings, and marble baths.

The Elysian Residences11 E Walton St., Unit 3002
Original list price:
$3.75 million
Sold price:
$3.5 million
Square footage:
3,436
Located in the Gold Coast’s Elysian Residences, this elegant home is a perfect pairing of classic elegance and modern luxury. With 3 bedrooms/3.5 bath, the floor plan also includes a living room with fireplace, gourmet kitchen, 180-degree views, 2 terraces, 10-foot ceilings, custom millwork, spa baths and walk-in closets. Not to mention, residents here can enjoy with 5-star services and amenities of the Waldorf Astoria Hotel, which sits on the bottom floors of the building.

Chicago condos in Trump Tower401 N Wabash St., Unit 82D
Original list price:
$3.8 million
Sold price:
$3.1 million
Square footage:
3,102
I can always count on Chicago’s Trump Tower to have one (or more!) spots on the top 5 sales list from month to month. This unit is a 3 bedroom, 4 bath stunner with sweeping views of the city and skyline. A wonderful master suite includes an extra large bath and double closets, and entertaining is made easy in a spacious living room/dining room that follows the dramatic curve of the building. Trump Tower also boasts some of the finest services and amenities in Chicago real estate, with everything from poolside service to in-home catering right at residents’ fingertips.

The Pinnacle Chicago21 E Huron St., Unit 4401
Original list price:
$2.95 million
Sold price:
$2.905 million
Square footage:
3,828
Luxury living is easy at the Pinnacle, a downtown building with a long-revered status among Chicago condos. This penthouse suite is just under 4,000 square feet and offers spectacular east, west and south views from floor-to-ceiling windows. An oversized master bedroom includes 2 additional en-suite bedrooms and his-and-her walk-in closets. Details include a granite island in the large gourmet kitchen, a marble entryway, built-in surround system and a 150-square foot private terrace. A storage locker and wine cellar are also included in assessment costs for residents here.

Residences at 900 Chicago77 E Walton Ave., Unit 24F
Original list price:
$2.725 million
Sold price:
$2.725 million
Square footage:
3,479
Located in the Residences at 900 just off of Michigan Avenue, this 3 bedroom, 3.5 bath unit features fabulous northwest views through floor-to-ceiling windows. Location aside, this unit features details like 4” white oak floors, state-of-the-art kitchen technology and 10-foot ceilings. Additional perks include an in-unit washer/dryer, valet or self-part and storage on the same floor.

Looking at the previous month’s sales gives buyers a look at what costs what when it comes to downtown Chicago condos. This is a great way to see the potential price tag of a certain amount of square footage or in a particular building. To learn more about 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 Luxury Condo Sales Slow Down in November

While single-family homes sales in Chicago seemed to keep pace in November, there was a bit of a slowdown among luxury condo sales during the month (though it’s important to note that this month’s top sale was actually a co-op). Sales for Chicago condos priced at $1 million or higher totaled 27 sales and $41 million in November. The top five condos sold in previous months were also $2 million or above, but November saw two of the top five sales under that mark.

But even the most expensive sale last month comes at a price much lower that you’d find in other major areas like New York or San Francisco. The most expensive unit sold—a Benjamin Marshall co-op penthouse spanning 4,000 square feet looking over Lake Michigan—sold for just $625 per square foot. That’s an amazing price for such a stunning property in Chicago, and it’s these types of homes that Europeans and people from other major U.S. cities seem to love.

And of course, ample square footage and show-stopping views were also features of last month’s top five. Buyers continue to gravitate toward condos that boast the space of a single-family home, but the benefit of looking out onto the sprawling city below (often through floor-to-ceiling windows, no less).

Here’s a closer look at the details from last month’s highest priced condo and co-op sales in Chicago:

999 E Lake Shore Dr., Unit 9A
Original list price: $2.75 million
Sold price: $2.5 million
This Chicago co-op is a Benjamin Marshall penthouse unit,  made up of 4,000 square feet of living space looking over the lake. On a coveted stretch of Lake Shore Drive. With three bedrooms/four baths, the unit features 10-foot ceilings, vintage paneling, herringbone oak floors, a 33-foot dining room with marble floors and a formal library. This unit was a co-op property, which take longer to sell; this one was on the market for 214 days.

156 W Superior St., Unit PH
Original list price: $2.5 million
Sold price: $2.4 million
In an award-winning building for its architecture, this steel and glass single-floor River North penthouse has a lot to offer in modern luxury. An ascending stainless steel staircase leads to an enormous private rooftop deck with 360-degree city views. Inside are 14-foot ceilings, floor-to-ceiling windows, an open Archlinea chef’s kitchen with extraordinary finishes and custom lighting and sound throughout.

65 E Monroe St., Unit 4601
Original list price: $2.495 million
Sold price: $2.3 million
Found in the Park Monroe building, this penthouse unit lives up to the building’s notoriety for its astounding views of Millennium Park, Lake Michigan, Buckingham Fountain and more. This 2-bedroom, 4,000 square foot Chicago condo is on the southeast corner, allowing for commanding views of all there is to see along the lakeside. Inside, you’ll find custom finishes, a huge kitchen, stainless steel appliances, and 5” Brazilian cherry floors. Residents of the Park Monroe can also access the Park Monroe Club, with a lap pool, gym, media room and barbeque. A private rooftop terrace is available for penthouse units only.

403 E North Water St.
Original list price: $1.799 million
Sold price: $1.909 million
While this property is technically a condo, it lives much more like a single-family home. The entry to the home is from a cul-de-sac street, and walking out the back door takes you directly into a heated garage. Spanning more than 3,700 square feet, the wide floor plan offers five levels of living and entertaining space, including a private rooftop deck with expansive city and lake views. The 3 bedrooms are generously sized with unbelievable closet and storage space. And inside, you’ll find classic custom millwork and crown molding throughout. The bonus of this being a condo over a home is that an indoor pool and exercise amenities are inside the high-rise for residents’ use.

21 E Huron St., Unit 3103
Original list price: $1.9 million
Sold price: $1.8 million
This 3-bedroom condo in the luxury Pinnacle Residences boasts a signature floor plan high on the 31st floor. Dramatic views to the south, east and west can be enjoyed from the living room, dining room and oversized master suite and from two balconies. The open kitchen, family room, breakfast room and office feature hardwood floors and floor-to-ceiling windows throughout allow for maximum enjoyment of those enviable views. This unit also included 2 side-by-side garage spaces, a huge selling point for a downtown Chicago condo.

I always recommend potential buyers keep an eye on the Chicago real estate market and see what is selling and at what price. This will give you the upper hand when you’re ready to hit the market yourself and have an idea of what your own budget can get you in the neighborhood you want.

To learn more about 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.

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 Condos Sold in July Were All About the Square Footage

One might argue that the “downside” to condominium living is the lack of space, compared to what you might find in a single-family home in a residential neighborhood.

Many Chicago luxury condos defy that perspective easily, and the most expensive properties that sold in July are a great example. The most expensive sale last month had square footage that easily compares (or surpasses) that of a Chicago home, spanning 6,000 square feet high on the 45th floor.

The top 5 sales were found both in Lincoln Park at 2550 Lakeview and in the Near North/downtown Chicago area. Luxury condo buyers in Chicago are continuing to gravitate toward newer, statement-making buildings downtown, and those that can offer space of 3,500 square feet or more.

Here are the details of July’s top Chicago condo sales in descending order:

21 E Huron St, Unit 4501
Original list price: $6.9 million
Sold price: $6.5 million
As previously mentioned, this 6,000 square foot downtown Chicago condo was a true showstopper. The previous owners spared no expense in creating a full-floor penthouse residence with a renowned architect. The condo features 1,000-square-foot terraces and multiple balconies, topping it off with unobstructed views in every direction. Every finish inside was given special attention, featuring exotic woods, rare textiles, state-of-the-art electronics and automation and a 1,500-bottle wine cellar.

2550 N Lakeview Ave, Unit P7-15
Original list price: $5,198,000
Sold price: $5,144,850
Another penthouse with a generous 3,925 square feet of living space. This penthouse unit overlooks vistas of Lake Michigan, Lincoln Park and downtown Chicago, with a generous gallery opening up to wraparound southeast views. Featuring 3 bedrooms, a library, 1,045 square feet of outdoor space, a large master suite and oversized bath, formal dining room and an eat-in kitchen. Another point of prestige: the building was designed by famed Chicago architect Lucien Lagrange.

21 E Huron St, Unit 4601
Original list price: $$3.85 million
Sold price: $3.7 million
Another spectacular unit at 21 E Huron, this 5,300-square-foot penthouse takes up a full floor with unobstructed 360-degree views. The home includes a gorgeous master suite with three additional bedrooms, a large eat-in kitchen, adjacent family room, wine room two storage lockers and two wine cellars. This is also a full-amenity building, with everything from a door person to a park/playground, party room, exercise room and more.

2550 N Lakeview Ave, Unit D3-33
Original list price: $3.1 million
Sold price: $3.1 million
Another Lincoln Park beauty, this 3,600-square foot 4-bedroom includes nearly 300 square feet of outdoor space and extraordinary northeast vistas of Lincoln Park and Lake Michigan. The interior boasts 10.8’ ceilings, superior finishes and a large kitchen and butler’s pantry. With only 2 other units on the 33rd floor, this is a perfect home for a private, luxury lifestyle. The building itself offers residents everything they need, from a ¼-acre private park, a dog run, superb health club, indoor pool and more.

11 E Walton St, Unit 4901
Original list price: $3.5 million
Sold price: $3.1 million
Part of the Waldorf Astoria hotel (formerly the Elysian), this Chicago condo building is considered by some to be in the Gold Coast, but many also consider it the Near North or the Cathedral District. These are all sought-after neighborhoods, and this unit kicks it up a notch with spectacular skyline views from every room, high ceilings and sunrise and sunset balconies. The hotel amenities are at the fingertips of all residents, such as the world-class spa, in-home dining and catering, car service and a concierge.

It’s also interesting to note the assessment costs for these units, which range from a low of $1,400 up to $5,000-plus.

Lincoln Park condos and those in Chicago continue to be hot among luxury real estate buyers. If you’re in the market to make a purchase, I always recommend that you familiarize yourself with the recent sales of “like” properties—same neighborhood, budget, features, etc. that you’re looking for. Then you can see how your budget and expectations with what is actually on the market stacks up.

For more details on Chicago condos that were sold in July, or to see what’s on the market now, 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.

Prime Locations for April’s Most Expensive Chicago Condo Sales

The old adage rings true once again: when it comes to real estate, it’s all about location, location, location.

While 36 luxury Chicago condos (those priced from $1 million to $3 million) sold and closed in April for a total of $56.8 million, the top 5 most expensive sales were found downtown. The top properties were also either brand new construction or elegant vintage properties.

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April’s most expensive sale certainly stood out from the rest: generous square footage, elegantly designed with its own terrace in spa and in a Benjamin Marshall building. While this was a truly special home, all of the top sales in April boasted impressive features, from high ceilings and new construction to the size of the apartment or a special location.

Here’s a close look at the priciest sales of Chicago condos that closed in April, in ascending order:

10 E Delaware

10 E Delaware St, Unit 33B
Original list price: $2.4 million
Sold price: $2.385 million
This was the last remaining penthouse condo at Ten East Delaware, a luxury new construction building in the Gold Coast just off the north end of Michigan Avenue. With 3,075 square feet, this 3 bedroom unit is filled with designer names: Poggenpohl, Kohler, Miele, Subzero and Wolf for fixtures and appliances. Plus, the building’s boutique renaissance design came from architect Lucien Lagrange and interior designer Darcy Bonner. The building’s amenities include room service, a fitness center and poolside dining from the neighboring Talbott Hotel.

Residences at 900 Chicago77 E Walton St, Unit 26D
Original list price: $2.6 million
Sold price: $2.475 million
The Residences at 900 is one of the newest addresses for Chicago new construction. This 2-bedroom unit spans just under 3,000 square feet, with incredible views down Michigan Avenue and over a spectacular rooftop garden. The unit also boasts 10-foot ceilings, 4” white oak floors throughout, a lavish master math, Smart Home technology, and a Snaidero kitchen.

The Ritz-Carlton Residences, Chicago118 E Erie St, Unit 35E
Original list price: $3,081,172
Sold price: $2.68 million
Another new construction unit in Chicago’s Ritz-Carlton Residences, a building of 89 private condos managed by The Ritz-Carlton Hotel Company and equipped with a five-star, Ritz-Carlton trained staff. This richly detailed residence features 9’8”- to 12-foot ceilings, 2 bedrooms and 2,461 square feet. The Landmark Club is a major perk of living in this building, a private club with attentive staff that will cater to any need of the building’s residents.

1300 N State Pkwy Chicago1300 N State Pkwy, Unit 901
Original list price: $3.3 million
Sold price: $2.954,688
A stunning home found in the Ambassador in Chicago’s Gold Coast neighborhood, this 4,000 square foot apartment is on the southeast tier of the boutique building. Inside, the building’s charm shines through with deep crown moldings and baseboards, hardwood floors, custom cabinets and an upgraded kitchen and bath. The building features an attached garage, rooftop garden, penthouse party room and terrace, a fitness center and a dog run.

199 E Lake Shore Dr199 E Lake Shore Dr, Unit 6W
Original list price: $3.075 million
Sold price: $3 million
The most expensive sale in all of April, this Chicago condo is found in an outstanding Benjamin Marshall-designed co-op building. The 4,300-square foot duplex has many custom features, including a grand foyer, a formal dining room with custom bookshelves and a master suite with two walk-in dressing rooms and its own terrace. Plenty of natural light is let in through six windows, and the custom kitchen is ideal for any cook or host.

With the Chicago real estate market well on its way for a turnaround, I highly recommend that buyers keep an eye on what is selling at what price in the neighborhoods and buildings they are interested in. This will give you a good idea of what you can expect given your own budget and wants/needs when it comes to a new home. To see what’s on the market now, or for more details on April’s condo sales, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.