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

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

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

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

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

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

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

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

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

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

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

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

Prime Chicago Luxury Condos Still Selling In November

Even with the start of winter moving in, November was a healthy month for Chicago luxury condo sales, with $42 million in total sales volume. Of the 25 $1 million-plus homes sold, several of those were in the “ultra-luxury” category, selling for more than $2.5 million.

Although the Chicago condo sales in November don’t look as robust as they did in the middle of the year, it is interesting to note that ultra- luxury properties (I consider those to be sales from anywhere between $2.5 and $3.5 million) continue to sell in prime buildings in the right neighborhoods. In fact, last month’s top five properties sold included two units in 2550 Lakeview, a Lucien Lagrange-designed building in the heart of Lincoln Park. The building has exceptional views and one of the most elegant lobbies in the city.

Learn more: 2550 Lakeview Ave

See what’s on the market at 2550 Lakeview

As we’ve seen become the case in recent months, the primary motivating factor for Chicago luxury buyers is square footage, and November was no exception. The square footage of the top sales ranged from a low of 2,843 to a generous 5,600 square feet. I actually suggest to my clients shopping for a condo that they aim for a unit that is at least 3,000 square feet—this seems to be the number that most luxury buyers need to not feel as if they are sacrificing space if they’ve moved from a single-family home.

Let’s take a closer look at those top five sales to see what motivated luxury buyers last month:

25502550 N Lakeview Ave, Unit S3003
Original list price: $3.9 million
Sale price: $3.5 million
It’s been awhile since we’ve seen a unit at Lincoln Park 2550 on the top sales list, likely because many residents who bought new construction here are in it for the long haul—but last month saw two sales in this beloved building designed by Lucien Lagrange. This magnificent, 30th-floor unit spans 3,679 square feet, including four bedrooms, 4.5 baths and two large terraces. The layout offers extraordinary east, north and west views that look out onto Lake Michigan, Lincoln Park and the city skyline. This unit in particular is one of just three on the floor, with 10-foot-8-inch ceilings and luxurious interior finishes throughout the formal living and dining room, large kitchen, family room, a spacious master suite with corner views and a separate utility/laundry room with a second service entrance. Lincoln Park 2550 has been a coveted building among luxury buyers, thanks to its full suite of amenities and services that include on-site management, a concierge and door person, spa-like fitness area with pool, sauna and steam room and a quarter-acre private park with dog run and playground. It’s Lincoln Park location makes it as easy walk to the many destinations within the park, lake Michigan, shops and public transportation.

4EastElm4 E Elm St, Unit 12S
Original list price: $3.4 million
Sale price: $3.48 million
This 3,516 square foot Chicago condo was yet another cash sale in the new construction building 4 East Elm. The building offers modern luxury living in its 35 half-floor residences, each of which has elevator entry into the unit. Residents here can also enjoy expansive city and lake views through at least three exposures. And the building itself is an ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

2430-n-lakeview2430 N Lakeview Ave, Unit 7-8S
Original list price: $3.48 million
Sold price: $3.2 million
This co-op was only open to a cash buyer, and its new owner was able to strike a pretty good deal on the price. A 5,600-square foot vintage duplex, this four-bedroom unit boasts incredible architectural details like an artistically carved wood-paneled living room with sculpted marble hearth and a matching wood-paneled library—both of which overlook the lake and park. Other features include an elegant dining room with fireplace, foyer with grand staircase, spacious eat-in kitchen and an outdoor common patio area.

Lincoln Park 2550 Lobby

2550 N Lakeview Ave, Unit S2401
Original list price: $3.199 million
Sold price: $3.175 million
This southeast-facing three bedroom unit is one of the building’s most highly desired tiers, with designer finishes, custom drapery and wall coverings and unparalleled views of Lake Michigan, Lincoln Park and the Chicago skyline. This 24th-floor unit offers a family room with fireplace and built-ins, a large dining room and formal living space with picturesque views, a chef’s kitchen with commercial-grade appliances and quartzite countertops and a master suite with spa-like master bath.

420-e-waterside420 E Waterside Dr, Unit 4310-14
Original list price: $2.95 million
Sold price: $2.85 million
Recently renovated and designed for upscale entertiaining, this 4,300 square foot penthouse boasts spectacular views in Streeterville. A large, open living space includes a luxurious kitchen, living room, bar and dining room that look out at a panoramic view of the city. In addition to envious views, floor-to-ceiling windows bring in abundant light throughout, including the four large bedrooms. Two full master suites have a separate seating area, soaker tub and huge closets. This unit is located in The Regatta, a full-amenity building with a fitness center, pool, game room, theater, party room and outdoor deck. Its location put residents here just steps away from Millennium Park, the riverwalk and a number of great restaurants.

For more information on last month’s luxury real estate sales in Chicago, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Excellent Deals For Buyers Purchasing Chicago Luxury Condos In October

The middle of October is a special time for real estate buyers. As I constantly emphasize to my clients, this is the best time to take action if you’re considering a purchase.

Mid-October is when deals are happening, and this past month was no exception. Sellers who have had the market advantage for much of the year are no longer in the driver’s seat, and you can see that all of the top five most expensive condos and co-ops to sell in October went for considerably below the asking price.

Every single luxury condo, including the co-op at 209 E Lake Shore, sold for big-time discounts from the original listing price. Each property exceeded the 3,000 square feet requirement that Chicago luxury condo buyers are looking for, as well.

But just because October is over doesn’t mean the ideal time to buy is not now.. You can see that luxury sales have started to slow down, and the number of high-end sales in excess of $2 million has come down dramatically from previous months. So buyers looking to purchase a Chicago condo could still have the upper hand now that it’s not prime season for sellers.

Here’s a closer look at the top five Chicago condos sold in October. Note the major differences between the listing prices and sale prices for each:

77-e-walton77 E Walton St, Unit 26F
Original list price: $3.475 million
Sold price: $3.11 million
In Chicago’s most desirable neighborhood, the Gold Coast, this exquisite luxury condo is fitted for modern living, with no expense spared. Features include custom kitchen cabinetry, built-in buried oak bar, beautiful hardwood floors, oversized doors and millwork throughout. Its 3,479 square feet are made into a smart, spacious floorplan that includes three ensuite bedrooms and 3.1 baths. This is also a full amenity building with multiple garage parking spaces and interior access to the Four Seasons Health Club.

445-e-north-water-st445 E North Water St, Unit 2601
Original list price: $2.7 million
Sold price: $2.5 million
This three bedroom (plus den) has fantastic lake, river and city views from its south-facing corner exposure in Streeterville. Spanning 3,983 square feet on the 26th floor, the unit includes a huge gourmet chef’s kitchen with granite, Subzero appliances and a wine cooler, along with several professionally organized closet spaces. The property also includes two parking spaces, a valuable commodity in this area of Chicago.

209ELakeShoreDr209 E Lake Shore Dr, Unit 6W
Original list price: $4.2 million
Sold price: $2.1 million
This Chicago co-op is city living at its finest. With 5,675 square feet, five bedrooms and 6.1 baths, this half-floor residence boasts a whopping 60-feet of Lake Michigan views. The building was once home to famed architect Benjamin Marshall, and is one of the finest, service-oriented co-ops in the city with full amenities, parking and a rear garden. This unit in particular offers exquisite architectural details and an extraordinary floorplan made for family living and entertaining.

180 E Pearson180 E Pearson St, Unit 7203
Original list price: $2.2 million
Sold price: $2.1 million
A spot on the 72nd floor brings three coveted qualities to this property: It’s quiet, private and offers unobstructed north, south and east views. This 3,320 square foot unit begins with a majestic entry foyer that makes an ideal showcase for artwork. A large living room overlooks the lake and city, and you’ll also find a wood-paneled library, three bedrooms with ensuite baths and his-and-her master closets. Residents of the Water Tower can enjoy the world-class amenities offered by the adjacent Ritz-Carlton Hotel, and the unbeatable location on Michigan Avenue puts them steps from superb dining, shopping and the lakefront.

180 E Pearson St, Unit 6104
Original list price: $2.4 million
Sold price: $2.1 million
Located in the southeast corner of the 61st floor of the Water Tower, this 4-bedroom Chicago condo was recently redone in marble, slate and granite finishes. Spanning 3,320 square feet, this unit boasts a raised floor in the living room to take advantage of the view, custom shelves, cabinetry and built-ins throughout, wood floors, custom closet designs and a DeGuilo kitchen with leaded glass-front cabinets and high-end appliances. The master bath—one for four baths in all—includes a Kohler jetted tub and steam shower.

For more info on the Chicago condos that sold recently and how what’s happening on the market might fit into your own search, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

On the Chicago Real Estate Market: Pristine Penthouse Condo in the Heart of Wicker Park

outsideLocated on a spectacular street in Wicker Park, this extra-wide condo offers everything you’d want in a great location: Close to the neighborhood’s vibrant hub of activity, a high Walkscore and an easy trip into downtown.

Address: 1947 W Evergreen, Unit D
Size: 2 bedroom, 2 bath
Neighborhood: Wicker Park/Bucktown
Price: $449,000
Contact: Sheldon Salnick, Dreamtown ,(312) 498-5080 or ssalnick@dreamtown.com

living-room-2 kitchen deckHere’s what you’ll find at 1947 W Evergreen in Wicker Park:

  • Extra large outdoor space
  • Amazing natural light
  • 9-foot ceilings
  • Granite kitchen countertops and 42-inch cabinets
  • Hardwood floors
  • Private, separate garage for car parking

living-room kitchen-living bedroom-2Living in Chicago’s Wicker Park

In real estate, we know that location is everything, and this Wicker Park condo certainly has it. Within short walking distance, you’ll find:

Wicker Park, an urban park complete with playground, sports fields, movie nights, a farmer’s market & other events.

  • The Damen and Division El stops, allowing for easy travel into downtown Chicago
  • Several bus lines
  • Milwaukee, Damen and Division streets: The central hub of activity in Wicker park

Wicker Park is known for its abundance of culture, with vibrant art, community nightlight and food scenes. This Wicker Park condo is within easy walking distance to the boutiques, restaurants, bars and music venues that make this neighborhood so beloved by its residents.

For more information on living in Wicker Park and this Chicago condo for sale, contact Sheldon Salnick at (312) 498-5080 or email me at ssalnick@dreamtown.com.

bedroom-1 bath-2 bath-1 floorplan

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.

One Reason Why Some Chicago Luxury Condos and Penthouses Sell for a Premium

In my last 7 or so years of working with luxury condo buyers in Chicago, there is one piece of advice that has remained the same: look for a property with above-standard ceiling heights.

Ceiling heights play a huge role in the luxury real estate market, as this is a key way in differentiating one condo from another. The standard ceiling height is 8 feet, but an above-standard height ensures that a home will sell quickly and at a premium, which is an important consideration even as a buyer who is thinking about resale value.

That’s why a number of luxury buildings in Chicago feature at least 10-foot ceilings in every unit. Trump Tower, a favorite among luxury buyers, has a standard of 10-foot ceilings, but some floors go as high as 16 feet.

10-foot to 11-foot Ceilings Favored Among Buyers

The Wall St. Journal recently highlighted how important ceiling height is in real estate in other high-end markets. The article noted that buyers will pay a premium for even one extra foot, property with 10- to 11-foot ceilings versus the standard 8-feet can have a price as much as 50% higher per square foot.

So why 10 to 11 feet and not, say, 15 feet? Isn’t bigger better? The 10- to 11-foot mark is often the sweet spot for buyers, providing the extra cubic space that feels luxurious, but without being so overwhelmingly tall that furniture and artwork feel stunted in the space.

The article affirms advice I’ve been giving out for many years to buyers purchasing new construction properties. And it sounds like developers are heeding this advice, as well, as many are coming to the conclusion that raising the ceiling heights by even a few inches will help sell their properties as compared to the competition.

Penthouse Units that Go to Great Heights

While 10 to 11 feet is a “standard” for many luxury properties, Chicago penthouses are often in a class of their own. It is not unusual to have 14-foot ceilings as commonplace in penthouse unit.

Ultra-high ceilings are often sought after by art collectors who are looking for major wall space to hang their works. And since penthouse units often offer sky-high views, the super-high ceilings give way to big windows that showcase the panoramas you can only find in these types of properties.

Depending on the type of property, ceilings heights can play a major role in its design, its level of luxury and its appeal to upscale buyers. I would be happy to demonstrate a few different buildings for you to see how the different ceiling heights play into your preference. I can also give you a list of buildings that are in your budget and details on the ceilings heights of each, so you can see the difference in price between a standard ceiling height and one that might add a few inches.

For more information, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

 

Chicago Luxury Condo Sales Were on a Tear in July

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

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

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

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

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

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

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

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

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

East Lake Shore Drive Co-Op is February’s Most Expensive Luxury Real Estate Sale in Chicago

Similar to last month’s single-family luxury home sales, February was a quieter month for luxury Chicago condo sales. Twenty-six luxury units (those sold for more than $1 million) sold, for a total sales volume of just under $40 million.

Looking at the top five most expensive sales, there was certainly a mix of things happening with each one. For one, the types of properties vary greatly: a co-op, a vintage condo, two modern high rise units and a vintage high rise unit. The locations also varied: Several were located in the Gold Coast (by far one of the most sought-after neighborhoods for luxury buyers), one at the relatively new Lakeshore East neighborhood, and another on the prestigious East Lake Shore Drive. And, there was a mix of boutique buildings among full-amenity buildings, rather than the latter, which is what we’ve seen in more recent months.

Let’s take a closer look at the details of the top five Chicago luxury condo sales last month:

229 e-lake-shore-drive 229 E Lake Shore Dr, Unit 9E
Original list price:
$3.29 million
Sold price: $3.1 million
This sale was highly unusual in that it sold—for cash—two days after the property was re-listed by the original realtor. Co-op sales generally take a long time for a sale to close due to the number of approvals required.

The unit itself had plenty to offer. This magnificent East Lake Shore Drive co-op occupies an entire half-floor in this landmarked building (which was designed by Chicago architect Benjamin Marshall). Units in a building like this are rarely available—the entire building only has 20 units—particularly one like this on a high floor with enviable lake and city views. With 3,800 square feet, 4 bedrooms and 4.1 baths, the unit was recently renovated and customized for upscale modern living. That means gorgeous mill work and custom built-ins throughout; a bright kitchen with high-end appliances, a large wine fridge and butler’s pantry; a family/media room that overlooks the lake; a combined master suite with his-and-her baths; and an elegant dining room with silver leafed ceiling. Other details include new windows, sound wiring, zoned heating and air and laundry room.

11 E Walton St11 E Walton St, Unit 3301
Original list price:
$3.09 million
Sold price: $3.05 million
In this 3-bedroom unit at the Waldorf Astoria, all 3,436 square feet have been highly upgraded for luxury living in the Gold Coast. Inside, you’ll find a chef’s eat-in kitchen with Snaidero cabinets, Wolf, Bosch and Miele appliances and Porcelanosa floors. Other features include 5-inch walnut floors, east and west terraces and a master suite with fully customized closets. The Waldorf Astoria is a full amenity building that includes hotel amenities like room service and spa facilities.

1300NStatePkwy1300 N State Pkwy, Unit 903
Original list price:
$3.1 million
Sold price: $3 million
Apartments in the highly sought-after Ambassador building are rarely available, and that’s especially true for a spectacular unit like this one. Inside, a wide gallery leads to gracious-sized public rooms, all with double Windows. The living room includes a fireplace, hardwood floors, and crown moldings. Additional features include a formal dining room, butler’s pantry, eat-in kitchen/family room, and two private balconies. The Ambassador is a landmarked, boutique building in the Gold Coast with just 37 residences. Amenities include a doorman, rooftop terrace and party room, a shared landscaped terrace, gym, ½ basketball court and a dog run.

Aqua Tower at 225 N Columbus Drive in Chicago

225 N Columbus Dr, Unit 8105
Original list price:
$2.845 million
Sold price: $2.35 million
A 3-bedroom penthouse in the awe-inspiring Aqua building in Lakeshore East. This unit offers jaw-dropping views in every room. Perched on the northeast corner of the 81st floor, this Chicago condo was completely redesigned to consider every detail. Luxuries include 14-foot floor-to-ceiling Windows with motorized shakes, custom stone and millworker throughout, Subzero refrigerator, Wolf range and Miele dishwasher in the kitchen, and a huge master suite with generous walk-in closet. And several times a year, this condo offers the best seat in the house for enjoying fireworks at Navy Pier.

image20 E Cedar St, Unit 12C
Original list price:
$2.2 million
Sold price: $2.2 million
Also located in the Gold Coast, this 4,700 square foot duplex in an absolute gem in a vintage doorman building. With 5 bedrooms, 4 baths, it’s a great alternative to a single-family home, with great features like a dramatic living room with floor-to-ceiling Windows, 22-foot ceilings, wood burning fireplace and ornate detailed plaster ceiling. The space is idea for entertaining, thanks to a generously sized formal dining room, an eat-in kitchen, butler’s pantry and more. Not to mention, the location is unbeatable, just steps away from everything the Gold Coast has to offer, from shopping to restaurants and more.

For additional photos or details about the Chicago condos that sold in February, 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 at 2550 Lakeview Sells for $6 Million in December

As the winter months continue on, so do luxury condo sales in Chicago. In December, the city saw $89 million in sales of luxury condos (those sold for more than $1 million). While the last month of the year is often pretty slow for real estate, this one was a bit out of the ordinary. Not only was there a healthy number of $1 million-plus sales, 15 of those sales were over $2 million, of the top five most expensive luxury condos sold, sales were from $3.5 million to $6 million.

The takeaway? Large square footage, new construction, a neighborhood like Lincoln Park and bonus features for parking for more than one car can come with a hefty price tag, and those willing to ante up the large amount of money needed to get there can find themselves in a property among the likes of the top sales, such as a duplex unit with spectacular city views right in heart of Lincoln Park. Which is precisely what we saw with the most expensive property sold: a raw penthouse in Lincoln Park 2550 with a whopping 8,167 square feet.

One of the reason luxury buyers love Lincoln Park is, of course, the location. Many of my clients are looking for a neighborhood rather than downtown, and Lincoln Park is the best of both worlds. With easy access to downtown via car or public transit, it’s also right near parks, great schools, and offers access to the harbor if they own a boat.

Top December Sales of Luxury Condos in Chicago
A Chicago condo’s location certainly plays a large role in its sale price, but each property sold last month has its own long list of features and amenities that make it a must-have among luxury buyers. Here is a more detailed look at the top five sales last month and what each had to offer:

lp-25502550 N Lakeview Ave, Unit S3801
Original list price: $6.989 million
Sold price: $6 million
This is a familiar address for our top luxury condo sales every month—Lincoln Park 2550. This duplex penthouse unit stretches more than 8,100 square feet of raw space across the top 38th and 39th floors. Built by Chicago architect Lucien Lagrange, this building has been high on the wish lists of buyers as the quintessential residence for those searching for the very best in luxury living. Lincoln Park 2550 offers killer views, 5-star amenities and services, an exquisite lobby and interior design and much more.

435435 W Deming Pl, Unit 435
Original list price: $4,999,999
Sold price: $4,999,999
A brand-new townhome in Lincoln Park, this 5 bedroom, 4.2 bath property sold even before the listing made it to the MLS. That typically means details are scarce, but some features include four stories, two basement bedrooms, a large kitchen and more.

 

Four Seasons Building at 132 E Delaware132 E Delaware Pl, Unit 6302
Original list price: $6.4 million
Sold price: $4.25 million
Designed by Juan Pablo Molyneaux and architect Marvin Herman, this 7,000 square foot duplex oozes luxury perched high atop the Four Seasons Hotel. Features inside include incredible lake and city views, fine custom finishes, limestone floors, a grand staircase between two levels, library, second-floor gallery, 2,000-bottle wine cellar, home theatre and more. Residents in the building can also take advantage of the amenities and services offered at the Four Seasons.

77-E-Walton-St-27A-Chicago-IL-6061177 E Walton Pl, Unit 27A
Original list price: $3.9 million
Sold price: $3.6 million
A location on the 27th floor of rarely-available Residences at 900 means this downtown Chicago condo enjoys stunning views of the city and lake below. With more than 4,300 square feet, this unit is one of the A-tier floor plans, with 3 bedrooms, 3.1 baths and a bevy of covetable features such as floor-to-ceiling windows, 4-inch white oak hardwood floors, surround sound throughout, 10-foor ceilings and top-of-the-line kitchen appliances. A sumptuous master suite includes a colossal walk-in closet and luxurious bath with jetted tub, dual vanities and a separate shower.

431431 W Deming Pl, Unit 431
Original list price: $3.5 million
Sold price: $3.5 million
Another sold-before-print townhome in Lincoln Park, with 5 bedrooms and 4.2 baths. This stretch of Deming is a highly sought-after location in Lincoln Park, as it’s right next to Lincoln Park with the zoo, conservatory, North Pond and more. It’s also near great restaurants, shopping and a quick car or bus ride into downtown.

For more details 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.

Chicago Luxury Real Estate Should be Strong In 2016

Welcome back! As we hit 2016 running, I always like to look back at the trends and happenings from the previous year and think about what it all means for the state of Chicago real estate in the year ahead. In the last year we’ve definitely seen consistent strength in the luxury real estate market in Chicago, but as inventories remain fairly low, buyers have faced a competitive scenario for the better part of the year.

Prediction: Luxury Buyers Will Get Off The Fence
Last month, the Federal Reserve announced a increase in interest rates. The news wasn’t terribly unexpected, but undoubtedly has an effect on the real estate market. Many potential buyers assume that rising interest rates will affect the buying market more than the seller’s market. But in my 25-plus years of selling Chicago real estate, I find the opposite to be true. As interest rates crank up, sellers often see the benefit, as buyers get ready to make a move before rates grow any higher.

In Chicago, there is certainly a pent-up demand for housing as the city catches up from several years without any real new construction projects. That being said, I think new construction could have a banner year in Chicago luxury real estate.

New Home Construction Picking Up
Nationwide, housing starts are up and Chicago is no exception. Increases among single-family homes and condos alike suggest that builders are gaining confidence that home sales will keep steady (or grow) over the next year. Despite the interest rate increase, that’s great news for the market and will likely draw additional buyers off of the “maybe this year” fence.

Growth in new construction is evident in Chicago. If you look around the Gold Coast—one of the most coveted neighborhoods for luxury real estate—you’ll see a number of new development projects moving right along. There is also a lot of talk about new construction opportunities popping up on the new east side, a newer area that luxury buyers love thanks to its proximity to downtown and unbeatable views of Millennium Park.

Purchasing New Construction in Chicago
I predict that as more and more new construction projects become available that luxury buyers will be snapping them up. A brand-new or close-to-new home is always at the top of the list for what my luxury clients are looking for, and I think many will be taking advantage of any increased inventory, particularly those close to downtown that offer the proverbial location, location, location.

Working with clients who are looking to buy new construction is a specialty of mine, as I have worked with some of the most prestigious developers in Chicago over the years, both for single-family homes and condos.

As a buyer, a new construction home might sound foolproof, but it comes with a number of things to consider as well. I can help walk you through a number of things, including determining the best unit to purchase, why a unit’s location in the building is especially important and the best tactics for negotiating a new construction deal.

If you’re thinking of purchasing a new construction property or luxury real estate in Chicago in 2016, give me a call and I can walk you through some of the upcoming projects or introduce you to some of my favorite buildings. It should be an exciting year, and the sooner potential buyers get in, the better. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.co.