The weather is cooler, winter months are soon to arrive—and it appears the luxury home market in Chicago may be going into hibernation, if September’s sales are any indication.
Last month, just 17 luxury homes closed in Chicago—those priced from $1 million all the way up to $5.9 million. To compare, luxury home sales just one month before in August hit records, topping $110 in total sales volume.
Even with an unexpected slowdown, the top five most expensive sales should be no surprise. Three were found in Lincoln Park and one each for the Gold Coast and Lakeview. These are the most sought after neighborhoods when it comes to luxury real estate in Chicago. Lincoln Park has a number of coveted blocks lined with gorgeous mansions (one of them making an appearance in last month’s sales), and the Gold Coast is known for its historic atmosphere filled with upscale homes, condos and brownstones.
It’s also interesting to note that many buyers are still purchasing homes with cash. Even as luxury buyers have a number of attractive financing options for jumbo loans from lenders, it’s still not uncommon to see cash purchases for homes priced well into the millions.
Starting with the most expensive sale, here are the details on September’s top luxury home sales:
1863 N Howe St
Original list price: $4.55 million
Sold price: $5,866,704
This 6,000 square foot five-bedroom is a brand-new addition to Howe Street, one of Lincoln Park’s (and even Chicago’s) most affluent blocks. On an extra wide lot, this home promises plenty of space, but wasn’t yet designed so the buyer can have a head start on building their dream home customized just for them. The home was built by BDG&C, a well-known design/build firm for high-end custom homes. The fact that this home sold more than a whopping $1 million above its original list price also offers insight into how interested luxury buyers are in new construction properties in Chicago.
2112 N Sedgwick St
Original list price: $$3.695 million
Sold price: $3.45 million
Nestled in East Lincoln Park, this is a one-of-a-kind home on a massive double wide lot more than 50 feet wide. The home was built from lot line to lot line, creating a generous 7,000 square feet on the interior with 6 bedrooms and 6 bathrooms. The space in this home doesn’t end with the square footage, however—the ceilings are 11”6” high with tall windows. Hardwood floors, a deluxe chef’s kitchen, a sunroom and multiple entertaining spaces grace the interior, while a huge private yard and gardens enhance the exterior.
1235 W Belden Ave
Original list price: $2.75 million
Sold price: $2.8 million
A corner home in Lincoln Park, this 5-bedroom, 4.1 bath boasts gracious room sizes from the master suite to the great room to the fabulous kitchen. Other features include a wine cellar, built-in outdoor kitchen, infinity bath in the master suite and two outdoor spaces.
74 E Elm St
Original list price: $3,199,999
Sold price: $2.36 million
Old world class meets new world amenities in this Gold Coast beauty. The 6,500 square foot home is an original 1891 structure that has been fabulously restored with all the bells and whistles you can imagine: 4 levels of living, extra tall ceilings, a chef’s kitchen, second community kitchen with wine room and 4 en suite bedrooms. The home also includes ample outdoor space with a terrae and roof deck.
3717 N Bosworth Ave
Original list price: $2.45 million
Sold price: $2.325 million
Another custom home built in 2013, this 5-bedroom in Lakeview boasts fine craftsmanship throughout. With a huge kitchen with double SubZero appliances, a great room with a built-in banquette and direct access to a heated terrace, this is a great space for entertaining year round. The beautiful master suite includes a spa-quality shower and separate soaking tub. Other features include a 3rd floor den, two rooftop decks, and the “best mudroom ever,” according to the listing.
It will be interesting to see what October brings for the Chicago real estate market and if the sales slowdown continues among luxury homes. I recommend buyers keep an eye on recent sales trends to know what they are expect when they begin their search for a home or are ready to make an offer. To see what is on the market now, contact me at (312) 498-5080 or email me at email@example.com.