May Luxury Chicago Condo Sales Were All About Chicago’s Gold Coast

Chicago’s Gold Coast neighborhood is no stranger to luxury real estate, or the wish lists of high-end buyers. Nestled just blocks from the Magnificent Mile, residents of the Gold Coast are just blocks from everything they need:

Shopping: The boutiques along Oak Street are of world-class caliber: Harry Winston, Hermes, Jimmy Choo and many other shops line the block.

Dining: Great food can be on the menu every night when you live in the Gold Coast, with restaurants like Gibson’s, Nico Osteria, Tavern on Rush, Café des Architectes and others.

Beaches: The Gold Coast is within walking distance of the lakefront, including Oak Front Beach. This is a neighborhood hot spot, with swimming, volleyball tournaments, walking trails and more.

The Loop: Just south of Magnificent Mile, the Gold Coast puts downtown commuters just a quick zip from the office. The Loop is easily accessible by bus, El train or even walking.

So it’s no surprise that the Gold Coast was front and center of May’s Chicago condo sales. Not only is this one of the most sought-after neighborhoods in the city, but it is one area where you can find a high-rise condo with at least 3,000 square feet of living space. In May, the top sales ranged in size from 3,172 square feet all the way up to 4,931 square feet. Suburban clients love that many of these buildings don’t sacrifice space for a move into the city—they can find the same square footage that they had in the ‘burbs but with all of the urban conveniences of condominium living.

It is also apparent that, when a new construction building comes on the market, upscale buyers will flock to it. Brand-new Chicago condos are selling very well, and many buyers are willing to pay a premium price to live in them, as is evident in the top May sales.

With that, let’s take a closer look at the most expensive Chicago condos to sell in May:

4EastElm4 E Elm St, Unit 8S
Original list price:
$3 million
Sold price: $2.88 million
This is one of the newest buildings in the Gold Coast, one that’s been warmly embraced by luxury buyers—at listing time, the building was more than 90% sold. Four East Elm boasts sleek and modern half-floor residences, this one more than 3,400 square feet. Units boast elevator entries, luxury finishes, exposures with city and lake views and much more. The amenities make this building the ultimate oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room, clubhouse lounger and 24-hour doorman. Not to mention, the location in the heart of the Gold Coast is a buyer’s dream, near restaurants, world-class shopping, the beach and plenty more.

800NMichigan800 N Michigan Ave, Unit 4602
Original list price:
$3.175 million
Sold price: $2.925 million
A rarely-available residence in Park Tower, this 3,172 square foot Chicago condo boasts and open floor plan for today’s lifestyle. The sensational open chef’s kitchen has a glass breakfast area that faces the lake and city, opening up to an open living room, dining room and family rooms. From there, you’ll find breathtaking, dramatic Lake Michigan and skyline views. Details throughout include high ceilings, wood floors, motorized blinds and private elevator access. Living at Park Tower is exceptional, upscale living at its finest—residents here enjoy the amenities and services of the neighboring Park Hyatt Hotel, which includes an indoor pool, fitness center, NoMI Restaurant and more.

1209-n-astor-st1209 N Astor St, Unit PH
Original list price:
$3.499 million
Sold price: $3.1 million
A spacious, full-floor penthouse on Astor Street, this co-op unit has been renovated down to every meticulous detail. Spanning the entire width of the building with 4,100 square feet, the property includes a living room, dining room and library, along with a state-of-the-art kitchen with high-end appliances, eat-in area and sitting area. Large windows offer 360-degree views. The exceptionally run building includes a lovely garden and much more.

400-w-huron 400 W Huron St, Unit 501
Original list price:
$3.75 million
Sold price: $3.75 million
From the developer of 30 West Oak, this is slated to be Chicago’s next iconic building. With groundbreaking contemporary design inside and out, the building has just 25 units, ranging from 2,100 to 4,931 square feet. This unit features a one-of-a-kind, custom full-floor floorplan with 4,931 square feet. This home nearly matches the interior square footage with outdoor entertaining space, including a private pool and spa. Other details include 10-foot ceilings, Valcucine cabinets, Miele appliances, stone floors, luxe baths, expansive terraces and separate enclosed garages.

800NMichigan800 N Michigan Ave, Unit 2801
Original list price:
$4.495 million
Sold price: $4.26 million
This unit in the iconic Park Tower is a half-floor residence that brings together masterful design and modern luxury. Spanning 4,220 square feet, this unique and customized home includes a gourmet kitchen, large outdoor terrace, the utmost privacy offering and panoramic views that include Lake Michigan and a clear line down the Magnificent Mile. Residents of this building have the 5-star amenities of the Hyatt Hotel right at their fingertips: such as rooms service and catering direct to the door, concierge service, and indoor pool and health club and a deluxe sun deck.

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 or email me at ssalnick@dreamtown.com.

11 Upper Bracket Chicago Condos Sell in April

When I refer to the “upper bracket” of Chicago luxury condos, I am referring to properties that sold upwards of $2 million up to $4.2 million, as was the case last month with 11 upper bracket condos sold in this range. April’s sales certainly indicate that sales in the $1 million-plus market should be strong in the next few months. In total, the month saw 60 sales close for a sales volume of $93 million in April.

Looking at what sold last month, four out of the top five Chicago condos sold were brand new construction. They were also in excess of 3,000 square feet. I am anticipating in the upcoming months that new construction with generous square footage will make a frequent appearance on our most-expensive-sales list.

In the meantime, here’s a look at the top five upper-bracket Chicago condo sales from April, starting with the most expensive:

25502550 N Lakeview Ave, Unit 1101S
Original list price: $4.6 million
Sold price: $4.2 million
This 3 bedroom, 3.1 bath unit sits on a corner and has been exquisitely appointed and highly upgraded. You’ll find stunning views of the lake, park and city skyline through dramatic 11-foot ceilings in nearly every room. State-of-the-art technology brings sound, light, HVAC and window treatments at the touch of a button. There are terraces for sunrise and sunset, including a 45-foot loggia off of the family room. Living in Lincoln Park 2550 is like staying at a fine resort, with dedicated concierge and a number of enviable amenities (more on that below).

4EastElm4 East Elm St, Unit 21S
Original list price: $4 million
Sold price: $4 million
The luxury condos at 4 East Elm have proved popular since the building debuted in the Gold Coast last year. The building is now 90% sold of its 35 sleek, modern half-floor residences, each with elevator entry into the unit. The Chicago condos in 4 East Elm include high-end finishes and at least 3 exposures with expansive views of the city and lake. Plus, residents here enjoy building amenities like an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 401
Original list price: 3,123,000
Sold price: $3,123,000
This Lincoln Park boutique condo building is brand new, with just 15 intimate units in the heart of the beloved neighborhood. With two combined units, this duplex penthouse occupies the top two floors of the building, with a 113-foot extra-wide floorplan. The penthouse includes 6 bedrooms, 4.2 baths, floor-to-ceiling windows and city views. Thoughtful details and finishes include Archisesto cabinetry, Sub-Zero and Wolf appliances and Jason Woo fixtures. The outdoor space is also incredible, with two balconies and a 39 x 32-foot private terrace.

4EastElm4 E Elm St, Unit 15N
Original list price: $2.99 million
Sold price: $3 million
4 East Elm strikes again! This brand-new construction unit spans 3,135 square feet, with only two units per floor and a private elevator. The superb open floor plan includes 3 bedrooms and 3.1 baths, with exquisite finishes throughout. Other details include 10-foot ceilings, Wolf and Sub-Zero appliances, Florense cabinets, in-ceiling invisible speakers, electric shade wiring, LED lighting and a luxurious master suite. The building’s amenities include a 24-hour door staff, outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

1615-Burling1615 N Burling St, Unit 104
Original list price: $2,248,000
Sold price: $2,248,000
Also located in the new boutique building in Lincoln Park, this unit is an extra-wide combination unit, with 3 bedrooms and 3.5 baths. Features include floor-to-ceiling windows, Archisesto cabinetry, Sub-Zero and Wolf appliances, Jason Woo fixutres and a thoughtfully conceived open floor plan with superior finishes throughout. The building offers unimaginable outdoor spaces—this unit boasts an 81 x 50-foot terrace. The buyer of this Chicago condo paid cash.

Luxury Living in Lincoln Park 2550
2550NLakeviewIt’s been awhile since we’ve seen Lincoln Park 2550 on our top five list, but this building has been a mainstay of luxury living in Chicago nonetheless. Even as new construction condos return to the Chicago condo, this building continues to stand apart from other luxury properties, thanks to its extensive list of amenities that makes day-to-day living feel like a resort vacation. In addition to concierge service, Lincoln Park 2550 offers its residents spa-like fitness facilities, private cinema, dry cleaners, yoga studio, party room, game room, library, dog run and a beautifully landscaped 1.25-acre private park. The location also can’t be beat, as this building is within an easy talk to restaurants, bars, grocery stores and public transportation.

I currently have a listing at 2550 N Lakeview, with 2600+ square feet, two north-facing balconies, two heated garage spaces and access to all of the amenities and services of this outstanding building.

For more information on this unit, or to see other properties that sold in Chiago luxury real estate last month, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Five Chicago Luxury Homes Sold for More Than $2 Million in March

March was a very interesting month for Chicago luxury real estate, particularly with single-family home sales. The top five sales all fell into the “ultra-luxury” category, selling for more than $2 million each.

Time will tell if the surge of ultra-luxury sales is an isolated situation, or if it could be the beginning of a trend where mega-luxury homes ($3 million and up) experience an uptick like they did last year. Check in next month to see if these high-priced homes continued to close in April. Regardless of price trends, it is clear that luxury buyers are looking for space—square footage, in-law suites and ample yard space.

This is often found in homes built on large lots. Buyers are going beyond the heart of key neighborhoods to find these sized homes. Lincoln Park is one of the most sought-after neighborhoods, but as large lots become more and more scarce and the cost of land increases, buyers are looking elsewhere, such as Lakeview and Bucktown.

It’s also worth noting that many of these homes sold for significantly below the asking price. This is the result of strong negotiation strategies on behalf of the buyer, which is something I always work to achieve for my clients. When negotiating a purchase offer, I strongly consider cost per square foot, time of the marketing and any history of the home as it pertains to real estate. It’s important to see what has happened with a home in the last year, to ensure it didn’t experience a reduction in price or get re-marketed as a new listing.

As we look at the top five Chicago homes that sold last month, remember that importance of space and lot size. Consider the negotiation that must be involved for these properties, given that these buyers each obtained a bit of a discount, despite the homes each boasting this coveted feature, larger lot size that allow for larger rooms.

Here’s a detailed look at the top five homes sold, starting with the most expensive:

1931-n-hudson1931 N Hudson Ave
Original list price: $3,499,900
Sold price: $3.3 million
A total stunner in East Lincoln Park, this home was the highest price sale last month, and it’s easy to see why. With 6,600 square feet on a highly sought-after street, the home features a huge functional living space with 12-foot ceilings, Brazilian walnut floors, custom lighting, professional grade appliances and an elaborate smart home system. Extensive millwork with built-ins can be found throughout, done with an unparalleled level of sophistication and finish. A number of additional features include custom window treatments, master bath with spa-like feel, lower level family room with separate play space a custom-designed commercial wine room, professionally landscaped front and rear yards, two-tiered deck off great room and kitchen, and a sky-lit first floor breezeway that connects to an attached two-car garage.

3922-n-greenview3922 N Greenview Ave
Original list price: $2.839 million
Sold price: $2.695 million
Just two years old, this stunning custom home is in pristine condition, situated on a family-friendly, quiet block in the Southport Corridor. The home was built extra wide, on an extra deep (165 feet) lot, with 6,200 square feet that includes seven bedrooms (four on one level). The home’s lower level has a custom bar with walk-in wine room, playroom and additional pantry, making this space an entertainer’s dream. No detail has been overlooked, from the five-inch walnut floors to the high ceilings, the radiant heated floors to the elevator. This home also features an in-law suite on the third floor. A covered raised stone patio with a built-in grill overlooks an amazing 25-foot x 45-foot yard. And this home is two blocks to Blaine School, one of the most coveted schools for Chicago parents.

61-e-elm61 E Elm St
Original list price: $2.9 million
Sold price: $2.6 million
This row home is history on the outside (a 1885 renovated façade) and updated for modern living on the inside (gutted to the studs and rebuilt with superior finishes and timeless design). With 5,200 square feet, this home is great for family living and entertainment. Find a calming vibe with orientation to the the outdoors, including a terrace, balcony, huge deck with city views. Interior details are abundant, with such as a marble-surround fireplace and crystal chandelier in the living room, custom built-in kitchen, hardwood oak floors on three levels, heated floors in all bathrooms, Sonos audio system and an ABT security system. The lower-level fourth bedroom makes an ideal nanny or in-law suite. Not to mention, this Gold Coast home is in a great location, close to the Magnificent Mile, dining spots and Lake Michigan beaches.

4439-n-hamilton14439 N Hamilton Ave
Original list price: $2.675 million
Sold price: $2,505,563
This stunning Chicago home has everything: location, width, light, space and beauty inside and out, right in the heart of Lincoln Square. Built on a huge lot—37.5 x 177 square feet—with a huge yard and wide interior space, the home was built in 2008 and boasts an interior design by HGTV designer Meg Caswell. The huge backyard is like a personal private park, with Ipe wood and wrought iron front porch. Inside is a number of carefully appointed details for the most discriminating buyer, including high end finishes and an absolutely perfect floorplan. The gorgeous kitchen, great room, formal dining room and living room stretch up to 11-foot ceilings. A master suite includes a large master bedroom, walk-in closet and a hotel-quality marble master bath with soaking tub.

1360-n-state-pkwy1360 N State Pkwy
Original list price: $2.48 million
Sold price: $2.2 million
Inside this historic Gold Coast Greystone, you’ll find 4,000 square feet across and open floor plan and three stories. This Chicago home boasts 11-foot ceilings, a first-floor living room and parlor with two wood-burning fireplaces, plus a Bluestone patio accessible through dining room French doors. The second-level master suite includes a second bedroom that could be used as a sitting area with private terrace, overlooking a beautifully landscaped backyard. This home’s top floor features two bedrooms, an office and a hall bathroom, while the lower level includes radiant heated floors and two entrances to allow the space to function as a guest suite. This location in the Gold Coast is highly sought after as well, just blocks from great schools, parks, shopping, restaurants and the Magnificent Mile.

It’s a great idea for buyers to be aware of what’s recently sold in Chicago real estate to understand the market climate and what you can expect when you’re prepared to make an offer yourself. For more details on the properties that sold last month or to see what’s available now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

4 out of the 5 Most Expensive Luxury Condos Sold for Cash in March

Last year when the luxury real estate market in Chicago was experiencing a major surge, it was common to see many homes being sold to cash buyers, even into the ultra-luxury, multi-million dollar price range. When the luxury market becomes competitive for buyers, cash is king for standing out to a seller as the buyer who will provide the smoothest transaction.

You can really see this at work in March’s luxury condo sales. There were clearly some negotiations that went on between these buyers and sellers, and a cash offer likely helps those deals fall in favor of the buyer, especially given our current real estate environment. With the government trying to increase the rate of inflation, we’re anticipating interest rates going up periodically in 2017. That anticipation only fuels sellers’ desire to move their property, and they really perk up at a cash offer that they won’t lose to a mortgage contingency. Several sales this month show that the seller was willing to discount from the listing price considerably in order to make the deal happen.

Here is a closer look at what sold last month, starting with the most expensive (and highly discounted) Chicago condo sale:

800NMichigan800 N Michigan Ave, Unit 5001
Original list price: $5.9 million
Sold price: $4.35 million
The most expensive Chicago condo to sell in March sold for cash, and for a significant reduction in price. This property was negotiated down to more than a whopping $1.5 million off the original list price. Plus, a unit like this in Park Tower is a rare find on the market. Located on a half-floor in the iconic building, this condo lives more like a home in the sky, with a generous 4,200 square feet of living space. The open floor plan includes three bedrooms, a theater room, eat-in kitchen and laundry room. Two east-facing terraces boast breathtaking east, south, and north wraparound views of the lake and city from every window. Other details include rich finishes, hardwood walnut floors, custom millwork and abundant storage. Residents of Park Tower also have access to the adjacent Park Hyatt’s renowned five-star amenities, NoMi Restaurant and much more.

77-e-walton77 E Walton Pl Unit 24C
Original list price: $5.2 million
Sold price: $3,870,260
The cash buyer of this Chicago condo got one heck of a deal—the purchase price came in at more than $1.3 million less than the original asking price. This 4,788 square foot, three bedroom unit has stunning lake and city views, thanks to its great location that allows residents easy access to 900 Michigan Avenue and to the amenities at the Four Seasons Hotel. Inside, you’ll find floor-to-ceiling windows, 10-foot ceiling heights and a split bedroom floor plan. The gracious entry foyer leads to spacious rooms throughout, providing a wonderful arrangement for casual or formal entertaining. Other key details include a Snaidero kitchen with butler’s pantry, a state-of-the-art audio decibel electronic system and a huge, multi-room master suite.

77 E Walton St, Unit 26C
Original list price: $3.895 million
Sold price: $3.65 million
This chic, sleek and sophisticated residence spans nearly 4,800 square feet, and was recent redone and move-in ready for a new buyer. The home boasts fabulous southeast views of the lake, city skyline and southern end of the Magnificent Mile. Plus, you’ll find perfect wood floors, a state-of-the-art Snaidero kitchen and a handsome wood-paneled library. The four-room master suite has a separate sitting room with fireplace, a luxurious master bath and huge master closet. Every room has an amazing view. The building at 77 E Walton is a prestigious, intimate boutique community in an iconic building, with amenities that include a private concierge and service, roof deck, immediate access to shopping and dining in 900 Michigan Avenue and the Four Seasons Hotel. This unit was also bought with cash.

840-n-lake-shore-dr840 N Lake Shore Dr, Unit 601
Original list price: $3.5 million
Sold price: $3.3 million
This Lake Shore Drive gem is one of the city’s finest addresses, having been exquisitely maintained and exuding luxury and grace through and through. It’s A+ lakefront location means sweeping lake views, visible through floor-to-ceiling windows in this property’s 3,965 square feet. . The marble foyer opens to an expansive living room with fireplace and gorgeous built-ins. An incredible dining room in a rotunda boasts unbeatable views in every direction. The eat-in kitchen includes professional-grade appliances and access to south-facing terraces that overlook a park. And the huge master suite features a sitting area, built-in book cases and dual walk-in closets. The buyer paid cash for this incredible Chicago condo.

33-e-bellevue33 E Bellevue Pl Unit 7-E

Original list price: $2.995 million
Sold price: $2.85 million
This penthouse-level duplex has it all: 3,094 square feet. Lake views. Two huge terraces. The space is idea for entertaining, with a large master suite, three bedrooms and 2.2 baths. One parking spot was included in this sale, which was purchased through conventional financing.

For more information on the Chicago luxury condos 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.

Luxury Single-Family Homes Sales in Chicago Weaker in February

For buyers who were ready to make a purchase last months, deals were certainly to be had. Looking at the February sales for luxury single-family homes in Chicago, it’s clear that sellers who have had their properties on the market for some time opted to sell at a reduced price and not hang on further.

With the prediction that interest rates are going to increase this year and an uncertain political environment, it’s possible that we could see the real estate market turn back to a buyer’s market. More undecided buyers might stay on the fence rather than making a move, which would create less competition in the market. But, it’s still early, and luxury sales in March should provide more of an indication one way or another.

In the meantime, the top single-family homes that sold in February pointed toward a few clear wants among luxury buyers: namely, new construction and extra-wide lot sizes. At least one of these two features are among the top five most expensive homes that sold last month.

Looking at what sold in the previous month is a great idea for buyers who want to understand what the market looks like before they head to the negotiating table themselves. I always recommend my clients see what types of properties and features are selling for top dollar, then seeing how those compare to their own budget. That way, there are no surprises or unexpected dollar signs when you’re ready to make your own offer.

With that, here’s a more detailed look at the top luxury homes in Chicago that sold last month, in descending order.

34 E Bellevue Place34 E Bellevue Place
Original list price: $3,999,999
Sold price: $3.75 million
This Gold Coast renovation was the top sale for the month, located on one of the very best streets in the neighborhood. The property boasts a one-of-a-kind style, elegance and timeless modern luxury with impressive custom millwork, magnificent LED lighting, an expansive outdoor terrace and decks and sun-filled rooms throughout. A luxurious master suite includes a marble bath with dual vanities with hidden mirror TVs and a separate soaking tub, huge steam shower and smart use of space. The chef-inspired gourmet eat-in kitchen has high-end appliances, wine cooler, huge marble island and opens via French doors to a large terrace with great outdoor dining. The coveted Gold Coast location is just one block from Oak Street Beach, Michigan Avenue shopping, restaurants and parks.

1225 W George St1225 W George St
Original list price: $3.995 million
Sold price: $3.6 million
A fabulous home with a 75-foot stretch of frontage, this property was transformed by famed architect Larry Booth in 1999 and was since won an AIA award. Its 7,400 square feet allow for an open floor plan and a design that boasts amazing sight lines from the front courtyard to the private deck. Incredible architectural details include concrete-beamed ceilings, large windows, oversized poured concrete slab floors with radiant heat and floor-to-ceiling custom fireplace. The kitchen (a stunner with stainless steel appliances, wine cooler, warming drawer and seamless granite countertops) opens to a large, inviting family room. The dramatic dining room with a floating wall conceals a butler’s pantry and half bath. The large master suite looks onto an incredible 40-foot indoor lap pool, with a master bath boasting a soaking tub, separate shower and private outdoor terrace. Additional living spaces offer even more space, like a huge studio that could be a separate commercial office and an incredible fifth bedroom that could serve as a playroom, nanny’s quarters or sleeping area.

2131 W Agatite Ave2131 W Agatite Ave
Original list price: $2,249,999
Sold price: $2 million
5,100 square feet
This newer construction home in Lincoln Square has been highly customized. Situated on an extra-wide, 37.5 foot lot on an quiet, tree-lined street, this home ensures no detail has been spared in thoughtful design and functionality. There are 12-foot ceilings throughout the main level, along with two wood-burning fireplaces, and a kitchen will all the bells and whistles: Twin Subzero built-in refirgerators, double Wolf oven and gas range, dual Bosch dishwashers, built-in Miele coffee/cappuccino maker and two wine beverage refrigerators. The large master suite has huge dual closets and a spa-like master bath with heated floors, a two-person steam shower and separate Jacuzzi tub. Outdoors, you’ll find an amazing finished roof deck with a veranda, outdoor TV, dual-tap built-in beverage chiller, grill, fans and gas firepit.

1455 W School St1455 W School St
Original list price: $2.099 million
Sold price: $1.995 million
This is a brand-new construction property in the Southport Corridor. Starting with a brick and limestone façade, this 4 bedroom, 5.2 bath home has been tastefully designed through and through, with elegant millwork and ceiling treatments, custom kitchen cabinet design and more. Also included are high-end bathrooms, commercial-grade appliances, large family and rec rooms and an amazing patio and rooftop deck.

4513 N Paulina St4513 N Paulina St
Original list price: $2.15 million
Sold price: $1.885 million
This 7 bedroom, 4.2 bath new construction home spans a whopping 5,700 square feet, thanks to an extra-wide, 35 x 163 foot lot. This brand-new modern masterpiece exhibits the most high-quality, master craftsmanship inside and out, with state-of-the-art finishes, top-of-the-line appliances, volume ceilings and much more. The square footage allows for expansive room sizes, and the whole house boasts amazing width, depth, flow and natural light. The outdoor space features a large rear deck and 1,000 square foot backyard. Located in a desirable Ravenswood/Lincoln Square location, this home also offers easy access to the El, Metra, shops, restaurants and entertainment.

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

Chicago Luxury Condo Sales Went Out Strong in December

As we wrapped up 2016, the top Chicago condos were singing much of the same song that they did for much of the year. Ultra-luxury properties reigned among the most expensive homes sold, not just in terms of price but in the exceptional elegance found in each and every one.

The priciest condos to sell in December were all found in some of the city’s most prestigious buildings. Whether vintage, co-op, new or old, these buildings are all in highly coveted locations, thanks to the walkability to exquisite shops, city activities and diverse dining options.

The other common denominator among the condos sold last month was square footage. Luxury buyers want at least 3,000 square feet, and that showed in the top sales. A penthouse co-op offered 5,580 square feet, which is a number typically associated with a single-family home in the ‘burbs.

Lastly, a majority of these top sales were sold at a major discount from the original listing price. A co-op on East Lake Shore Drive sold for a solid $1 million less than it was originally listed at. That’s a great deal for the buyer who isn’t afraid to shop for real estate during the cold winter months, when sellers are apt to negotiate and get those properties off the market.

All in all, December saw $68 million in total sales for December. Let’s take a more detailed look at what sold, with the top five properties in descending order:

Water Tower Place at 180 E. Pearson in Chicago

180 E Pearson St, Unit 5603
Original list price: $3.5 million
Sold price: $3,562,460 million
This ultra-luxury Chicago condo (purchased by a cash buyer) is one of five custom residences in the iconic Water Tower Residences, one of downtown’s most beloved buildings. These condos are being transformed into gorgeous, custom homes by Centaur Interiors, completely renovated using the finest materials and fixtures, state-of-the-art technology and precise attention to detail. The new residents can enjoy forever views in every direction, along with AAA+ amenities of the Ritz-Carlton, such as a concierge, 24-hour door staff, fitness center, pool, room services and more.

450ewaterside450 E Waterside Dr, Unit 2801
Original list price: $3.9 million
Sold price: $3.45 million
A penthouse unit with nearly 5,000 square feet of living space, this Chicago condo was a rare opportunity for the buyers to get into one of the premier buildings of Lakeshore East. This neighborhood offers spectacular lakefront and riverfront living, with breathtaking water and skyline views from every room. The unit boasts a dramatic foyer that opens to more that 46 feet of open, spacious living space fitted for modern living. Lux features include 11-foot ceilings, smart home technology, LED lighting and an exceptional level of detail given to the comfort and ease of living throughout the home. Located just a few blocks from Millennium Park and Navy Pier, the Chandler amenities include an indoor rooftop pool fitness and media rooms and an array of offerings still in the works.

4EastElm4 E Elm St, Unit 13S
Original list price: $3.4 million
Sold price: $3.4 million
The new construction condos at 4 East Elm were easily among luxury buyers’ favorite buildings in the second half of 2016—and sales are still going strong, with more than 90% sold. These sleek and modern half-floor residences each have elevator entry and most have three exposures that allow expansive lake and city views. This building is the ultimate urban oasis of luxury and privacy, with amenities that include an outdoor pool, sun deck fitness center, screening room, clubhouse lounge and 24-hour door staff. This 3,500+ square foot unit in particular was purchased with cash.

209ELakeShoreDr209 E Lake Shore Dr, Unit 1E
Original list price: $4.2 million
Sold price: $3.2 million
A beautiful co-op building in the Gold Coast, this three-bedroom property spans a generous 5,580 square feet and was completely redone by renowned architect John Ronan. The exquisite renovation kept the unit’s classic design and enhanced elegant, rich details like hardwood floors, extensive millwork, sleek moldings and more. The open floor plan is ideal for entertaining, and calming views overlook the lake and the treetops along East Lake Shore Drive. This co-op was also purchased by a cash buyer.

1550_N_State_Unit_FrontView_1_1550 N State Pkwy, Unit 402
Original list price: $3.85 million
Sold price: $3 million
Purchased by a cash buyer, this 4,160 square foot Chicago condo is in one of the most revered buildings in the Gold Coast. Occupying a half floor, this property boasts east and north views of the stunning lake and park from every room. Along with three bedrooms and three-and-a-half baths, this home features four balconies, 10-foot ceilings, major windows and bays and two fireplaces. The building amenities include 24-hour door staff, a guest apartment, exercise room, wine room and a live-in engineer.

For more information on Chicago condos that sold last month, or to take a look at what’s on the market now (and take advantage of those winter buyer benefits!), 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.

October Luxury Home Sales in Chicago Show It’s a Buyer’s Market

They say the real estate market can change on a dime, and October’s luxury home sales in Chicago are certainly proof of that. Looking at the top sales for the month, it’s clear that many of the deals were made in favor of the buyer.

I’ve always encouraged buyers to get serious about their home search in the fall months, as the best time to purchase luxury real estate and obtain a real “deal” usually begins in mid-October and continues through the end of the year.

In the case of October’s Chicago luxury home sales, the list price versus the sold price shows some considerable discounting on these properties, showing that the buyers were in a good place to negotiate with motivated sellers who likely want to offload their properties before the end of the year.

Buyers Looking for Size, Outdoor Space in Chicago Luxury Homes

Another common denominator we can see among the top home sales in October is lot size. Three out of the top five homes sold were on lots larger than the standard 25 x 125 feet.

When it comes to luxury real estate, the lot size alone can tell us a lot. It typically means a more spacious interior with larger rooms, as well as big backyards or ample outdoor space. That’s why a large lot has become the standard that upper-bracket buyers are looking for, especially those coming from cities like New York and San Francisco and looking to maximize the space they get for their dollars.

In total, October saw 41 luxury single-family homes sold, for a total sales volume of $61 million. Let’s take a closer look at the five most expensive:

2122 N Seminary Ave
Original list price: $3.495 million
Sold price: $3.195 million

2122-n-seminary-aveSpanning 5,850 square feet, this stunning home was built to meet the highest standards. Some of the luxurious highlights include a handsome carved Indiana limestone façade, unusually tall ceilings, an extra-wide interior, solid walnut doors, substantial molding and trim, a custom elliptical staircase and three fireplaces. The interior décor comes from renowned designer and architect Joan Crag to create a comfortable, sophisticated aesthetic that is perfect for family living and entertaining. On the main level, you’ll find an English-style custom kitchen with a large island, built-in banquette and a pantry closet. Two large decks off of the family room as well as multiple rooftop decks provide plenty of room to enjoy Chicago’s summer weather. On the lower level, a recreation and media room offer even more entertaining space.

1302 N Ritchie Ct
Original list price: $2.795 million
Sold price: $2.55 million

1302-n-ritchie-ctLocated in the heart of the Gold Coast, this elegant Potter Palmer rowhouse has been gut renovated to ensure no detail or expense was spared in creating a timeless property made for modern living. On the first floor, find soaring ceiling heights, fireplaces in living and dining rooms, a custom kitchen with Italian limestone and top-end appliances. The second floor features two bedrooms and two baths, while the third floor is entirely dedicated to an extravagant master suite complete with lake views and a sumptuous marble bath with the finest fixtures. The fourth floor boasts two additional bedrooms, a stunning library with lake views, a fireplace and wet bar. At the very top, a roof deck offers lake views and at the bottom, a flexible lower level that can be used as a family or playroom. All new systems )elevator, HVAC, windows, doors, wiring, plumbing) made this home turnkey ready for the lucky buyer.

2131 N Kenmore Ave
Original list price: $2.47 million
Sold price: $2.4 million
2131-n-kenmore-aveThis home has a great Lincoln Park location that puts you just steps away from the best shopping and dining. The interior includes dramatic ceilings, custom moldings and state-of-the-art finishes that all culminate into a sophisticated aesthetic. An open living/dining room provides plenty of space to entertain, while the luxe eat-in kitchen has a butler’s pantry with wine fridge, large breakfast bar and custom stone flooring. A spacious great room includes custom-built storage and access to a bluestone terrace, garage deck and rooftop deck. The master suite is spectacular, with custom storage, fireplace, a private terrace, and a lavish bath. With six bedrooms, ample outdoor space and an attached two-car garage, this home is a rare find among Chicago homes for sale.

1839 N Burling St
Original list price: $2.695 million
Sold price: $2.385 million
1839-n-burling-stLocated on one of the most sought-after blocks in Lincoln Park, this transitional home opens to southern light and has all of the luxury bells and whistles throughout. The DeGiulo kitchen includes a Subzero fridge, two refrigerated beverage drawers, two dishwashers and a six-burner Wolf range with griddle. On the second level are four bedrooms, including a master suite with dual clostes and spa bath with steam shower, dual sinks, vanity and Jacuzzi tub. A penthouse family room has a wet bar, separate office and access to two rooftop decks with unbeatable city views. A long lot (131 feet) allows for a private backyard.

3657 N Greenview Ave
Original list price: $2.595 million
Sold price: $2.35 million
3657-n-greenview-aveThis huge Southport Corridor home is on a double corner lot (47 feet wide, compared to the standard 25 feet), making it an oasis within the city limits. Recent updates to the home include new windows, a new kitchen on the main level, a gut renovation to the master suite, a and new paint. The main level is fitted with charming pocket shutters, leaded glass windows, inlaid floors and a built-in hutch. This home is located in the Blaine School District, across the street from a playground and ideal for a buyer looking for character and outdoor space in the city.

To learn more about the homes that sold in October or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Square Footage was Key for Chicago Condo Luxury Sales in August

When my clients are looking at purchasing a Chicago luxury condo, they generally aren’t looking to sacrifice space. In other cities, condo living might indicate downsizing, small-space urban living, but Chicago has a great offering of buildings that feature the same amount of space you’d find in a single-family home, often with coveted amenities and services on top of it.

If they have the budget, I always recommend my clients look for a Chicago condo with at least 3,000 square feet. That seems to be the minimum square footage that a luxury buyer wants, whether they are a family with children, empty nesters, or other. And if you look at last month’s top luxury condo sales, the square footage number definitely holds up among the top five most expensive sales.

The top five condos sold have square footage ranging from just a hair under 3,000 square feet, all the way up to 5,143 square feet. All of them are also found in some of the city’s most popular buildings, noted for their prestige and coveted locations in Near North and the Gold Coast.

Finding out what sets one Chicago condo building apart from the rest is an important part of the research process if you’re looking to buy. If you’re considering a purchase, contact me at (312) 498-5080 for input on some of the unique features you’ll find among these buildings that will help you narrow down which is best for you and your family. Or, take a look below at the details for each of the top five condos sold in August (starting with the most expensive sale):

21-e-huron-st21 E Huron St, Unit 4801
Original list price: $5.5 million
Sold price: $4.5 million
This full-floor, top-floor penthouse is absolutely spectacular—and with 5,143 square feet and unobstructed, 360-degree views, this one certainly earned its way to the top sales spot in August. A private elevator opens up into this unit, which was recently renovated to include custom millwork, custom lighting, a 700-bottle wine cellar and a master suite with enormous walk-in closets and luxe bath. An enormous terrace and balcony provides coveted outdoor space. Other features include a state-of-the-art HEOS sound system by Denon, a security system and two penthouse parking spaces. The Lucien Lagrange-designed building is also full-amenity, offering a fitness center and spa, a sundeck, an indoor pool and Jacuzzi, a business center, private theatre and wine cellar.

800NMichigan800 N Michigan Ave, Unit 5301
Original list price: $5 million
Sold price: $4.4 million
Park Tower is one of the most iconic buildings in Chicago, with an unbeatable location right on the Magnificent Mile. This 4,200-square foot unit is high on the 53rd floor, allowing for stunning views; it was also recently remodeled with the finest finishes to create an impeccable home for modern living.

4EastElm4 E Elm, Unit 225
Original list price: $4.1 million
Sold price: $4.1 million
The new construction condos in 4 East Elm have been no stranger to the top luxury sales over the last few months—the building is now over 80% sold. This 3,516 square foot unit is one of just 35 modern, sophisticated half-floor residences in the building, each with elevator entry, high-end finishes and at least three exposures, many with expansive city and lake views. Amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

50echestnut50 E Chestnut, Unit 1701
Original list price: $3.75 million
Sold price: $3 million
This full-floor Chicago condo in the Gold Coast stretches a generous 4,000 square feet, with 3 bedrooms and 3.1 baths. The building is sleek and contemporary, with breathtaking views in all directions. This unit in particular boasts an open floor plan that allows for spectacular vistas through floor-to-ceiling windows, with Lake Michigan to the east and the iconic Chicago skyline to the south. Private terraces on the east and west sides allow for intimate outdoor space to take in the view. The full-service building includes a top-floor fitness center, a landscaped garden, a sun deck and dark run. Residents of 50 East Chestnut are just steps from everything the Gold Coast neighborhood has to offer, including cultural institutions, world-class shopping, dining, Lake Michigan and the Magnificent Mile.

77-e-walton77 E Walton Pl, Unit 25D
Original list price: $2.65 million
Sold price: $2.52 million
This 3 bedroom, 2,940 square foot condo is a rarely available “D” tier floor plan at a sought-after luxury building in the Gold Coast. With beautiful views from the 25th floor, this unit features spectacular finishes, floor-to-ceiling windows, 10-foot ceilings and hardwood floors throughout. The Snaidero kitchen has two dishwashers and two refrigerators, and the master suite includes a lavish spa bath.

For more information on Chicago’s luxury condo buildings or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago 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.