July Luxury Condo Sales in Chicago Were Hotter than the Weather

When July sales statistics come in strong, it’s a clear sign that the Chicago luxury condo market is on a tear. Last month, total sales volume for luxury condos was $92 million. Thirteen of the 59 sales for the month fell into the “ultra luxury” category—selling for more than $2 million. Sale prices went all the way up to more than $4 million.

Many of the homes that sold in July were on the market for just a few days. Several of the most expensive homes sold did so in less than five days.

As I have been stressing to all of my luxury clients, there is a magic number for square footage in luxury condos. Buyers typically want no less than 3,000 square feet, and that was apparent in last month’s sales as well. Several sales even topped the 4,000 mark.

Whether trading up, coming to the city from the suburbs or relocating to Chicago all together, buyers want large square footage and are willing to spend well into the millions to get a condo that offers it. Even though the assessments for these types of buildings are quite a bit higher, the cost hasn’t deterred clients form purchasing in them.

Here’s a closer look at the top luxury condos that sold last month, with the top five sales in descending order.

432-W-Grant-Pl432 W Grant Pl, Unit 2E
Original list price: $4.095 million
Sold price: $4.095 million
This property was sold before print, so details are scarce. But it’s safe to say that with 4 bedrooms and 4.1 baths in Lincoln Park, this was a highly sought-after home.

400-w-huron400 W Huron St, Unit 1501
Original list price: $4 million
Sold price: $4 million
This new construction building has been declared Chicago’s next iconic building, and it’s easy to see why. From the developer of 30 West Oak, the building boasts contemporary design inside and out, with 10-foot ceilings, high-end cabinetry and appliances, stone floors, luxe baths and expansive terraces. There are only 25 homes in the building, and residents enjoy separate, enclosed 2- and 3-car garages, plus amenities like a 24-hour doorman, fitness, wine storage and dog run. This unit in particular boasts 3 bedrooms and 4.1 baths on the 15th floor, spanning a generous 4,650 square feet.

77-e-walton77 E Walton Pl, Unit 27A
Original list price: $3.7 million
Sold price: $3.55 million
The Residences at 900 are a mainstay of high-end real estate in Chicago, thanks to its true sense of luxury, upscale service and Magnificent Mile convenience. This Chicago condo is a 3 bedroom, 3.1 bath across 4,320 square feet on the building’s 27th floor and just underwent an expansive renovation. Features include floor-to-ceiling windows, extraordinary lake and Magnificent Mile views, a chef’s kitchen, custom stone baths, Lutron home automation, customized closets and more. The building boasts a sundeck and fitness options as well.

1448-N-Lake-Shore-Dr1448 N Lake Shore Dr, Unit 19 A B
Original list price: $3 million
Sold price: $2.85 million
This totally renovated penthouse co-op has what every Chicago luxury buyer wants: views. Sixty feet of them, to be exact, looking out onto the lake, beach and Navy Pier. With 4,800 square feet on the 18th floor, this home boasts a private elevator that opens into an elegant spacious gallery; a corner library with views; a dining room with bay windows that overlook the lake; a combined chef’s kitchen; plus, hardwood floors, high ceilings, tons of storage, central zoned a/c and in-unit laundry.

1040 n lake shore1040 N Lake Shore Dr, Unit 6D
Original list price: $2.75 million
Sold price: $2.6 million
The Carlyle is a building known for its hospitality, and this 3,020 square foot unit is located on the rarely available “D” tier. Having just underwent a full-gut rehab led by award-winning designer Rebekah Zaveloff, this condo features a grand living room, separate dining room, a magnificently redesigned kitchen, and a grand master bedroom with lake views, his-and-her closets, Calcatta marble  bath, separate soaking tub and huge walk-in shower. The building itself is packed with amenities, including 24-hour staff, gym, banquet room, indoor pool, sundeck and parking.

With sales so strong in the dead center of summer, it will be interesting to see what August brings in Chicago real estate. It’s safe to say that ample square footage, new construction or renovated homes and prestigious buildings are factors that don’t succumb to any season or trend—it’s simply what the luxury buyer must have when shopping for a new home.

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

Chicago Luxury Condo Sales in February Included Great Locations, Large Square Footage and Amazing Views

When I meet with a client looking to purchase a Chicago condo, a key part of our initial interview is to discuss their needs and wants when it comes to real estate. I most often find that clients are in search of specific locations, a minimum of 3,000 square feet of space, and amazing views. Views of the lake are especially important to clients coming to Chicago from other parts of the country—it’s often No. 1 on their lists (and I can’t say I blame them!).

That said, you’ll see that last month’s Chicago condo sales were all about those views. Each of the top five properties sold offer a spectacular view that would be sure to “wow” every guest. Another sought-after wow factor is the size of the unit. Four out of the top five properties have more than 3,000 square feet, with one boasting 4,180 square feet. That kind of square footage is almost as large as some houses in the ‘burbs.

February saw a total of 42 Chicago condos sold with a total volume of $61 million. Here’s a closer look at what sold, in descending order.

310 S Michigan Avenue310 S Michigan Avenue
Original list price: $4.9 million
Sold price: $3.8 million
This penthouse unit spans a generous 4,180 square feet with 4 bedrooms, 4.2 baths and a vintage charm blended with breathtaking quality. This Chicago condo has paid incredible attention to detail with recessed lighting, high ceilings, extensive crown molding, high ceilings, sun-filled rooms and five fireplaces. A 1,700 square foot terrace lets you enjoy the outdoors in the heart of the city. This Chicago condo boasts the best style, quality and location a buyer could ask for. It’s also worth noting that this home appears to have sold for more than $1 million below the original asking price.

4EastElm4 E Elm St, Unit 15S
Original list price: $3.7 million
Sold price: $3.665 million
One of the latest new construction opportunities among Chicago condos, 4 East Elm has nearly completely sold out. The building offers 35 sleek and modern half-floor residences, each with elevator entry and high-end finishes. Most units boast a least three exposures with lake and city views. The amenity offering is an ultimate urban oasis of luxury and privacy, with an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

505 n lake shore505 N Lake Shore Dr, Unit 6806
Original list price: $2.345 million
Sold price: $2.345 million
This exquisite penthouse in Lake Point Tower is the ultimate in luxury. With 3,650 square feet, 3 bedrooms and 180-degree premium views of the city, lake and shoreline. Inside, find custom built-ins, a gourmet kitchen with high-end appliances, a wet bar in the huge living room, a large dining room and an elegant master suite. The building includes a private 2.5-acre part with an outdoor pool, grills, lagoon with waterfall, 24-hour security, newly remodeled health club featuring fitness on demand, indoor pool and racquet ball court.

340ERandolph340 E Randolph St, Unit 3201
Original list price: $2.445 million
Sold price: $2.3 million
This 3 bedroom, 3.1 bath Chicago condo in 340 On The Park boasts unparalleled panoramic views of Lake Michigan, Millennium Park, Grant Park, Maggie Daley Park and Michigan Avenue. The 2,371 square foot unit has exposures on the south, east and north sides and has been professionally designed with $100k in upgrades, including a custom built-in with fireplace, grasscloth wallpaper, solar shades, wool drapes and wiring for sound. The open chef’s kitchen includes Snaidero cabinets, GE monogram appliances and quartz countertops. The luxurious master bedroom suite includes a walk-in closet and master bath with Dornbracht fixtures, spa tub, separate shower and double vanity. Details throughout include bamboo floors, 9-foot ceilings, floor-to-ceiling windows, plus two balconies and two additional ensuite bedrooms. The amenity floor in 340 On The Park includes an expansive fitness center, 75-foot indoor pool and winter garden.

179-e-lake-shore-drive-co-op-apartments-360179 E Lake Shore Drive, Unit 25W
Original list price: $2.2 million
Sold price: $2.2 million
A coveted co-op building on East Lake Shore Drive, this 3 bedroom, 3.1 bath sold before print. This 3,045 square foot unit is on the 25th floor, but details beyond that were sparse.

For potential buyers, I always recommend reviewing the prior month’s sales to get an idea for what kinds of properties are selling for what price. That intel will serve any buyer well when they are evaluating the market with their own wish list and budget.

For more information on what 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.

Plenty of Chicago Luxury Condo Deals to be Had in January

Plenty of Chicago Luxury Condo Deals to be Had in January

When it comes to purchasing Chicago luxury real estate, there are a number of variables that can help a buyer get a great deal. One of those is as simple as a page on the calendar: specifically, January.

Obviously, January is one chilly month for Chicago, and the cold weather definitely plays a role in dropping the price of real estate so sellers can ensure it doesn’t sit on the market for the rest of winter. And right now, the possibilities of rising interest rates and inflation are right around the corner, motivating sellers even more. Sellers are in the best position when there is economic stability, so when questions about housing policy arise from the government, or there is talk of interest rates being made higher, many sellers believe that their best bet is just to get the property off their hands.

But it’s not just the season that plays into a buyer getting a great deal. Luxury buyers can also come out on top by looking at:

List price: More buyers are nervous about putting in a low-ball offer when purchasing a property, but some savvy buyers—especially those who have cash on hand—are not afraid to make an unusually low offer.

Cash on hand: When purchasing Chicago real estate anywhere from mid-November through February, cash is an especially important factor in a buyer getting a deal. Sellers don’t want to hold properties on the market and risk of a loan not going through, so knowing that a buyer plans to pay with cash eliminates that stress and gives the buyer an edge.

State of inventory: When real estate inventory is low and a seller still hasn’t sold their property in 3-4 months, it’s a sign that they’ve priced it too high and the market has “penalized” the seller accordingly. The result is often a better discount for the buyers.

Needless to say, January was a good month for the buyers of the top-priced Chicago condos. Here’s a detailed look at the units that sold during the month:

401NWabash401 N Wabash Ave, Unit 42A
Original list price: $4.3 million
Sold price: $4.05 million
The lucky buyer of this 3,948 square foot River North condo was able to get a deal on this home, purchasing it for all cash for more than $250,000 off the list price. With just under 4,000 square feet of opulent living space, the home boasts three bedrooms, separate media room and family room. A spacious foyer opens into a sundrenched, river-facing living room that looks out onto sweeping, unmatched views of Chicago from the floor-to-ceiling windows. This unite has been stylishly customized with new hardwood floors, custom lighting, built-ins and surround sound and exquisite finishes in the kitchen and baths. The generous master suite includes two enormous walk-in closets and lavish his-and-hers master baths.

4EastElm4 East Elm, Unit 10S
Original list price: $3.2 million
Sold price: $3.19 million
This Gold Coast condo is among the last few remaining in 4 East Elm, one of the city’s new construction buildings that received a warm welcome from high-end buyers in 2016. This three bedroom, 3.1 bath is on the 10th floor, spanning 3,486 square feet. The building offers 35 sleek, modern half-floor residences, each with elevator entry, high-end finishes and at least three exposures featuring expansive city and lake views from many. Amenities include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.

800NMichigan800 N Michigan Ave, Unit 4302
Original list price: $3.025 million
Sold price: $2.9 million
This Park Tower home sold for a surprising $75,000 below list price. With 3,025 square feet, this home is the epitome of Chicago luxury living with a top-notch location, the amenities of the Park Hyatt Hotel, and all of the upscale details you could ask for. An open and light floorplan gives away to a living and dining room with large windows that face east and south for iconic lake and city views. A wide private terrace overlooks expansive views of Lake Michigan. The kitchen is quiet and efficient with high-end finishes, luxury appliances, Thermador six-burner stove and a center island with storage. The master bedroom is designed to be an absolute refuge, complete with an office, spa-like bath and enormous walk-in closet. The sale of this Chicago condo also included two parking spaces.

30WOak30 W Oak St, Unit 19B
Original list price: $2.9 million
Sold price: $2.875 million
Spanning just over 3,000 square feet, this 19th floor 2 bedroom has been highly upgraded. Not to mention, 30 W. Oak is an award-winning, architecturally significant building with less than 45 units in total, making this one of the most sought-after luxury buildings. A gracious, open floorplan features floor-to-ceiling windows that look out to panoramic views from every room; you’ll also find a designer Poliform kitchen, and an oversized master suite with a glamorous dressing room that feels like a private boutique. Amenities in the building include on-site management, phenomenal door staff and a state-of-the-art exercise room.

1500 N Lake Shore Dr1500 N Lake Shore Dr, Unit 17C
Original list price: $3.49 million
Sold price: $2.775 million
This classic 1920s co-op on the famous Lake Shore Drive has extraordinary views, a generous floorplan and boasts thoughtful design throughout. The building itself has a historic design with a gym, parking and convenient location—and units in this building are rarely available, let alone one on a high floor. This property in particular has a whopping 4,100 square feet of living space on the 17th floor, complete with four large bedrooms with ensuite baths, a grand east-facing entertaining space and a spacious kitchen.

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

Major Price Deals in January’s Luxury Chicago Condo and Co-Op Sales

The winter months aren’t generally rife with real estate news, especially here in Chicago. But that makes the season especially opportune for buyers, and this is something I tell my luxury clients year after year. The time to consider pulling the trigger on a new home purchase is late November, December and January, when buyers are scarce and sellers must be more realistic about pricing their homes.

In my 25-plus years working in Chicago real estate, I’ve seen the winter months produce some amazing deals for luxury buyers. Less buyers are out in the cold weather, and anyone relocating to Chicago at this time are usually serious buyers—the result is sellers who are willing to strike a deal to get their homes sold.

That’s not to say it’s too late to negotiate a great winter price on luxury real estate in Chicago. Buyers in the right position to make a move can still take advantage of the seasonal slowdown if they move quickly before spring heads our way. One huge advantage is to pay cash—this gives the buyer a stronger hand to play at the negotiating table, as deals are far more foolproof and ensure to the seller that things will go quickly and smoothly.

Luxury Condo and Co-Op Sales in Chicago Last Month

Winter negotiations are apparent in January’s condo and co-op sales. Take a look at the sales recap below, and you’ll notice there are a few clear differences between the original listing price and the final sales price.

Starting with the most expensive, here are the top 5 luxury condo sales during January, in descending order:

1500 N Lake Shore Dr1500 N Lake Shore Dr, Unit 11A
Original list price:
$3.978 million
Sold price: $3.1 million
A renovated 3-bedroom in a premier Gold Coast co-op building, this unit features smashing views of the lake and city and a fabulous floor plan that allows for large, formal rooms. A blend of vintage details—such as 18th century carved oak walls in the living room—meld will sleek, modern touches throughout. This co-op building required a cash buyer for this unit, but you can see that the buyer got an incredible deal on the price.

1040 n lake shore1040 N Lake Shore Dr, Unit 24D
Original list price:
$2.6 million
Sold price: $2.35 million
This renovated 3,163 square foot 3 bedroom is in pristine condition, located in a north-facing corner at the Carlyle. Sophisticated details are found from one room to the next: An exquisite paneled library with built-ins and wet bar; a spacious eat-in kitchen with Neff cabinetry, granite countertops, new limestone floors and high-end appliances; a gracious master suite with his-and-her baths and walk-in closets. Additional features include surround sound in public rooms, professionally organized closets, hardwood flooring and new windows. Residents in this building enjoy a 24-hour doorman, on-site property management, exercise room, indoor pool, party room, sun deck and storage.

1430 n lake shore1430 N Lake Shore Dr, Unit 10
Original list price:
$3.2 million
Sold price: $2.175 million
This renovated Gold Coast co-op includes 4+ bedrooms with ensuite baths, gracious room sizes, a handsome chef’s kitchen and butler’s pantry, a formal dining room and sweeping lake views.

1035-n-dearborn1035 N Dearborn St, Unit 16
Original list price:
$2.25 million
Sold price: $2.03 million
A full-floor residence on the 16th floor of Maple Tower, this 3,799 unit features 3 bedrooms, 3.1 baths, a private elevator and 2 included parking spaces. A southwest exposure brings in great light and views from the heart of the Gold Coast.

For more information on these sales, or to see Chicago condos and co-ops on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Ultra-Expensive Condos Sell in Chicago’s Hottest Buildings in October

If you look at sales volume, Chicago condo sales were basically flat in October from the month previous, totaling $51 million. But what’s really noteworthy from last month’s condo sales are the ultra-luxury properties—of the 31 properties that sold, 9 sold in excess of $2 million. Not to mention, these sales were found in five of the most sought-after buildings in the city.

What makes a building stand apart from the rest? Buildings like those found in last month’s sales tend to well, have it all. Location. Views. Newness (in terms of construction, compared to other condos on the market). Many luxury condo buildings also carry architectural significance, and three of the buildings on this list—2550 Lakeview, 840 Lake Shore Drive and 270 Pearson—were designed by Lucien Lagrange, the beloved Chicago architect whose name is behind some of the city’s finest buildings.

Not only do the buildings themselves have plenty to offer, but the condos within them must stand apart as well, whether that’s via a great floor plan, incredible views, outdoor space or other upscale features. Last month’s most expensive condos sold each have their own set of distinguishing features—here’s a closer look at the top five in descending order.

30WOakSt30 W Oak St, Unit 12B
Original list price: $4.1 million
Sold price: $4 million
Inside a popular building in downtown Chicago, this 3,349 square foot, three bedroom unit was custom designed to showcase the luxury that is felt the moment you lay eyes on the building. The building is an stunning combo of contemporary design (with an elegant curved glass façade that offers spectacular city views) and elegant Gold Coast living (with features like 10-foot ceilings, floor-to-ceiling glass windows and expansive terraces). Building amenities include state-of-the-art fitness facilities, separate storage rooms and an interior heated garage.

lp-25502550 N Lakeview Ave, Unit C7-34
Original list price: $2.895 million
Sold price: $2.75 million
This condo in one of the city’s hottest buildings has plenty to offer indoors and out. Outside, find 2 terraces totaling 84 square feet that look out to amazing east lake and park views. Inside, 2,884 square feet include a fully appointed cooks’ kitchen with top-of-the-line appliances, oak floors, floor-to-ceiling windows and a large master suite with marble spa bath. The building (designed by famed Chicago architect Lucien Lagrange) includes incredible amenities like an indoor pool, fitness center, dog park and more.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Drive
Original list price: $2.75 million
Sold price: $2.6 million
Lake Shore Drive is an address that’s no stranger to our top monthly sales report, and for good reason. Chicago condos along this stretch of LSD offer incredible lake views, a great location not far from downtown and a number of architecturally significant buildings from architects like Mies van der Rohe and the aforementioned Lagrange. This one was designed by the latter, and has become one of Chicago’s finest buildings. Just shy of 3,000 square feet, this condo was custom designed from a raw space into an elegant home made for the most discerning buyer. Stunning details are found throughout, from the finest finishes to a space made for entertaining.

270EPearson270 E Pearson St, Unit 1001
Original list price: $2.49 million
Sold price: $2.39 million
A unit inside this downtown Chicago condo building rarely becomes available, which tells you a lot about the building it’s in. This sun-filled Chicago condo spans nearly 3,000 square feet, with spectacular views to the south and east that provide a stunning backdrop of Lake Michigan, Millennium Park, Navy Pier and the city skyline. Each of the unit’s 3 bedrooms includes an ensuite bath, plus a den with built-in cabinets, powder room, beautiful open kitchen with large granite island, a spacious living room with fireplace and a large balcony. You’ll also find beautiful details like gleaming hardwood floors, crown molding and high ceilings. Plus, one highly sought-after bonus: 2 included parking spaces.

340 on the Park340 E Randolph St East, Unit 2101
Original list price: $2.49 million
Sold price: $2.375 million
This 2,300+ square foot 3-bedroom is one of the building’s most coveted floorplans, with stunning south view of the lake and harbor, Millennium Park and Buckingham Fountain. The unit includes everything from contemporary finishes to a spacious kitchen to an open floor plan, all just steps away from the best downtown Chicago has to offer. Cultural hot spots, Michigan Avenue and a bevy of great restaurants are all within walking distance.

Consider last month’s Chicago condo sales when you’re embarking on your own search for Chicago real estate. Doing so will help you prepare for what features and amenities come at what price and line that up with your wish list and expectations for your next home.

For more information on last month’s Chicago condo sales or to see what’s on the market now, don’t hesitate to contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Big Change for Chicago Luxury Condo Sales in February

After several months of strong sales in the luxury condo market, February’s numbers signaled a slowdown among luxury condo sales. As 2014 ended and we moved into the winter months, luxury real estate wasn’t showing many signs of hibernating, with high-end sales continuing all the way up into the $5 million range.

But last month, Chicago luxury condos—those sold for $1 million or more—totaled just $35.8 million. That number was not only a drop from January, but also indicated a shift in what types of properties were selling. There were considerably less ultra-luxury properties sold (those over $2 million) than we’ve seen in recent months. 

Of course, none of this is terribly surprising since Chicago is no stranger to a winter slowdown in real estate. The cold weather isn’t always so inviting for house hunting. But with spring right around the corner, I would guess that this market change will be fairly short-lived.

If you’re considering purchasing a home in the near future, it’s important to have some knowledge about what is currently selling on the market. Each month I like to wrap up the most noteworthy luxury deals—typically the most expensive—to illustrate what types of properties are going for what price. That way, you can get a sense of what features, amenities, space, etc. you might expect for your own budget.

Here’s a detailed look at the top 5 most expensive Chicago condo sales in February:

340 on the Park

340 E Randolph St., Unit 5403
Original list price: $2.8 million
Sold price: $2.58 million
Located in Chicago’s Lakeshore East neighborhood, this 2,750-square foot, 3-bedroom unit features one of the neighborhood’s trademarks—exquisite views of the lake, city, and parks below. Its location also offers easy access right into downtown, and is within walking distance to several parks, Michigan Avenue, the loop and the beach. Inside, you’ll a lovely kitchen with upgraded Snaidero cabinets, a custom Ann Sachs backsplash, Hyland Design custom shelving and much more (including bamboo floors!). The building itself offers residents a fitness center, indoor lap pool, steam/sauna room,H 24-hour door staff and a winter garden. It’s also important to note that the buyer for this sale paid cash.

Search Chicago condos for sale at 340 E Randolph

ritz118 E Erie St., Unit 29G
Original list price: $1,997,430
Sold price: $1,997,430
The Ritz-Carlton Residences is an exceptional, 89-unit building with 40 stories, a private city club and an unbeatable location just off of the Magnificent Mile. And of course, it’s all backed by the legendary service of The Ritz-Carlton, with a five-star staffed that has been trained by the renowned hotel group. The building’s Landmark Club includes a grand salon, private staff, a wine room, a billiards room, a screening room, plus athletic and spa facilities. This 2-bedroom unit stretches across 2,874 square feet high on the 29th floor.

View 118 E Erie condos for sale

415ENorthWater415 E North Water St., Unit 3106
Original list price: $1.999 million
Sold price: $1.95 million
A beautiful penthouse-level condo on the edge of Lake Michigan, this 3-bedroom unit has a gracious floorplan that features walk-in closets, and enormous living room, 2 spacious balconies and a custom kitchen. It’s 3.498 square feet also make it ideal for entertaining. The building itself also offers residents a full amenity package, putting everything you need just a few steps from the front door.

Search Chicago condos for sale at 415 E North Water

416 w deming416 W Deming Pl., Unit 3
Original list price: $1.849 million
Sold price: $1.78 million
This 3400+ square foot new construction condo in East Lincoln Park is the first resale in a boutique building developed by Larry Booth and Ogden Park. The 13-unit elevator building is just steps from North Pond Café and Lincoln Park. Taking up the entire 3rd floor, the condo features 9 ½-foot ceilings, fantastic views through floor-to-ceiling windows, a fireplace, high-end finishes, top-of-the-line appliances and a spectacular balcony that can be accessed through all bedrooms.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Dr., Unit 402
Original list price: $1.749 million
Sold price: $1.683 million
This stretch of Lake Shore Drive is one of the most sought-after addresses in the city, and this building one of the more coveted ones for luxury buyers. This 2-bedroom Chicago condo features 2,100 square feet, making it feel more like a spacious home in the ‘burbs than an urban condominium. The Parisian-style building was designed by Lucien Lagrange, and features amenities like a 24-hour door staff, valet parking, storage lockers, individual climate-controlled wine cellars and exercise facilities. This was also a cash sale.

Search Chicago condo listings at 840 N Lake Shore Drive

There are some buildings, such as those along Lake Shore Drive or the Ritz-Carlton Residences, that are often found among the top sales from month to month. But others—such as the new construction development in Lincoln Park—are appearing for the first time. Last month’s sales especially illustrate the range of what you might find among high-end Chicago condos at a variety of price points.

For further details on last month’s home sales, or to discuss what you might be looking for in your own home search, contact me for updated listings of what’s available: Call me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Record Sales for December Chicago Luxury Condos

Luxury real estate does it again—despite the winter weather (which typically means a home-buying slowdown), sales for high-end condos were particularly strong in December.

Sales of Chicago condos especially had a good showing. Not only was there a total of 53 units sold, for the first time in a long time, there were a healthy number of properties that sold over the $2 million mark. In fact, 15 condos sold last month had a selling price more than $2 million, and that price tag ran all the way up to the most expensive sale at $3.6 million.

Chicago Condos Offer Space, Lure Cash Buyers

It’s no surprise that all five of the top luxury sales had an excess of 3,000 square feet–we’ve continued to see this nearly every month. Square footage is more important than ever to luxury buyers, especially as many opt to move into the city from the suburbs and don’t want to compromise space. Many of the city’s condos offer just that–plenty of room for living, but with all of the conveniences of services and amenities.

Here is a closer look at the top five properties that sold last month:

21 E Huron St21 E Huron St, Unit PH4801
Original list price:
$4.5 million
Sold price: $3.6 million
This penthouse unit sits atop The Pinnacle, a 49-story, Lucien Lagrange-designed luxury condo building in River North. An elevator opens right into this 5,180-square-foot unit, with an interior that boasts unobstructed views through floor-to-ceiling windows. You’ll also find a spectacular master bedroom, 3 additional bedroom suites, a large eat-in kitchen, a wine cellar and included parking. The Pinnacle is a full-service, amenity building with a health club, indoor pool, sundeck, entertainment suite, private theater and business center.

Trump Tower Chicago real estate

401 N Wabash
Original list price:
$3.4 million
Sold price: $3.15 million
Trump does it again, this time high on the 74th floor with an immaculately designed 3 bedroom unit. Views to the north, east and west showcase the Chicago river and city below through floor-to-ceiling windows. All 3,100 square feet of the Chicago condo are graciously appointed, from the two fireplaces to the high-end luxury stainless steel appliances in the kitchen. Living in Chicago’s Trump Tower also means living the Trump lifestyle, from the service of the building’s top-notch staff to taking advantage of amenities like the world-class health club and spa.

30WOakSt30 W Oak St, Unit 7B
Original list price:
$3.1999 million
Sold price: $3 million
This 3-bedroom Chicago condo is the epitome of Gold Coast living, with luxurious details, vast space and a contemporary design. Walls of windows along the 7th floor flood the unit with natural light. And room by room, you’ll find extraordinary spaces, from the expansive open kitchen, to the gracious outdoor patio and a spacious master suite.

Chicago real estate at 840 N Lake Shore Dr840 N Lake Shore Dr, Unit 401
Original list price:
$2.85 million
Sold price: $2.8 million
This Lake Shore Drive beauty enjoyed some time on the small screen, featured nationally on NBC’s real estate segment. Just under 4,000 square feet, the 3-bedroom unit is in one of the most iconic buildings on the iconic block. Although the building was built in 2004, this unit has never been lived in, now pristinely designed and with the option to purchase the adjacent unit and create a 6,000+ square foot home.

lp-25502550 N Lakeview Ave, Unit C6-29
Original list price:
$2.745 million
Sold price: $2.661 million
A 2,600-square foot 3 bedroom in one of Chicago’s most coveted new condo buildings, this unit features everything from great views to outdoor space to a kitchen made for entertaining. High on the 29th floor, this Chicago condo showcases southeast views of Lake Michigan, Lincoln Park and the city skyline through floor-to-ceiling windows. A large master suite features a walk-in closet and marble spa bath, while the cooks’ kitchen includes a large granite breakfast bar, Italian cabinetry, luxury appliances and much more. The building offers some of the finest amenities in Chicago luxury real estate, including an indoor pool, fitness center and private park.

One other noteworthy trend among last month’s sales was that four out of the top five properties sold were purchased with cash. We’ve mentioned over the last few months that lenders are making it more and more enticing for wealthy buyers to take out a jumbo mortgage rather than liquidating assets or spending their savings. But it seems that last month’s luxury home buyers were subscribing to the old adage that “cash is king,” as it often is in real estate.

If you’re in the market for a new Chicago, these trends are important to take note of. That way, you’ll go into your own home-buying search knowing what size home you can expect for your budget, if you may have to compete against cash buyers or what buildings many buyers are gravitating toward for luxury condos. For more information on last month’s sales, or to take a look at current Chicago condo listings, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Buyers Primarily Purchasing Luxury Chicago Condos with Cash

For the second consecutive month, cash buyers were the stars of the show when it came to luxury Chicago condo sales. Four out of the top five most expensive homes sold were bought with cash, something sellers should certainly take note of.

April’s condo sales are further evidence that downtown Chicago is where buyers want to be. And not just anywhere downtown—luxury buyers are still gunning for new or newer properties with ample square footage in buildings with loads of amenities to offer.

Buildings like the Ritz-Carlton Residences and Lincoln Park 2550 continue to make appearances on each month’s sales report. These buildings are moving because many high-end clients have realized the value of luxury real estate in Chicago compared to other parts of the country and the world. Here, the cost per square foot is relatively inexpensive—a maximum of $1,200—whereas upscale properties in New York or San Francisco are priced upwards of $3,000 per square foot.

Buyers are also drawn to condos with the space of a single-family home. Luxury condos with more than 3,000 square feet move quickly, as buyers don’t want to sacrifice space if they are moving from a house to a condo or into the city from the suburbs.

Each of the top 5 sales for April demonstrate these key features on today’s buyers’ wish lists. Here’s a detailed look at each sale, in descending order:

118 E Erie St, Unit 37J
Original list price: $4,333,200
Sold price: $3,901,700
The most expensive Chicago condo to sell in April was none other than a unit in the Ritz-Carlton Residences, a favorite among high-end buyers in the last year or so. And this property sold in just three days. This condo was partially finished, allowing the new resident to design certain aspects of the home to their liking. This 89-residence tower is in the heart of the Magnificent Mile, with the private Landmark Club that includes a grand salon, a staff chef, a staffed bar, wine storage, movie theatre, full-time staff and athletic and spa facilities.

2550 N Lakeview, Unit N1701
Original list price: $3.95 million
Sold price: $3.4 million
Lincoln Park 2550 continues to be one of luxury buyer’s favorite buildings this year. This Chicago condo in particular is a rare combination unit spanning more than 3,500 square feet. Breathtaking views of Lake Michigan, Lincoln Park and the city skyline can be enjoyed from inside or either of 2 balconies. The home is fitted with the latest technology, with high-tech upgrades and state-of-the-art systems. The building itself features a number of sought-after services and amenities, including a superb fitness center, a ¼-acre private park, and an outstanding lobby. Plus, this is one of the latest projects from famed Chicago architect Lucien Lagrange.

30 W Oak Street, Unit 8B
Original list price: $3.15 million
Sold price: $3.25 million
Spanning more than 3,300 square feet, this Gold Coast home is an immaculate 3 bedroom, 3.1 bath with 10-foot ceilings, floor-to-ceiling windows and custom stone floors. The kitchen has undergone major upgrades with Poggenpohl designs, Miele appliances, a butler’s pantry and organized storage. A spacious terrace off of the kitchen makes a great addition for entertaining. The master bath features built-ins, and organized walk-in closet and ultra-luxe master bath with an oversized shower, separate tub and double sinks.

229 E Lake Shore Dr East, Unit 6W
Original list price: $3 million
Sold price: $2.9 million
This Lake Shore Drive co-op unit has been renovated into a stunning, high-end property from end to end. With 4 bedrooms and 3.5 spa baths, this home boasts elegance in a luxury, full-service boutique building. Inside you’ll find breathtaking lake views, exquisite architectural detailing, a new DeGullio kitchen, new windows and three fireplaces.

415 E North Water St., Unit 802
Original list price: $2.8 million
Sold price: $2,805,000
In a highly coveted building, this rare Chicago condo in River View has been upgraded to the nines. This 4,705 square foot condo is flooded with sunlight and opens up to amazing city, river and lake views. Inside features a huge dining room with gorgeous built-it wine fridge, a master suite with an office/sitting area, 2 large organized closets and a luxury bath. The 3 bedrooms are large and each features its own private balcony, with 4 balconies in total.

As spring and summer arrive, it’s the perfect time to check out the Chicago condos in some of these great buildings. Many offer both private and shared outdoor space that can be truly appreciated after the city’s long winter! To learn more about these sales or any of the buildings featured in last month’s sales, contact me at ssalnick@dreamtown.com or (312) 498-5080.

Large Square Footage Moves Chicago Luxury Condos in March

One of the (many) great things about luxury condos in Chicago is that these properties often live more like a single-family home than they do an apartment. Much of this is due to the ample space, as luxury units can boast the same or even much more square footage than a home in the ‘burbs.

That was the case we saw in March, where the top luxury condo sales were those with generous space. The most expensive sale of the month was a luxury co-op, with 4,500 square feet and selling for $3.35 million.

The market for Chicago luxury real estate is continuing to hum, with 33 luxury condos sold for a total of $50.8 million (note: I refer to luxury real estate as properties that sold for $1 million or more). Seven of those properties sold were priced over $2 million.

Here’s are details on the top 5 Chicago luxury condos to sell in March, in descending order.

1430 N Lake Shore Dr, Unit 17
Original list price: $3.65 million
Sold price: $3.35 million
As if a Lake Shore Drive address wasn’t exquisite enough on its own, this pet-friendly co-op unit just underwent a stunning renovation by a renowned Chicago design firm. The 4 bedroom, 4 bath home spans 4,500 square feet with a grand living space, gourmet kitchen, paneled library, office and a new home theater. Its location on the 17th floor means panoramic views of Lake Michigan. Impeccable workmanship went into the interior, including Bisazza tile baths, electronic shades, a lighting control system and custom built-ins.

118 E Erie St, Unit 22A
Original list price: $2,874,386
Sold price: $2,440,000
This is a familiar address on each month’s list of most-expensive home sales: The Ritz-Carlton Residences. With 40 stories, 89 residences and a coveted location right off of the Magnificent Mile, the building itself has plenty to offer. But the service and amenities truly make it stand apart from the rest. For one, there is five-star service from Ritz-Carlton Hotel-trained staff. And residents here can take full advantage of the private Landmark Club, which features a grand salon, dining rooms, a staffed bar, a staff chef, wine storage, movie theater, and state-of-the-art athletic and spa facilities.

1325 N Astor St, Unit 5
Original list price: $2.5 million
Sold price: $2.375 million
Astor Street is one of Chicago’s most desirable blocks. This 4,000+ square foot full-floor condo boasts a grand living room, formal dining room with lake views and a brand new kitchen loaded with upgrades. Three generously sized bedrooms include ensuite bathrooms, with plenty of natural light flooding ever room. It’s also one of only two units in this building that includes private outdoor space.

1325 N Astor St, Unit 7
Original list price: $2.45 million
Sold price: $2.35 million
This is the second luxury condo in this boutique Gold Coast building to sell in March, and both are among the top 5. This full-floor unit has been elegantly renovated to showcase its grand formal rooms, including a foyer with terrazzo floor and barrel vault ceiling. It also features a library with fireplace and wet bar, dining room with wine and china storage and a large eat-in kitchen with lux appliances from SubZero, Thermador and Miele. Generous rooms (3 bedrooms, with the 4th opened up as a family room with built-ins) span more than 4,200 square feet.

60 E Monroe, Unit 6602
Original list price: $2.222 million
Sold price: $2.2 million
The Legacy at Millennium Park is home to downtown Chicago condos that put you in the heart of all of the city’s offerings. An architecturally significant building in itself, the units are elegantly finished with high-end appliances, dramatic lake, park and city views and amenities like sky decks, resident lounges, steam rooms, 24-hour door service and a concierge.

Many Chicago Real Estate Buyers Paying Cash
Even as the Chicago real estate market thrives, cash is still king when it comes to getting a great deal. There are still a good number of instances in which Chicago homebuyers are making purchases with cash. Three out of these top five sold for cash, which no doubt contributed to these buyers negotiating a deal below the asking price.

If you’re considering buying a Chicago condo, contact me to take a closer look at some of the city’s most coveted buildings and see what’s on the market now. Call me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Transportation a Key Factor in Chicago Real Estate Value

Being close to public transportation, like the El Train, can greatly impact the value of Chicago real estate.

While the old adage of “location, location, location” still rings true when it comes to Chicago real estate, there’s an another factor at play: transportation, transportation, transportation.

The proximity of a Chicago home or condo to transportation plays a key role when it comes to a property’s desirability and its value. But still, within limits, the closer a home is to transportation, the more value is usually assigned for resale.

Transportation is a hot topic right now, since the City of Chicago announced that it will be bringing Bus Rapid Transit (BRT) to the central loop this year, which will be a new public transportation option for getting around downtown. The system will use dedicated bus lanes with limited stops, which is expected to be faster and more reliable than current buses or train routes.

Transportation Considerations for New Chicago Real Estate Buyers
Public transportation is a subject that often comes up with new clients of mine, particularly younger, first-time buyers. For them, transportation around the city is key, especially for morning and evening commutes. Many buyers want to be within walking distance to an El train, or at a minimum, being near a bus stop that will get them to a train in a short ride.

If a home’s location requires a car to get around from day to day, that’s generally not a plus for real estate in the city. Between traffic and the cost of parking, taking a car into downtown everyday is simple not a feasible option for many. The ease of public transportation eliminates the hassles associated with having and driving a car, so the easier it is for a homeowner to take advantage of it, the better.

A few of my top transportation-friendly areas for Chicago real estate include:

Lake Shore Drive: Not only is this one of the most prestigious blocks for Chicago condos, there are a number of busses that travel right from stops along Lake Shore Drive into downtown. During heavy commute times, many of these run express so you could make it into the heart of the loop in a quick 10-15 minutes.

Lakeview: Many of the El lines converge in Lakeview, making it a short walk to a stop and/or to swap train lines to head in another direction.

Lincoln Park: Like Lakeview, Lincoln Park is a hub for several different train lines at the Fullerton stop, which is an easy jaunt away from condos and luxury homes alike.

Gold Coast: This is a great neighborhood for luxury real estate in Chicago, and provides simple access to downtown via bus or train. It’s also centrally located that much of the Gold Coast neighborhood is walkable into parts of downtown and to other neighborhood features.

Of course, being the right distance from transportation can be a fine line: Having a 5 minute (or less) walk from an El stop is good; but having the red line roar right past your master bedroom window may not be. Still, being steps away from public transportation is still a huge factor for today’s homebuyers, and something worth considering if you’re scouting a site for a new construction property.

For more information on neighborhoods ideal for public transportation, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.