Luxury Home Sales in Chicago’s Lincoln Park Were on a Tear in May

When it comes to on-fire real estate in Chicago, Lincoln Park is where it’s at, especially if sales in May were any indication.

Luxury home sales (those sold for $1 million or more) were very strong in May, with 82 homes sold for a total of $128 million in sales volume. The highest price for the month topped out at $4.75 million. The number of sales considered “ultimate luxury” ($2 million and up) is a great indication of the strength in the market, especially in the coveted Lincoln Park. You’ll see that this neighborhood nearly took over the top five most expensive homes sold, and I expect that it will continue to be strong in the coming months.

Luxury Buyers Flocking to Lincoln Park
Lincoln Park is among the top neighborhoods on a buyer’s wishlist, and it’s easy to see why. A few reasons Chicagoans (myself included) love Lincoln Park:

Location: This is what real estate is all about, right? Lincoln Park is in the heart of it all: close to downtown Chicago, Lake Michigan, great schools and with easy access to airports and highways. The neighborhood itself boasts a suburban, residential appeal but with the benefit of an urban location.

Things to do: From fine dining to sports, shopping to theater, you can do it in Lincoln Park. There’s never a shortage of options for a night on the town, be it date night or family fun night.

Schools: Lincoln Park is home to some of the best public and private schools in the city.

Property types: Whether you’re shopping for a Chicago condo, a single-family home, a penthouse or anything with a sprawling yard, you can find it in Lincoln Park. This neighborhood has a range of property types to fit every lifestyle.

This is a neighborhood I love to introduce new buyers too, and I have extensive experience helping clients purchase in Lincoln Park, including new construction homes, resales and condominiums. There are several streets now that are being looked at as “prime” for getting a great price. More homeowners are looking to sell as demand continues to increase from those who want larger homes in the city but still in a great location.

burling1722 N Burling Street
Original list price: $4,799,500
Sold price: $4.75 million
Located in the walkable East Lincoln Park, this brand-new, solid masonry home offers an incredible amount of space: 7,300 square feet, thanks to a 36-foot wide lot. With 8 bedrooms and 5.2 baths, this home boasts an elevator to every floor, including the roof deck. The third floor along includes a media/family room, guest suite and extra bedroom; there’s also a massive family room, yard and a luxurious master suite. Other details include sound insulation, premium windows, professional-grade kitchen, spa-caliber baths, heated floors in full baths, and zoned radiant heated floors in lower level, garage and exterior. And the luxury features aren’t limited to the indoors. The home has amazing outdoor space with a roof deck, garaged deck and a terrace off of the master.

dayton1849 N Dayton St
Original list price: $3.595 million
Sold price: $3.485 million
There wasn’t much no note about this brand-new Lincoln Park home, other than its 5,400 square feet has been highly upgraded by Hastings Builders. Features of the home include a passenger elevator, attached garage and rooftop deck.

mohawk1720 N Mohawk St
Original list price: $3.3 million
Sold price: $3.040 million
Located on the border of East Lincoln Park and Old Town, this incredible 5,900 square foot single-family home is a grand representation of luxury living. Inside, you’ll find 12-foot ceilings on the main level, extensive trim and built-ins, rift/quartered hardwood flooring and a grand custom staircase. The space allows for multiple family room areas, an eat-in kitchen with top-of-the-line finishes, appliances and cabinets, six bedrooms and four en-suite bathrooms, a master suite with two walk-in closets and multiple laundry rooms. The top-floor great room has French doors that lead to a large roofdeck with skyline views.

fremont1928 N Fremont St
Original list price: $3.25 million
Sold price: $3 million
There’s plenty to love about this single-family home on a highly desirable street in Lincoln Park. The property boasts exquisite detail, quality craftsmanship and high-end finishes throughout, including an amazing chef’s kitchen, gracious living and dining room with wood-burning fireplace and a great room with French doors that open to a raised back patio and roof deck. The second-level master suite has abundant closets and a spa bath. And the lower level includes a family room, craft room and guest bedroom with full bath.

magnolia2017 N Magnolia Ave
Original list price: $2,999,999
Sold price: $2.85 million
This Lincoln Park home is on an extra-wide, 31-foot lot and was built by luxury giant GVP, ensuring that no spectacular detail was spared. The first is huge square footage. The space spans 7,800 square feet, with details like wood paneling, coffered ceilings, a huge private deck, and a truly unique floor plan that’s unlike anything else. There are six bedrooms, a four-car attached heated garage, an outdoor space with heated concrete and a magnificent list of upgrades that can be found from room to room.

I find it important to round up the most recent home sales in Chicago to give my clients a glimpse at what the market looks like. Seeing what luxury homes are trading for and what features are included in each is great research for a buyer who’s trying to determine their own budget and “wants” from a home purchase.

For more information on home sales in May, Lincoln Park, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Single-Family Luxury Homes Sell Well in April

Looking at the April numbers, Chicago’s luxury market sales are up, and I’d predict that the rest of spring should continue to be a “seller’s market.”

Last month, 11 of the properties sold were in the “ultra-luxury” class, meaning luxury single-family homes that sold for $2 million up to $4.775 million. Of the top five most expensive sales, two were in the $4 million range and one was in the $3 million range. In total, April saw 64 luxury single-family homes sold for a total sales volume of $103 million. It’s safe to say that extremely high-end homes saw healthy sales, and that the initial trend appears to indicate a strong spring luxury market in Chicago.

It’s also safe to say that luxury buyers are gravitating toward a key feature: space. As we’ve seen consistently over many months, two of the top five Chicago home sales for last months were properties that are on above-standard-size lots. The extra space allows for more interior space and larger room sizes, which makes transitioning from suburban living to the city much easier.

With that, here’s a look at the top five homes that sold last month, beginning with the most expensive:

1702-N-Burling-St-Chicago-Single-Family-Home-Front-Door-21702 N Burling St
Original list price: $4.775 million
Sold price: $4.775 million
This brand-new construction property in Lincoln Park didn’t have too many details to speak of, but it was built on an extra-wide (36 feet) lot, which is a key feature when it comes to luxury properties. The 8 bedroom, 5. 2 bath spans 7,300 square feet and is in a great location one block east of Halsted in the Lincoln Park school district.

astor1400 N Astor St
Original list price: $4.995 million
Sold price: $4 million
Built in 1886, this Gold Coast home on Astor Street is the epitome of sophistication. The historical integrity of the home has been maintained through a number of renovations and additions that have updated the home for modern living. Inside, you’ll find a number of gorgeous details like a grand foyer with custom millwork, mahogany paneling, parlor with original built-ins, marble fireplace and more. The second floor includes 4 large bedrooms, each ensuite and with ample closet space. The master suite has a rotunda, three walk-in closets, white wood paneled bathroom with double vanity, soaking tub and separate shower. The third floor is idea of a nanny / au pair suite or playroom, fitted with two additional en suite bedrooms.

dayton2243 N Dayton St
Original list price: $3.595 million
Sold price: $3.33 million
On the outside, this home is a beautiful 1900s limestone façade; but on the inside a stunning new construction property awaits, having been completely gutted down to only the four exterior walls. This Lincoln Park home is more than 6,200 square feet, with an extra-wide interior that includes six bedrooms, a large master suite with two walk-in closets, an office, exercise room, large third-floor rec room, lower-level media room and 5.2 baths. The top-of-the-line finishes used throughout include marble tile, custom millwork, designer lighting fixtures and Lefroy Brooks plumbing fixtures throughout. A roofdeck with fireplace sites over the oversized 2.5 car garage, while a penthouse room offers roof access with city views. The location of this home is on a quiet, tree-lined street, just steps to Halsted and Armitage, where you’ll find shopping, restaurants and more.

willow612 W Willow St
Original list price: $2.999 million
Sold price: $2.725 million
Designed by Booth Hansen, this extra-wide home in Lincoln Park is one of a kind. A wide, open main floor plan brings in incredible natural light to its 5,500 square feet and six bedrooms. The chef’s dream kitchen includes Wolf and Subzero appliances, steam oven, and large additional butler’s pantry. The main level opens up to a gorgeous terrace with built-in grills and irrigated planters. A huge master suite has city views and expansive walk-in closet. And the coup de grace is a truly unbelievable rooftop deck, with built-in bar, grill, outdoor television, spa, and the best views of downtown. The home is also located in the Lincoln School district, a covetable feature for parents of school-aged children.

belden456 W Belden Ave
Original list price: $2.995 million
Sold price: $2,620,612
A historically landmarked home updated for modern living is the best of both world’s in Chicago real estate. This 6 bedroom, 5.2 bath home spans a whopping 7,600 square feet, located on a 50 x 130-foot lot in East Lincoln Park. The home boasts a number of historic details—original stained glass windows, fireplaces, doors and shutters—while accommodating modern living and design. Other features include oak floors, custom lighting, oversized windows, an elevator, two decks and professional landscaping. The lower level is currently a 2,200 square foot unit that could serve as a rental or be incorporated into the home, with 3 bedrooms, 2 baths, formal dining room, family room, living room, two patios and laundry room.

It’s a great idea for buyers to be familiar with the most recent home or condo sales to adequately prepare for your own purchase. Understanding the types of properties that sold and for what price will give you an idea of what to expect. I’m happy to show you photos and additional details of the properties that sold last month. 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.

Chicago Luxury Buyers Get Super Deals in January 2017

Despite the inevitable winter slump, sales of luxury real estate in Chicago were decent in January. The month saw 35 single-family luxury homes sold, totaling $57 million in sales volume.

The interesting thing about the homes that sold in January—particularly among the top five—is the deals that the buyers were able to secure despite the high price tag of these ultra-luxury homes. The top properties sold ranges from $2.3 million all the way up to $7.2 million. But you’ll see in the details below that many of those “sold” prices fell well below the list price.

As I recommend to all of my luxury buyers, getting an excellent deal is often about timing. Purchasing between mid-November and the end of February when the weather is at its worst is an ideal time for a buyer. There aren’t too many out there in the mood to look for real estate, so competition is scarce. And sellers are fearful that their home may sit on the market through all of those chilly months, making them more likely to settle on a deal that favors the buyer. The January sales are especially impressive considering that inventory remains low in the Chicago luxury real estate market.

Here’s a closer look at the single-family luxury homes that sold in January, in descending order:

542-w-grant-pl542 W Grant Pl
Original list price:
$8.5 million
Sold price: $7.2 million
This is an absolute gem of a Chicago home—so much so that it was featured in Architectural Digest. Having undergone a custom renovation in 2012, this 9,200 square foot property boasts an incredible floorplan that would normally require a much larger lot if not for its thoughtful design. The home sits on all four property lines of a 48 x 125 square foot lot. Features include mahogany floors, heated terrazzo floors, steel and glass staircase, Bulthaup kitchen and beautiful built-in cabinets. And that isn’t a typo—the lucky buyer of this home was able to get this home for a whopping $1.3 million less than the asking price.

1805-n-sedgwick1805 N Sedgwick St
Original list price: $3.599 million
Sold price: $3.25 million
This incredible home is all new construction in a vintage shell, right in the heart of Old Town and within walking distance of everything this beloved neighborhood has to offer. With 6 bedrooms, 6.1 baths, this home underwent a complete five-star renovation to include every modern amenity imaginable: an enormous custom eat-in kitchen; the highest-end professional grade appliances; a second level master suite with separate den, private bath and fireplace; an elevator to each level, including roof; and a thoughtfully designed third floor layout with three large bedrooms flooded with natural light. A couch house above the two-car garage and spacious rear yard offer even more hard-to-find space.

1428-w-bertau1428 W Berteau Ave
Original list price: $2.7 million
Sold price: $2.6 million
This new construction home sold quickly to a cash buyer, so there weren’t many details about it available. The Lakeview 6 bedroom, 4.2 bath home was just completed when a buyer was able to snap it up for $100k off of the original list price.

419-w-oakdale419 W Oakdale Ave
Original list price: $2.595 million
Sold price: $2.39 million
This is a fully renovated and restored brownstone in coveted East Lakeview—just two blocks from the lake and two blocks from the neighborhood’s retail shops. The extra-wide, extra-deep lot allows for 6,800 square feet of living space, plus a separate 2 bedroom, 1.5 bath apartment on the ground floor PLUS a 2 bedroom, 1.5 bath coach house on a large rear lot. The main house features six large bedrooms, plus a full-size sitting room, full dining room with space for 18, a full professional kitchen with three ovens, pantry prep area and oversized island for six. The second floor has a gracious master suite with sitting room and fireplace, large walk-in closets and luxe master bath.

2621-n-mildred2621 N Mildred Ave
Original list price: $2.599 million
Sold price: $2,344,500
This luxury new construction home comes with a long list of luxury features and details: Lots of natural light, herringbone detailed oak flooring, elegant molding details, two roof decks, three gas fireplaces, 11-foot ceilings on main level, and smart home technology which includes Sonos speakers, sprinklers and multiple security cameras with integrated systems. The 7-bedroom home spans 5,600 square feet, with four bedrooms on the second level, two on the lower level and the seventh on the third floor with a media/entertaining space. A stunning kitchen includes an oversized Calcutta quartz island, breakfast nook, Thermador range and refrigerator. The lower level is set up for a home theatre and rec room, with 9.5 ceilings, radiant heat, full bar and built-in wine storage. The master bath includes a huge steam shower, two reclining benches, split vanities, a freestanding tub and radiant floors.

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

Prime Chicago Luxury Condos Still Selling In November

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

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

Learn more: 2550 Lakeview Ave

See what’s on the market at 2550 Lakeview

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

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

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

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

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

Lincoln Park 2550 Lobby

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

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

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

Ultra-Luxury Homes Still Trending Among Chicago Home Sales in November

It’s not surprising that sales among luxury Chicago homes were down in November, with 32 $1 million-plus homes sold for a total of $50 million. However, we still saw a continuing trend from October, which was sales that favor the buyer, with deals closing at significantly lower prices than the original list price.

In November, four out of the top five homes sold were sold at at least $100,000 less than the original listing price. The discrepancy is a sign that sellers are being more flexible and realistic in getting their properties sold before winter officially moves in. And these homes are moving quickly—the top five homes sold in anywhere from two to 102 days. Sellers may not be willing to keep their homes on the market in order to hold out for their asking price.

Trends Among November Home Sales

Because this isn’t prime real estate season, there weren’t as many ultra high-end sales that we’ve seen in the last few months. The top sale was a modest $3.5 million. But one consistency we’ve continued to see is buyer’s gravitation toward properties on extra-wide lots. Four out of the top five sales were on lots larger than the typical 25 feet x 125 feet.

With that, let’s take a closer look at the top luxury Chicago homes that sold last month, in descending order:

21122112 N Sedgwick St
Original list price:
$3.45 million
Sold price: $3.45 million
This vintage home was gutted and awaiting renovation—the luxky buyer would have the opportunity to create their dream home in a coveted location in Lincoln Park. Situated on a 50 x 124 foot lot, the home was built to be 6,000 square feet but zoned to be expanded beyond 10,000 feet—all decisions the buyer will be able to make themselves. Features of the property include a four-car garage, hugh ceiling heights and amazing roof views.

12431243 W Wrightwood Ave
Original list price:
$2.95 million
Sold price: $2.8 million
This new construction home is a completely refreshing, unique design on a 37.5 x 125 foot lot. Inside is an amazing layout for everyday living and entertaining, with gracious room sizes and a custom eat-in kitchen. The kitchen’s details include quartzite countertops, dual Subzero refrigerator/freezers and a butler’s pantry. To make the most of Chicago summers, this home has over 1,500 square feet of outdoor space, including a huge raised patio, lush backyard and secluded rooftop terrace. The lavish master suite has an amazing closet space and true spa-like bath, and four generous-size bedrooms all sit on one level.

172172 W Eugenie St
Original list price:
$2.75 million
Sold price: $2.525 million
While this home is on a narrow lot—25 by 75 feet—it still spans more than 5,000 square feet with four bedrooms and 5.2 baths. This Lincoln Park/Old Town gem has been fully remodeled, including premium hardwood floors, designer light fixtures and hardware, elegant crown moldings and wainscoting throughout. The dream chef’s kitchen includes an imported French La Cornue oven range and stunning 8-foot kitchen island. There’s plenty of natural light inside and a rooftop deck with city skyline views outside. And finally, the great location is on a corner lot, tree-lined street just steps from beaches, parks, shopping, entertainment, dining and more.

431431 W Superior St
Original list price:
$2.699 million
Sold price: $2.51 million
This rare find in River North’s mansion district went through a full renovation in 2012 and has been meticulously maintained. Spanning about 7,000 square feet, it has been customized to perfection, featuring Brazilian cherry floors, a gourmet kitchen with two islands and Italian cabinetry, spa=like baths and an elevator to all floors. A central atrium and high ceilings brings in amazing sunlight throughout. On the top floor, a lavish master suite includes a kitchenette and two private terraces.

15421542 W Nelson St
Original list price:
$2.285 million
Sold price: $2.170 million
Another extra-wide (35.8 feet) corner lot, this beautiful brick custom home is full of remarkable details: Extensive millwork, gracious room sizes, high ceilings, oversized doors and windows and built-in custom cabinetry. On the second floor, you’ll find a sun-filled master suite with sitting room, fireplace, walk-in closet and lavish spa bath; laundry room; and three additional bedrooms. The penthouse level features an ensuite bedroom and a dreamy play space. On the lower level is an entertainment area, wet bar, office, laundry, bath, mudroom, abundant storage and an ensuite bedroom. This home also boasts spectacular outdoor spaces: three decks, plus a brick paver patio for play or car parking.

For additional information on the Chicago luxury homes 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.

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.

Real Estate Sales Were All About Chicago Luxury Homes in August

Chicago’s summer’s successful run in luxury home sales continued in August, fighting the slump that is often typical for this month. Not only was it not a “slow” month, but the ultra-luxury segment (homes sold for more than $2 million) had a great month, with 13 properties sold.

There were 49 total luxury homes sold in August, for a total sales volume of $82 million. The highest priced property to sell in August went for $3.391 million—not quite as high as the $8+ million sale we saw on Howe Street in July. What’s interesting about the homes that sold last month is the trends you can see among the most expensive homes—notably, extra-wide lot sizes (four out of the top five were on non-standard lots wider than 25 feet) and the fact that cash is still king among luxury buyers (three of the top five homes sold were purchased with cash).

Here is a more detailed look at the top five most expensive Chicago homes sold last month, in descending order:

image2121 N Dayton St
Original sale price: $3.45 million
Sold price: $3.391 million
Located steps from Armitage Avenue, this brand-new, 5,200 square foot home showcases the timeless design and meticulous workmanship Foster Design Build is known for. The elegance begins with radiant heated limestone steps that lead into a beautiful foyer. One the main floor is a formal living room with wood-burning fireplace, a dining room with coffered ceilings, a chef-grade, eat-in kitchen and a true mud room. The lavish master suite boasts a spa bath with soaking tub, enclosed water closet, steam and rain showers. Two ensuite bedrooms and laundry room are on the second floor, and the top floor (lit by a skylight!) features another bedroom, full bath and a den that opens onto a 35-foot lanai with an outdoor fireplace and mounted TV. The lower level features radiant heat, two bedrooms and an additional full bath. Other details include wiring for whole-home automation; oak floors throughout; poplar wood casings, moldings and trim; and Ann Sacks tile.

image1953 N Dayton St
Original list price: $3.595 million
Sold price: $3.313 million
On a double-sized lot on one of Lincoln Park’s most desirable blocks, this home has plenty to offer for the luxury buyer—and the one who indeed bought it paid cash. The home was recently renovated with the highest quality finishes, and boasts a number of envious features throughout, including high ceilings, stunning mill work, hardwood floors and three-panel custom doors. The gracious living room features a custom stone fireplace and a bay window that is just asking for a grand piano in it. A gourmet oak and white eat-in kitchen includes quartz countertops and Wolf and Subzero appliances. The family room opens up to an enormous backyard that makes this a perfect city oasis, complete with a lush Japanese zen garden and basketball court.

image3432 N Janssen Ave
Original list price:
$3.575 million
Sold price: $3.1 million
Custom designed on an extra-wide, 75-foot lot, this 4-bedroom single-family home is flooded with southern light. The open floor plan makes it ideal for entertaining, along with a large chef’s kitchen that includes an expansive island and built-in banquet. The master suite opens up to a balcony and includes two large walk-in closets and a fireplace. Other house features include heated floors in the kitchen, a heated back rest in the kitchen banquet, exterior heated walkways, a top-of-the-line security system and extensive landscaping work. There is also a four-car garage that includes a full gym above it. This home is located on a prime one-way street and is only a short walk to shops and restaurants. It’s also worth noting that this too, was a cash purchase for the lucky buyer.

image2049 W Dickens Avenue
Original list price:
$2.999 million
Sold price: $3.025 million
Yet another brand-new luxury home on an extra-wide lot—this one in Bucktown was sold to another cash buyer. Inside, you’ll find nearly 7,000 square feet of living space, with gracious room sizes, oversized doors and windows and quality craftsmanship throughout. The extra-large chef’s kitchen features restaurant-grade appliances, and oversized lighting with seating and plenty of storage. A great room has access to three terraces, anchored by a gorgeous marble fireplace. A huge master suite runs the width of he home and is on the same level as three additional ensuite bedrooms. The home’s lower level offers a recreational space, media room, optional wine cellar and a guest suite. And entertaining is as easy outdoors as it is in, with 1,300 square feet of alfresco space, including a heated patio with fireplace, a deck above the 3.5-car garage and a secluded terrace off of the living, dining and great room.

image3643 N Lakewood Ave
Original list price:
$2.799 million
Old price: $2.767 million
Another new construction property—this one from Bloomfield Development—built on a 30-foot, extra-wide lot, just a short walk from Southport Corridor. Two of the home’s signature features is a raised patio outside the family room and an attached breezeway to the garage. The custom, French-inspired limestone and brick façade is a only trumped by the beautiful interior, which includes handcrafted cabinetry, stained oak hardwood flooring, polished nickel hardware, Italian marble countertops and custom-designed tile. The kitchen includes Subzero and Wolf appliances and the bath, lower level and front entry boast radiant heat to combat Chicago’s winter chill.

I always encourage my clients and prospective buyers to review the previous month’s home sales to give them an idea of what types of properties are selling for what price. That way, they can compare recent sales to their own budget and wish lists and understand what they might be up against when they’re ready to purchase as well.

For more details on the single family homes that sold last month in Chicago, or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

 

Chicago’s Luxury Home Sales Were Terrific in July, with a $8.3 Million Sale on Howe St

Luxury Chicago homes proved to still be on a tear with sales in July. The month saw 66 luxury ($1 million and up) Chicago homes sold, totaling $109 million in sales volume. Twelve of the high-end homes that sold were even over the $2 million mark, a price tag that is considered ultra-luxury for Chicago real estate.

The highest priced sale last month was a home on Howe Street, a block that has long been known for its “McMansions.” This home in particular was only on the market for 56 days, which reinforces the idea that prospective buyers who are on the fence should bite the bullet and make a purchase. Interest rates are low, but so is inventory, so the market is only going to get more competitive.

Howe Street and its neighboring blocks, Burling and Orchard, are among the most prestigious streets in all of Chicago. Their Lincoln Park location makes homes here ideal for families, putting them close to great schools, parks and other entertainment; and many residents love the neighborhood feel of this area even though it’s just a quick jaunt into downtown. I would be happy to give you a private tour of what makes this neighborhood truly special, and introduce you to other prestigious homes and buildings in the area.

Top Luxury Chicago Homes that Sold in July

The top five single-family properties to sell last month all pushed past a $2 million sale price. Here’s a closer look at the top homes that sold, starting with the most expensive:
1944 N Howe St
Original list price:
$8.6 million
Sold price: $8.3 million
A brand-new construction home in one of the most sought-after areas in Lincoln Park, this breathtaking home offers every imaginable space for gracious living. With 6-bedrooms and 6.3 baths, this home sits on an extra-wide, 42-foot lot, allowing for a whopping 10,500 square feet of interior space. There is also more than $3,500 square feet of outdoor space between open-air terraces, two outdoor fireplace areas and a penthouse skydeck with panoramic skyline views. The home boasts thoughtful design throughout, including a five-stop elevator, ample entertaining space and a seamless blend of indoor and outdoor living. The state-of-the-art finishes and gorgeous fixtures were all chosen with the most discerning eye for elegant and tasteful living.

1929 N Cleveland Ave
Original list price:
$3.899 million
Sold price: $3.825 million
This fabulous 6,400 square foot property is on one of the premier blocks in East Lincoln Park. Inside, the home is beautifully designed with a blend of transitional finishes, dramatic ceiling heights, designer window treatments, custom lighting, hardwood floors, and home automation with Sonos audio system. Five large bedrooms include a spacious master suite with dual closets and spa baths; there is also a den with en suite custom office, a penthouse-level rec room with wet bar, a gym and catering kitchen. The outdoor space has been thoughtfully designed to accommodate entertaining, with an outdoor kitchen, a garage top deck with pergola and a rooftop deck with skyline views.

1763 N Wilmot Avenue
Original list price:
$3.999 million
Sold price: $3.8 million
A new construction home from LG construction and development, featuring an exceptional design by Northworks Architects and Planners. This 6 bedroom, 6.3 bath home was built on a unique oversized lot at the end of a cul-de-sac, with a private gated alley, 3-car attached garage and massive yard. Inside, find generously sized bedrooms along with a stunning gourmet chef’s kitchen with Subzero, Miele and Wolf appliances, designer stone work, custom millwork and abundant light throughout.

2215 W McLean Ave
Original list price:
$2.899 million
Sold price: $2.75 million
This showstopper sold before the listing was even officially public, and it’s easy to see why. Designed by Studio Dwell Architects, this property has one several awards for its warm, modern design—which spans three lots in Bucktown. The home boasts expansive outdoor space that is paired with private indoor/outdoor living areas—a rarity in Chicago—plus a meditation courtyard and heated in-ground plunge pool. The interior features read like a who’s who of luxury living: Copat Italian cabinetry, integrated appliances by Miele, Wolf and Subzero, Lauzon engineered oak flooring, Lutron automated lights and window treatments. There is also a steam room and sauna, radiant flooring in the garage, lower level, office and master suite, separate HVAC zones, snow-melt system for walkways and sidewalks and a five-car attached garage.

2621 N Dayton St
Original list price:
$2.775 million
Sold price: $2.675 million
There aren’t many details on this new construction home, as it sold before the listing was completed—which means it must have had a lot to offer beyond its 6 bedrooms, 4.2 baths and limestone interior.

Chicago Real Estate Versus Other Major Cities

It’s important to note that what is considered ultra-luxury real estate in Chicago is far beyond what you might get in New York, San Francisco or London for the same price. A home like the one on Howe Street would easily cost 3 times that amount in those cities. Real estate in Chicago continues to be a good investment, especially since the stock market could become frothy in the near future.

Right now, I have a special offer for my clients: Receive $2,500 at closing for a home purchase of $500,000 or more. That is a nice influx of cash that can help cover moving expenses, décor updates, paint and a number of other things that come along with a new home. Visit my website for more details on the offer, and give me a call if you would like to discuss further.

For more information on purchasing real estate in Chicago, or for additional details on what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.