Another Gang Buster Month for Chicago Luxury Home Sales in June

June was good to the Chicago luxury real estate market. A total of 64 luxury homes (those sold for $1 million or higher) were sold, totaling $105 million. And these homes were certainly on the higher end—13 of them were over $2 million, and the most expensive sale of the month went for $3.9 million.

There was a clear common denominator among the top homes sold: not a single one was on a standard lot. The standard size lot for a single-family home in Chicago is 25 feet x 125 feet, but many luxury homes are lucky enough to be built on a lot that is extra wide or extra deep (sometimes even both!). The extra space translates to extra square footage for the home, a more open floor plan or more expansive outdoor space. Luxury buyers are on to this trend, and I’ve had a number of clients indicate that they were searching for a home on an extra-wide lot to reap some of those benefits.

Along with plenty of space, the homes sold in June feature everything from envious outdoor space to views to impeccable details. Here’s a closer look at the characteristics of the top five sales, starting with the most expensive:

843 W Webster843 W Webster Ave
Original list price:
$4.5 million
Sold price: $3.895 million
This stunning estate in Lincoln Park sits on a double lot (48 x 125 ft) with a full limestone facade. Inside, you’ll find 6,785 square feet, including a second-level living room that stretches a whopping 42 feet wide with a large wall of windows. Throughout the home are high ceilings, northern and southern exposures and tall windows, bringing in plenty of natural light for an airy atmosphere. On the third level is a master suite with three additional bedrooms, while the first level is home to an “acoustically perfect” music room, rec room, media room or private office. The outside features a Zen garden in the front and back, and the back facade includes 3 terraces. Note, the buyer of this new Chicago home paid cash for this purchase.

1874 N Burling St1874 N Burling St
Original list price:
$3.95 million
Sold price: $3.75 million
This custom-built home sits on an extra-wide lot which affords it 7,500 square feet of interior living space. Burling is one of the most desirable streets in the city, lined with beautiful McMansions in one of Chicago’s most covetable neighborhoods, Lincoln Park. This 5-bedroom home boasts an off-the-charts level of finish, with an incredible elliptical staircase and elevator that stops on all 4 stories, including the penthouse that includes an expansive roof deck with incredible views. The chef’s kitchen includes top-of-the-line appliances while a full-floor master suite includes a spa-like bath and office.

1239 N Wood St1239 N Wood St
Original list price:
$3.5 million
Sold price: $3.1 million
Many single-family luxury homes sit on an extra-wide or extra-deep lot. But then, there’s this home, which sits on an incredible six lots, translating to over 22,000 square feet of living space. On 3 of those lots is a private garden oasis with a pond, stream terrace, walking paths and customer lighting. The interior features 3 bedrooms, 5.1 baths, a huge private gallery and a ton of open space. The second floor boasts a mahogany library, bar, offices and two large bedrooms. And on the third floor, you’ll find the master bedroom and bath, a living room/kitchen combo and a massive 58 x 56 foot ballroom.

1111 W Wolfram St1111 W Wolfram St
Original list price:
$2.9 million
Sold price: $2.7 million
Built on a 40 x 125 foot lot with a 3-car garage, this Lincoln Park home features a harmonious floor plan between the formal living room and dining room, kitchen, great room with wood-burning fireplace and much more. The huge kitchen is a chef’s dream: 3 ovens, 2 dishwashers, a 6-burner stove, full refrigerator and freezer and breakfast area. High ceilings and beautiful crown molding are found throughout.

1942 N Cleveland Ave1942 N Cleveland Ave
Original list price:
$2.695 million
Sold price: $2.55 million
This single-family Lincoln Park home spared no expense when it was built just 2 years ago. On a 25 x 127 foot lot with 5 bedrooms and 5.1 baths, this home pays unparalleled attention to every detail, from the high ceilings to the custom staircase, large open rooms, wine cellar designer Calcutta baths and more. Exterior space includes a large deck over a 2.5-car attached garage, plus a full roof top deck. It’s also in the Lincoln Park school district, a feature high on buyers’ lists so they can send their children to some of the area’s top-rated neighborhood schools.

I recommend my clients who are in the process of finding a Chicago home to review the previous month’s sales. This will give them an idea of what comparable properties are selling for and help them determine what to look for in their own search.

For more information on last month’s sales of luxury real estate in Chicago, call me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

19 Chicago Luxury Homes Sold in June, Totaling More than $30 Million

The Chicago luxury real estate continued to prove in the month of June that the ups and downs of the market are no match for buyers on the hunt for the perfect home. With 19 luxury homes sold (those priced at $1 million and up), total sales for the month were $32.6 million.

Lincoln Park Known for Chicago Luxury Real Estate

The most expensive home to sell in June was on a chic Lincoln Park block known for its McMansions–Orchard street. If you’re looking for a mansion in the city of Chicago (a home built on one, two, three or more lots) and have a big budget, Orchard Street is one of the prime blocks in this neighborhood to scope out. Nearby blocks Howe and Burling are also at the top of the list for highly-desired streets in Lincoln Park.

While these blocks have a lot to offer on their own, there is also opportunity for luxury buyers to build a Chicago new construction home from scratch. If building a custom dream home in the heart of one of the city’s best neighborhoods is something you’re interested in, let me know and I can put you in contact with the appropriate people to make it happen.

Getting a Deal on a Luxury Home

One thing to note about the top homes sold in June is that despite these being multi-million dollar properties, there were deals to be had. The Orchard property sold at almost a $700,000 discount from the original list price.

I’ve said time and again that the best way to shop in this Chicago real estate market is with cash if you can afford it–this gives the buyer a lot of negotiating power to get a deal done and closed quickly. Or, if you’ve already lined up a mortgage and feel comfortable, it’s possible to eliminate the mortgage contingency in the contract and obtain the mortgage after closing on the property.

Chicago Luxury Real Estate Sales in June

Starting with the priciest sale on Orchard Street, here’s a closer look at the top five luxury sales that closed in June:

1956 N Orchard St
Original list price: $5.999 million
Sold price: $5.3 million
On a double-wide lot of 50 x 124 feet, this mansion in Lincoln Park is one of a kind. With a limestone and brick facade, the grounds of this home are immaculate, with patios, decks, balconies and a large backyard. Inside are 12-foot ceilings, four fireplaces, a heated 3-car garage and a grand staircase. Spanning just under 10,000 square feet, this home boasts 7 bedrooms, a top floor rec room with second kitchen and great views of the city.

4420 N Paulina Ave
Original list price: $2.95 million
Sold price: $2.75 million
A gorgeous and one-of-a-kind home with more than 5,200 square feet and 6 bedrooms and 6 bath, this property features cathedral ceilings, a sauna/steam room, and lots more.

 

1112 W Wrightwood Ave
Original list price: $2.95 million
Sold price: $2.59 million
This home also features that highly sought-after combo for buyers: a large lot (this one is 33 feet wide) in a great neighborhood (this one on a great block in Lincoln Park). With four stories and 6,500 square feet, this luxury Chicago home has 6 bedrooms, extra-tall ceilings, great entertaining space, a home theater, potential guest suite, French-inspired garden and access ready to be built out for a roof deck.

2108 N Magnolia St
Original list price: $2.599 million
Sold price: $2.450 million
Generous square footage is another must-have for luxury buyers, and this home has it. Also in Lincoln Park, this home features a superb layout with 6 large bedrooms, 5.5 baths and showcases luxury down to the finest details: walnut floors, high-end finishes, a built-in espresso maker in the kitchen and a spa-like bath in the master suite.

842 W Webster Ave
Original list price: $2.295 million
Sold price: $2 million
A handsome brick vintage facade greets you on the outside of this home, but on the inside is an all new interiors with a highly upgraded kitchen, baths lighting, hardwood floors and more. With oversized rooms, a state-of-the-art home theater, office, exercise room and a roof deck, this home is the perfect picture of what Lincoln Park homes for sale have to offer.

As I’ve been seeing on the market for the past few months, homes with oversized lots continue to be coveted by buyers and move quickly on the market. Homes with that characteristic don’t last long.

Looking at these home sales can give buyers a great insight into what’s selling on the market, giving them negotiating power and a better idea of what you really want in a home. To see what else sold in June or what is on the Chicago real estate market now, contact me at 312-264-5853 or email me at ssalnick@dreamtown.com.

Streets, Lot Sizes, Architecture and More Help Chicago Homes Stand Out from the Rest

Sellers are regaining an edge in some top Chicago neighborhoods, thanks to properties with coveted features that help certain homes for sale differentiate themselves from the pack.

More and more, I’m seeing a trend of homes with certain key features move quickly on the market–Chicago’s Lincoln Park is a great example of where this is happening frequently, as this neighborhood is coveted for its location and the real estate that it has to offer.

So what are these key features? The characteristics of a Chicago home for sale that are really giving sellers an edge include:

Amazing streets: Certain blocks in Lincoln Park, Lakeview and other neighborhoods come with a prestige all their own. Homes on these streets quickly pique the interest of luxury buyers and have been competitive on the market.

Larger lot sizes: Buyers are on the hunt for space, and larger-than-normal lot sizes obviously allow for more square footage and expansive outdoor areas.

Larger rooms: With more space overall means bigger rooms inside, from generously sized bedrooms to large kitchens and great rooms, buyers want homes that offer comfortable living space for everyone in their family.

Unique architecture: Whether it’s a home built by a noteworthy Chicago architect or was built to have some sort of custom design, those properties that have something unique and interesting about the design are highly desired by luxury buyers.

In other words, homes that can differentiate themselves from a run-of-the-mill luxury home are out there, but they won’t be on the market long.

Luxury Chicago Real Estate is Selling

Despite ever-changing news about the real estate market as a whole, the luxury market in Chicago has held up, and is even becoming quite competitive. Neighborhoods with the highest median priced homes include Lincoln Park, Lakeview, Old Town and Bucktown/Wicker Park, and those prices have held rather steady over the last year. In June, a Lincoln Park property on North Orchard (one of the neighborhood’s best blocks) sold for $5.3 million–in cash.

For sellers, having a Chicago home for sale that can stand out from the rest is certainly advantageous. And buyers are making it clear just what they want in a new home.

To take a closer look at these neighborhoods or at Chicago homes for sale that offer some of these important features, contact me at ssalnick@dreamtown.com or at 312-264-5853.

Buyers’ Wish Lists When Purchasing Chicago Luxury Real Estate

For buyers looking to buy a home, there’s an old tactic of creating a list of features they’re looking for: those that are “must haves,” and those that are “nice-to-haves.” Obviously, these vary from buyer to buyer based on their family, their work, and simple personal preference. but there are several characteristics that nearly all of my luxury Chicago real estate buyers put at the top of their list.

While things like layout nuances and interior finishes and brand-name appliances fall on the “nice-to-have” list for some buyers, there are certainly detail-driven folks who put these on a must-have list as well. But overall, buyers must-haves are those that couldn’t be fixed later–making it crucial that they find just what they’re looking for. Here’s a closer look at the top “must-haves” I’m seeing in Chicago luxury real estate:

Newer construction: Chicago has a number of buildings and neighborhoods with homes that offer a timeless vintage appeal, but I continue to find that buyers are looking for new–either brand-new construction or homes that have been built within the last 5 years or so. There are a number of reasons why, but many new construction properties allow the buyers to customize finishes, details and final touches into a home that is truly made for them. From newer buildings like Trump Tower, 10 East Delaware and The Elysian to brand-new homes in the Ritz-Carlton Residences and Lincoln Park 2520, buyers are gravitating toward those properties that allow them to be the first owner on the books.

Location: They say it’s everything, and buyers know it. Neighborhoods like the Gold Coast, Lincoln Park, Lakeview and downtown Chicago are coveted by buyers for their central locations near dining, entertainment, transportation and culture. Downtown Chicago condos are especially attractive to buyers who work in the Loop, eliminating the need for a long commute and putting them into the heart of what the city has to offer. Buyers also love neighborhoods that are walkable–websites like walkscore.com can grade an address by its walkability to the places you love.

Lifestyle fit: There are a number of addresses in the city of Chicago that not only signal where you live, but your way of life. Luxury buyers–those shopping for Chicago condos specifically–want a home that fits into their daily lives and offers them conveniences like on-site amenities and concierge services. Things like valet parking, room service, a 24-hour doorman, wine storage, etc. are often on the “must-have” list for today’s luxury buyers.

Size: Whether shopping for a single-family home or a Chicago condo, buyers want big. For single-family homes, the name of the game is lot size. Homes on oversized lots are moving quickly on the market, as these types of properties allow for more square footage inside the home and coveted yard and garden space on the outside. With condos, buyers want square footage. In some buildings, that comes in the form of penthouse units that span the entire upper floors, or buildings like 50 East Chestnut where each residence is on its own floor.

Schools: I’m finding that many buyers are increasingly concerned with living in a neighborhood with great schools. Even those who don’t yet have a family or school-aged children are preparing for this in advance. Lincoln Park and Lakeview both boast some of the city’s best schools, making these neighborhoods highly desirable for families.

A deal: While it’s not a characteristic of the physical property, all buyers naturally want a great deal when purchasing Chicago real estate. And now is a fantastic time to do just that. In this market, we’ve seen sold prices come down tens and even hundreds of thousands of dollars from original asking prices, so it is certainly the right environment for buyers to negotiate and take advantage of the real estate market right now. Many sellers still want to avoid having their properties sit on the market, and this puts buyers in a great place to work out a deal on a home purchase.

What’s on your must-have and nice-to-have list? To take a look at what’s on the market and how it aligns with your own list, contact me at ssalnick@dreamtown.com or (312) 498-5080.