November Luxury Chicago Home Sales Slowed Slightly

While luxury Chicago condo sales saw a strong November, single-family homes seemed to experience the seasonal slowdown we often see this time of year. But that doesn’t mean there weren’t some noteworthy sales: The highest-price property traded for $4.2 million, and the top five sales were all around $2 million or higher.

The top five most expensive homes that sold each have their own list of unique and special features, from square footage, to location, lot size, or other features. This is the key in luxury real estate today. Upscale properties must have a healthy number of factors that differentiate it from what else is on the market to attract luxury buyers—and this month’s homes certainly did that.
Total luxury homes sales in Chicago totaled $56 million for November. Let’s take a closer look at the details and characteristics that set these apart with a recap of the top homes sold in descending order.

456-w-huron456 W Huron St
Original list price: $4.6 million
Sold price: $4.2 million
November’s most expensive single-family home sale also offered the most square footage: a whopping 10,000 across 6 bedrooms and 4.3 baths. Located on a quiet, tree-lined street in River North, this stunning home showcases quality construction and immaculate attention to detail. The space in an entertainer’s dream, equipped with a 750-bottle wine cellar, recreation room with full bar, elevator, custom staircase and 3-car attached garage. In addition to the generous interior, there are also three enormous outdoor spaces. The River North location offers easy access to the highway and is a short walk to shops, dining and all of the neighborhood’s offerings.

457-W-Deming-Pl457 W Deming Pl
Original list price: $3.795 million
Sold price: $3.625 million
This extra-wide, custom single-family home spared no expense through a long list of upgrades, including a first-floor marble foyer, elevator, high ceilings, an attached two-car heated garage, and hardwood floors throughout. The sunlit building boasts three levels, including a second-floor maginircenty living room with custom built-ins and wood-burning fireplace, plus a deluxe gourmet, eat-in kitchen. The top floor master suite includes an office/sitting room, massive walk-in closet with island, Calcutta master bath and oversized separate steam shower. Outdoors, you’ll find three private spaces with a one-of-a-kind, 900-square foot private side deck. And the new owners can enjoy all of the luxury amenities at the coveted 2550 Lakeview building.

214-W-Erie-St214 W Erie St
Original list price: $3.25 million
Sold price: $2.69 million
This is an ultra-unique property in River North—the distinct and recognizable Flair House, an 1883 masterpiece that formerly served as the office of Flair Communications. With 7,000 square feet, this home was ready to be created into a home or office across its 7,000 square feet.

3738-N-Lakewood-Ave3738 N Lakewood Ave
Original list price: $2.395 million
Sold price: $2.25 million
Located in the Southport Corridor (and in the coveted Blaine school distict!), this custom Greystone spans 5,360 square feet, with 5 bedrooms and 5.2 baths. Features include a commercial-grade, eat-in chef’s kitchen with luxury appliances, Amish custom cabinetry, oversized quartzite tile, a walk-in pantry, Butler’s pantry with full-size SubZero wine fridge. The expansive floorplan includes a sun-drenched family room with fireplace and coffered ceilings, while an incredible master suite boasts his-and-hers walk-in closets, gas fireplace, wet bar, marble spa bath, radiant heat and separate steam shower. Outdoors, there is a new limestone porch and walk-out balcony as well as a rooftop deck.

315-Wisconsin-St315 W Wisconsin St
Original list price: $2.05 million
Sold price: $1.925 million
A historic row home in the heart of Old Town, this 3 bedroom, 3.1. bath home is in an ideal location: steps from Lincoln Park and Green City market, buses to downtown, restaurants and shopping, plus within the Lincoln Elementary and Lincoln Park High School district. The home has a classic Chicago façade that has been completely rebuilt on the 4,500 square foot interior. You’ll find four levels of bright, luxurious living and entertaining space with tall ceilings and an unusually wide floorplan. A full-floor master suite includes a club-style family room with projection TV, paneled study, attractive millwork and built-ins. Four private outdoor areas include a roof deck with skyline views.

It will be in interesting to see how the end of the year shakes out for Chicago luxury sales and what trends will develop in early 2018. It’s clear that the differentiation factor is huge for the luxury buyer, and many Chicago properties are delivering on that need.

For more of November’s Chicago luxury sales or to talk about buying in 2018, 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.

Large Lots, New Construction Topped Chicago Luxury Home Sales in December

Holiday gifts weren’t the only new items being shopped in December—brand-new homes were also at the top of the list for the month’s real estate sales.

December was all about new construction single-family homes, and in particular, large new construction homes. Each of the top five homes sold offered incredible square footage and amazing quality for the off-season luxury buyer, who won’t settle for much less when it comes to a home purchase. Today’s high-end buyers aren’t first-time buyers, and are savvy to what’s current in design and in real estate. Therefore, they want the newest, the largest, and the most stunning properties on the market and will snap up homes that offer those key tenets.

With that, let’s take a more detailed look at what drove buyers to close a deal before the end of the year. Here are the top five most expensive single-family Chicago homes to sell last month, in descending order:

2129 N Kenmore Ave2129 N Kenmore Ave
Original list price:
$4.4 million
Sold price: $4.4 million
The most expensive of several new construction sales last month, this sophisticated residence was built on an extra-wide lot at the former site of DePaul University Theater School. The highly functional, 7,000 square foot layout includes a four-stop elevator, a great room that opens to a rear deck and a kitchen with two huge islands, butler’s pantry and built-in banquette seating. Outside are two decks, one above the garage and another on the penthouse level with an outdoor fireplace.

4122 N Greenview Ave4122 N Greenview Ave
Original list price: $3.999 million
Sold price: $3.8 million
A crown jewel of Graceland West, this one on a huge 41-foot by 161-foot lot, space that allows for a generous 7,169 square feet of living space. Designed by noted architecture firm Sullivan, Goulette & Wilson, this custom home boasts six bedrooms and every conceivable amenity indoors and out. It starts with the elegant exterior, which was built in massive rubble stone, cedar shingles and limestone in a stately palette. As for the interior, a dramatic, 13-foot barrel vault ceiling and expansive windows grace the kitchen and great room, while an enormous lower level includes a separate media room, bar and wine cellar, and two additional bedrooms. Outdoors, there is more than 2,500 square feet of space that includes a sprinkler system, outdoor fireplace and heated walkways. The home’s automation system is state-of-the-art as well.

1503 N North Park Ave1503 N North Park Ave
Original list price: $2.999 million
Sold price: $2.9 million
Located in Old Town near the beach, this absolute stunning new construction property was built and designed with meticulous attention to detail. The result is a one-of-a-kind home with five bedrooms, 5.2 baths and a long list of luxury features: a custom chef’s kitchen with high-end appliances; a luxurious master suite with spa-like master bath; a lower-level rec room with wet bar, wine cellar and sauna; three indoor and two outdoor fireplaces; and a heated driveway.

39 E Elm St39 E Elm St
Original list price: $2.85 million
Sold price: $2.8 million
A four bedroom, 3.1 bath renovated home in the Gold Coast, this property sold before the listing sheet even made it off the printer. This renovation resulted in a number of covetable, luxury features, including a Christopher Peacock kitchen and built-ins, newly renovated baths, a redesigned staircase, designer lighting and wallpaper, custom closets and much more. Infrastructure improvements also made this vintage beauty ready for modern-day living, such as a flood control system on the lower level, new roof, new HVAC, heated bath floors and new copper downspouts.

539 W Belden Ave539 W Belden Ave
Original list price: $2.795 million
Sold price: $2.71 million
This brand new renovation was completed by a renowned developer, in one of the most sought-after areas in East Lincoln Park. This fantastic location is near Lincoln Park, Latin schools, several parks, Lake Michigan and the zoo. The home itself was designed to thrill the most discriminating of buyers, with the finest finishes throughout and 5,000 smartly designed square feet spanning over a huge main level, large living and dining rooms and six bedrooms. The upscale kitchen includes an eat-in space, butler’s pantry and adjacent great room, while the luxurious master suite boasts a spa-quality bath and enviable closet space. A penthouse level addition includes a north-facing deck, bonus entertaining space and additional bedroom/bath. A lower level with a private entrance has radiant heat, two guest bedrooms, a full bath and large recreational space.

For more information on Chicago single-family 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.

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.

The Most Expensive Chicago Luxury Home Sales in January Were all Cash

The new year kicked off with winter in full swing, but that didn’t slow down the Chicago real estate market as much as you’d might expect. In total, January saw 35 Chicago luxury homes sold (those sold for more than $1 million) for a total of $64 million. That’s more than double the sales volume of Chicago condos and co-ops during the same period.

January’s single-family home sales showed some interesting dynamics at work in luxury real estate in Chicago. For one, each of the top five most expensive properties were bought with cash. And secondly, those top five all sold in less than 43 days. It’s clear that buyers want to move at a rapid pace when they see a property they want, especially this time of year when inventory isn’t especially high.

For a luxury buyer, getting the best possibly price on a home purchase takes some strategy, and I always encourage my clients to use every advantage they have at their disposal. That could be an offer to close early, or taking advantage of the right time of year (like early winter), or finding a new construction property of which the developer is ready to sell to eliminate his note to the bank. There are a few ways to approach getting a good deal as a buyer, but there is still one that trumps them all: Paying cash.

They say cash is king, and in real estate that is especially true. A cash offer makes closing a deal easier on the seller, knowing that it won’t hinge on financing or paperwork from the bank to go through. And paying cash means a greater opportunity for the buyer to get a great deal on a new home.

Cash is King in January’s Luxury Home Sales in Chicago

The top five sales in January show how far a cash offer can go in negotiating the price on a luxury home. Let’s take a closer look at what sold among those top five, in descending order:

image1922 N Howe St
Original list price:
$5.5 million
Sold price: $5.5 million
Located on one of Lincoln Park’s most prestigious blocks, this new construction masterpiece is on an extra-wide lot, with 7,200 square feet of interior living space. The home was designed to maximize sunlight (a great feature among the tree-lined streets of Lincoln Park) and blend the home’s expansive indoor space with its 3,000 square foot of outdoor space. Other features include a passenger elevator to access all levels, and attached, heated 4-car garage and a recreation room. It’s no mystery why this home sold before it was officially listed.

image48 E Cedar St
Original list price:
$3.75 million
Sold price: $3,537,500
A vintage Chicago home in the heart of Gold Coast, this elegant 6,300 square foot graystone has a long list of incredible features. The interior has been completely renovated into a light and bright space that was custom designed with custom window treatments, designer lighting, wool carpet runners and modern wall coverings and paint colors. The open floor plan on the main level features details like crown loading, a mosaic tile floor in the living and dining rooms, walnut floors in the kitchen and bathroom and top-of-the-line appliances in the eat-in Christopher Peacock kitchen. Four upstairs bedrooms include a penthouse master suite with dual closets, morning kitchen and onyx spa bath, plus a handsome study with wet bar, home theater, exercise room and 3 laundry centers.

image451 W Deming Pl
Original list price:
$3.749 million
Sold price: $3.55 million
This new construction single-family row home in Lincoln Park is sensational from the outside in, with a full limestone façade a 5,245 square feet. Residents here can enjoy all of the amenities offered to residents at 2550 Lakeview , such as an exercise facility, pool, private park, theater room and more. This 6 bedroom home boasts a spectacular layout with a 5-stop elevator, luxurious master suite, statuary spa bath and full wiring for smart home technology.

image1950 N Orchard St
Original list price:
$3.295 million
Sold price: $3.2 million
This Lincoln Park home is on an extra-wide lot (25 X 131 square feet versus the standard 25 X 125 square feet). The beautifully appointed interior looks right out of the pages of a magazine, with five bedrooms, luxury finishes throughout and fabulous outdoor spaces. It’s also within the boundaries of a number of great Lincoln Park schools, which is a huge draw for luxury buyers in this neighborhood.

image1527 N North Park Ave
Original list price:
$2,999,999
Sold price: $2,802,500
Outstanding, custom, modern—those are just a few words to describe this new construction property in Old Town Chicago. The home’s 5,500 square feet includes 5 bedrooms and 5.2 baths (all with heated floors), 5 fireplaces, a chef’s kitchen with 12-foot island and Subzero and Wolf appliances, spa-quality baths, sauna and wine cellar. The home also boasts some of the most forward-thinking technology for modern living, including a certified space technology air scrubber, tankless water heaters, 2 humidifiers, central vacuum, surround sound and a 5-stop elevator. Outside, you’ll find an additional 1,500 square feet in decks with T-Rex composite decking, plus a snow melt system and 2-car heated garage.

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

A Chicago Lakeview Luxury Home is the Most Expensive to Sell in February

February was an interesting month for Chicago real estate sales. Luxury homes that sold during the month ranged from $1 million to $2.75 million, which is quite a bit lower than the highest price sale we’ve seen in recent months. A total of 20 single-family homes closed for a total of $30.9 million.

When looking at the previous month’s sales, it’s often apparent that the luxury properties moving on the market are following some sort of trend—i.e., they are mostly new construction, or in the same neighborhood, or boasting incredible space or square footage. The most expensive home sold in February certainly stands out on the market, but for different reasons than we often see, including a few unique features, its location in a coveted school district and the fact that it’s actually not located on a lot-and-a-half or a double-wide lot—something many recently-sold homes have been.

Here’s a closer look at that top sale in Lakeview, along with the next five priciest sales in February:

3735 N Greenview Ave
Original list price:
$2.7 million
Sold price:
$2.75 million
The most expensive home to sell in February, this 6-bedroom, 4.2 bath stunner has all the bells and whistles you would expect. On a 30 x 125-foot lot in Lakeview, this year-old home features a custom chef’s kitchen with commercial-grade appliances, a built-in banquet, a huge family room, spectacular master suite and a unique attached breezeway. The outdoor space includes a private raised rear yard patio with an outdoor fireplace and roof deck. And, it’s Southport Corridor location puts this home in the Blaine School District, which is one of the city’s best and a key factor for many buyers today.

35 E Elm St
Original list price:
$2.575 million
Sold price:
$2.425 million
This Chicago home in the Gold Coast has all the newness of a new construction property with the vintage charm of its neighborhood—the home was rebuilt from the ground up, leaving the front facade but fitting the interior with 4 bedrooms, 2 full kitchens and 5 living areas. The home also features generous outdoor space in 3 separate areas, an elevator, designer appointments throughout, and a full separate apartment.

1434 N Mohawk Ave
Original list price:
$2.499 million
Sold price:
$2.105 million
Truly one of a kind, as this Old Town home was custom built on a 31 x 132-foot lot, allowing for a wide-reaching space and huge backyard. Five bedrooms and 4.1 baths span approximately 7,000 square feet with 3 bars, a huge living and dining room, family room and kitchen, vaulted ceilings with skylights and a stunning office overlooking the first floor. The amenities read like that of a four-star hotel, with an outdoor hot tub, gym, steam room and large movie theater room. A huge recreation room and full kitchen sit on the lower level that can serve as in-law or nanny quarters.

1720 N Cleveland Ave
Original list price:
$2.35 million
Sold price:
$1.9 million
An extraordinary property in Old Town, this 4 bedroom, 4.5 bath home receives amazing light through large windows that allow for views of the city skyline and St. Michael Church. With a Southern California style, this home spans over 5,000 square feet with a terrace, deck, office and media room, and generous storage space. and an all-over open floor plan. A finished lower level features a bedroom, bathroom, kitchen, laundry and recreation room.

2342 N Wayne Ave North
Original list price:
$1,799,900
Sold price:
$1,752,000
This new construction property in Lincoln Park was a must-see on the market. A five bedroom, 3.2 bath, this home featured everything form stunning custom millwork to coffered ceilings to a theater room and wine cellar. An incredible kitchen boasts custom cabinetry, Subzero and Wolf appliances and a butler’s pantry. Other enviable features of this luxury home include custom closets, four fireplaces, a steam shower and great outdoor space with a main level and 3rd level deck.

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