February Closings for Luxury Chicago Condos Were All About Square Footage

Square footage is something I bring up with my clients a lot. Whether you’re moving into the city from the burbs, or are a recent empty nester, buyers are often drawn to the convenience of amenities, services and location of a Chicago downtown luxury condo—but they don’t want to sacrifice space and square footage to get it.

If this sounds like you, don’t despair—Chicago has a lot of great options for luxurious high-end condos with generous interior space. Send me your square footage requirements and I can provide you with photos and listings that fit the range you’re looking for.

February Chicago Condo Sales Offer Generous Space

I’ve typically said that buyers want at least 3,000 square feet in a Chicago condo, but recent sales are proving I may have underestimated. February sales show that clients really want a huge amount of space when purchasing a Chicago condo. In the top five sales from last month, the lowest square footage in the list clocked in at 3,200 square feet, and the largest space was a gargantuan 7,100 square feet. It’s safe to say that luxury buyers want bigger, newer and more luxurious.

That’s just what buyers got among the top condo sales last month, with 38 condos sold and a sales volume of $69 million. Let’s take a closer look at the top five closings, in descending order.

9 W Walton St9 W Walton St, Unit 3400
Original sales price: $9,912,500
Sold price: $9,912,500
There weren’t too many details available about this top sale for the month, but we do know it was a whopping 7,100 square feet of raw space. That means the buyer can make this 34th-floor home exactly what they want.

Chicago condos in Trump Tower401 N Wabash Ave, Unit 88A
Original list price: $9.5 million
Sold price: $7.7 million
A half-floor penthouse high on the 88th floor, this luxury condo in River North boasts the most luxurious panoramic views. Inside, you’ll find a truly great space for entertaining, with 16-foot ceilings, 3 fireplaces and a glamorous state-of-the-art kitchen with Miele, Bosch, Wolf, SubZero appliances. The Kohler master baths include large walk-in closets and a separate Jacuzzi room. Residents here can enjoy the five-star hotel amenities including a health club, spa, restaurant and room service.

800NMichigan800 N Michigan Ave, Unit 2501
Original list price: $3.1 million
Sold price: $2.9 million
Located in the iconic Park Tower Residences, this 3,200 square foot home is located on the building’s east side, offering sensational views from every room of Lake Michigan and the famous architecture that Chicago is known for. With 3 bedrooms and 2.5 baths, the condo was custom designed with architectural details and a floor plan that assures every room is elegant, comfortable and enjoyable. Features include hardwood floors, custom millwork, granite and marble throughout, living and dining spaces ideal for entertaining, designer kitchen appliances from Viking, Dacor, Euro Cave, SubZero and Bosch, custom cabinets, a built-in family room TV and a terrace. A premium parking space was also included with this sale.

445-e-north-water-st445 E North Water St, Unit 2401
Original list price: $2.7 million
Sold price: $2.2 million
This beautiful, full-amenity building is in the heart of Streeterville, boasting a state-of-the-art fitness center, indoor swimming pool, large party room and catering kitchen. This unit in particular spans 3,983 square feet on the 24th floor, with 3 bedrooms and a den and 3.5 baths. With a south corner exposure and dual balconies, this Chicago condo has exquisite views of the lake, river and city below. Inside, you’ll find a chef’s kitchen with granite countertops, a living area with double-sided fireplace, a beautiful ensuite master with custom walk-in closet and spa-like bath.

647 w melrose647 W Melrose St, Unit 1
Original list price: $2.299 million
Sold price: $2.199 million
A brand new construction building built on a 50-foot wide lot in East Lake View, these condos live better than a single-family home. This unit’s 4,600 square feet offers a width and breadth of real living and entertaining spaces that are hard to find. A keyed elevator entry opens directly into a large, elegant gallery. Throughout, you’ll find extraordinary finishes, 10-foot ceilings, a gorgeous chef’s kitchen, a separate mudroom, laundry room, and a fantastic lower level with radiant heat and a large family room. There is also outdoor space: A huge, private 26 x 15 foot yard and a 430-square foot covered terrace with a fireplace. And the location can’t be beat, as this home is within walking distance to schools, the park, Lake Michigan, shops and cafes.

For more on the homes that sold last month or to see what’s on the Chicago luxury condo market now, contact me at (312) 598-5080 or email me at ssalnick@dreamtown.com.

Plenty of Chicago Luxury Condo Deals to be Had in January

Plenty of Chicago Luxury Condo Deals to be Had in January

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

Chicago Condo for Sale: Unbeatable Views, Spectacular Updates in Lake Point Tower

Chicago has a number of truly show-stopping buildings—the one that stand out in the skyline and can be often be identified even if you’ve never been to the city.

Lake Point Tower is one such building, and what you see on the outside may only be topped by everything it has to offer on the inside. On the market now is a stunning two-bedroom unit with a long list of sought-after features:

Address: 505 N Lake Shore Drive, Unit 2910
Size: 2 bedroom/2 bath
Price: $695,000 (priced to sell!)

One of the most covetable offerings of this Chicago condo is the view. Uninterrupted southeast and southwest views make for breathtaking panoramas in the main living space and bedroom.

You’ll also find loads of upgrades: marble floors, top-of-the-line appliances, custom cabinetry and built-ins, brand-new carpet and fabulous finishes throughout. The kitchen and baths are both elegantly designed down to every detail.

Plus, a space for 2-car garage parking is also available for $115,000.

And that’s just the unit itself. Lake Point Tower is a favorite among luxury condo buildings in Chicago. Its unique architectural design, list of amenities and supreme location are just a few highlights. Some of the features you’ll find in Lake Point Tower include:

Skyline Park: This 2.5-acre wooded park sits three floors above the street. It includes a playground, duck pond, and an outdoor garden designed by renowned Chicago landscape architect Alfred Caldwell.

A motor court: One of few Chicago buildings with this luxury feature, Lake Point Tower’s motor court is one of distinction. It’s the largest pull-in, circular driveway in the city and sits under a two-story rotunda with an open skylight that illuminates the garden at the building’s entrance.

Privacy: The building literally stands alone on this part of Lake Shore Drive, surrounded by Lake Michigan on three sides. Not only does that create an urban home that feels “away from it all,” it also provides stunning unobstructed views of the lake and city skyline.

Amenities: Indoor and outdoor pools, an outdoor BBQ area with tables for enjoying the upcoming warm weather, and an on-property dry cleaner, dentist, spa, grocery store and restaurants.

Location: Within just a few blocks of Lake Point Tower is a few famed Chicago destinations: Navy Pier, shopping along the Magnificent Mile, Ohio Street Beach, the Art Institute, Symphony Hall, Millennium Park and the theater district are all a walk away.

If you’re in the market for a Chicago condo with an unbeatable location and killer views to boot, come see Lake Point Tower for yourself. You’ll be stunned at everything the neighborhood, building, and condo have to offer for this price. Contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

Chicago New Construction Trend Is Green

I just recently sold a unit at 340 Randolph Street also known as 340 On The Park and was surprised to see that the hallways are all green. It seems that this is the color everyone is talking about since this building is Leed’s Certified. The Leed Rating System stands for Leadership in Energy and Environmental design. All the finishes are environmentally appropriate.

The certification provides an independent review of a building, with a third-party verifying that the building project is environmentally responsible, profitable and a healthy place to live and or work.

In addition to the Leeds Certification,The 340 On The Park now has a number of resales on the market with units facing south that have the most spectacular protected views in the city.

It appears the green trend is being picked up my other developers as well. The Peshtigo & 9 West Erie, in Streeterville, which started marketing their respective buildings in October, all are planned to be Leeds Certified.

Another new construction green project, is Smithfield’s, who is planning to build a grocery store, strip mall, and bank on a 3.9- acre site on Ashland and Webster in Lincoln Park which would be Leeds Certified. The grocery store is slated to be over 250,000 square feet with a green roof and permeable-surface parking lot.The project moves forward once the City Council gives its approval.

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