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:
1922 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.
48 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.
451 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.
1950 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.
1527 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.