Ultra-Luxury Homes in Chicago’s Lincoln Park Were Strong in October

Last month’s luxury single-family home sales in Chicago may not have been as high as usual, but there were a few noteworthy takeaways. During October, Chicago saw 45 luxury home sales (those sold for $1 million or higher), and about a quarter of those sales fell into the ultra luxury category (those sold for $2 million or higher). Eleven of the 45 sales were ultra-luxury, with the most expensive sales coming out of Lincoln Park, and at $3+ million to boot.

So why might a buyer care about the ultra-luxury properties that recently sold? Seeing what homes are selling and evaluating their price with included features helps a prospective buyer understand the value of homes on the market. If you are making a wish list of everything you’d like to find in a new home, looking at recent sales can give you a look at what those features are going to cost.

Let’s take a more detailed look at the top five most expensive single-family home sales in Chicago last month, in descending order:

image1623 N Wolcott Ave
Original list price: $4,818,784
Sold price: $4,818,784
A brand-new, custom single-family home in Bucktown, this 5–bedroom, 7.2-bath home was designed by the award-winning Osterhaus McCarthy architect team. This modern new construction home property is situated on a double lot, which is one feature we see time and time again among luxury home sales. High-end buyers love an extra-wide lot that allows for ample square footage, open floor plans and often even generous outdoor space. It’s also worthy to note that this most expensive sale sold to a cash buyer.

image1637 N Burling St
Original list price: $3.975 million
Sold price: $3.85 million
Spanning more than 6,000 square feet, this 6 bedroom, 5.3 bath-home sits on one of the most prestigious blocks in Lincoln Park. The exterior features a limestone façade, penthouse roof deck with terrace and skyline views, and an attached heated garage. The interior boasts a long list of coveted features: an elevator, 2 limestone fireplaces, an eat-in kitchen with luxury appliances, master suite with his-and-her closets, a rec room, a wine room a four zones of radiant heat.

image2231 N Fremont St
Original list price: $3.995 million
Sold price: $3.6 million
Situated on an extra-wide lot in Lincoln Park, this award-winning home was designed by renowned Chicago architect firm Wheeler-Kearns. No detail went overlooked in this 6,500 square foot stunner, from the wide-plank, hand-scraped oak flooring to the custom elm built-ins to the total home automation. Other features include the finest appointments and amenities, extra-wide living spaces and soaring ceiling heights.

image1250 W Schubert Ave
Original list price: $2,899,900
Sold price: $3.055 million
Although it was just built in 2012, this home boasts “better than new construction,” with contemporary, one-of-a-kind style on an extra-wide lot. The list of features is extensive: A curved staircase takes you up to four of the six bedrooms on the second floor. Floor-to-ceiling windows with motorized shades. An enormous kitchen includes a huge seating island, custom cabinetry, Miele appliances, and butler’s pantry. The floors are 5-inch hand-beveled oak, lighting from designer Jonathan Adler and Japanese and Italian tiles are found throughout. A lower-level theater room includes surround sound, a projector/screen and 4 televisions. A dreamy master bath includes a steam shower, double vanities and dual-sided fireplace. This long list of features continues on the exterior as well, with a custom-designed roof deck with built-in grill.

image1534 N North Park Ave
Original list price: $2.749 million
Sold price: $2.6 million
Built in 2013, this 6,500-square foot has much to offer by way of location and features. For location, the home sits on a tree-lined street with plenty of natural light that’s just steps from the park and beach. Features include professional design throughout, with a professional-grade kitchen, spa-caliber baths, penthouse family room with 1,300 outdoor living and entertaining space, and an attached garage with heated driveway.

It’s important to note the commonalities among these ultra-luxury properties: extra-wide lots, impressive details, outdoor entertaining spaces and the proverbial location, location, location. Those are the features we see month after month in the top luxury sales, so buyer can expect them to come at a price.

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.

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