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:
2112 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.
1243 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.
172 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.
431 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.
1542 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 email@example.com.