Upper-Bracket Luxury Condo Sales in Chicago Were Gangbusters in February

For the third consecutive month in what is often a slow period for Chicago real estate, condo sales in the city have soared, with $90 million in luxury units sold during the month of February.

Chicago saw 54 luxury condos sold (I define “luxury” condos as those sold for $1 million and above). In fact, last month’s sales went all the way up to $4.850 million, with 54 condos sold for a total of $90.9 million. A number of ultra high-end units contributed to that number, as 14 of the luxury condos sold for over $2 million. For a more detailed look at last month’s Chicago condo sales, email me for photos and a list of the top sales.

From the ‘Burbs to a Chicago Condo

I’ve noticed with many of my own clients and on the market in general that many folks are selling their large homes in the suburbs for a condo in the city. Many Chicago condo buildings require a large upkeep, plus there has been a large increase in local taxes. People are also evaluating other conveniences like a commute and access to entertainment and services, and many have realized that relocating into the city puts these things right outside your front door. Plus, many buildings offer amenities and services that make the day-to-day easier on all of its residents by having staff available at a moment’s notice.

Here’s a look at what buildings were popular among luxury buyers last month:

Chicago real estate at Park Tower 800 Michigan Avenue800 N Michigan Avenue, Unit 3501
Original list price: $6 million
Sold price: $4.85 million
Spanning a whopping 5,250 square feet, this Chicago condo is elegance and luxury at its finest. This 35th floor unit offers magnificent sweeping views to the east, south and west. The interior boasts custom cabinetry, hardwood floors, a kitchen with island and breakfast bars, and a media room with drop-down screen and surround sound. The master suite also includes two large walk-in closets.

6 N Michigan Avenue, Unit 1901
Original list price: $4.75 million
Sold price: $3.9 million
The size and space in this unit lives more like a single-family home than a condo, but with all the perks of living in the city. A 4-bedroom penthouse with 6,400 square feet overlooking Millennium Park, this Chicago condo offers some of the most spectacular views in the city. Formerly the Montgomery Ward Observatory, it features four floors of living space, 20-foot ceilings and 2,000 square feet of outdoor terrace space. Its restoration of the vintage building beautifully blends vintage elegance with today’s transitional style.

118 E Erie Street, Unit 33E
Original list price: $3,387,426
Sold price: $3,387,42
Located in the Ritz-Carlton Residences right off of Michigan Avenue, this 2-bedroom condo offers 2,700 square feet on the building’s 33rd floor. The Ritz-Carlton Residences have quickly become one of the most sought-after luxury buildings in Chicago, with its five-star staff, award winning design, and private Landmark Club with its own private art collection.

Chicago real estate at Park Tower 800 Michigan Avenue800 N Michigan Avenue, Unit 4001
Original list price: $3.499 million
Sold price: $3 million
This 2-bedroom unit in downtown Chicago’s Park Tower is totally customized with concrete and wood floors, extensive cherry built-ins and no detail left undone. Technology upgrades like a Lutron light system and Creston audio/visual enhance the interior, along with fabulous east views from every room. Residents here can take advantage of all of the hotel services at the neighboring Park Hyatt Hotel.

415 E North Water Street, Unit 2205
Original list price: $2,999,900
Sold price: $2.85 million
A fairly new unit, this Chicago condo was redone in 2012 with fine new finishes, woods, stones, tiles, trim, updating, surround speakers, lighting and more. This 24th-floor unit boasts 4 balconies with 180-degree views, while the building itself features a newly decorated common area, health club and all building amenities.

The market for luxury Chicago condos has been surprisingly strong this season. Buyers continue to flock to high-end, service-driven buildings with offerings that can’t compare to a suburban home. If you’re in the market for a condo, I think it’s very important to take a look at the previous month’s sales to learn more about popular buildings and what certain types of units are selling for.

For a more detailed look at February’s sales 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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