The numbers for real estate sales during the first month of 2012 are out, and showing several of the same trends seen in December and in my 2011 Chicago real estate recaps. Luxury buyers continue to gravitate toward condo buildings in downtown Chicago, such as Park Tower, The Elysian and others.
The popularity of these buildings can be attributed to many things, but most notably, these buildings feature everything from top-notch services and amenities to spectacular views to very generous square footage. Here’s a closer look at where the top five sales occurred in January and what each building has to offer:
800 N Michigan Ave
Chicago's Park Tower, 800 N Michigan Avenue
Unit sold: 5602
Original list price: $4.250 million
Sold price: $3.636 million
One of the most prestigious addresses in the Gold Coast, Park Tower rarely has units available. This 3-bedroom condo stretches nearly 4,000 square feet over a half floor of the building, with exquisite views from every room. An east-facing balcony opens the unit up to a stunning view of Lake Michigan and space for outdoor dining during the summer months.
11 E Walton
The Elysian Residences at 11 E Walton
Unit sold: 3002
Original list price: $2.7 million
Sold price: $2.6 million
This building was no stranger to the top Chicago condos sold in 2011. Built in 2009, the Elysian Residences have been extremely popular among luxury buyers, with outstanding views, custom details and a dedication to offering its residents a range of 5-star services. This unit in particular featured a great floor plan, 3 bedrooms, gourmet kitchen, 180-degree views, two terraces, 10-foot ceilings and more.
10 E Delaware
Ten East Delaware in Chicago's Gold Coast
Units sold in January: 10B and 25B
Original list prices: $1,550,900 and $2,030,900
Sold prices: $1.5 million and $1.9 million
This Gold Coast building was designed by Chicago’s famed architect Lucien Lagrange, combining classic architecture with with private amenities and services in an amazing location. Buyers are drawn to the Chicago condos in 10 E Delaware for the large windows, luxury finishes and appliances, private balconies, 24-hour doorman, the building’s Ten Club and on-call concierge services from the Talbot Hotel next door. Two units sold in this building in January–each a 2,700-square-foot 3-bedroom. The higher priced unit sits on a higher floor and runs the entire length of the building’s east side.
340 E Randolph
340 on the Park at 340 E Randolph
Unit sold: 2405
Original list price: $1.795 million
Sold price: $1.675 million
There’s much to love about this lakefront building and the units inside–this one in particular was a south-facing property bathed in natural light, with views of Lake Michigan, Millennium Park and the Chicago skyline. The building includes a world-class gym and lap pool, a winter garden room, and an ideal location near shopping, parks and entertainment.
Timing for Chicago Real Estate Purchases
While January did experience a slight dip in sales when compared to December, these numbers show that Chicago luxury condos are continuing to sell, despite the dead-of-winter timing that often plagues the real estate market during these months. As I’ve said before each winter, the end of November and during December is the best window of time to purchase Chicago real estate. Sellers are able to obtain great deals as sellers are quite motivated to move their properties before winter hits.
But this Chicago winter so far has been surprisingly warm. I’ve had many clients call me to start the process of looking at Chicago real estate to buy, as they are predicting there will be less inventory to choose from if properties continue to move throughout the rest of the winter season. I’m hoping their predictions are true as we move into the spring market, which usually begins around March.
To learn more about the Chicago condo buildings that were included in January’s luxury sales, or to talk further about making a purchase this spring, contact me at (312) 498-5080 or email me at email@example.com.