The Chicago luxury real estate continued to prove in the month of June that the ups and downs of the market are no match for buyers on the hunt for the perfect home. With 19 luxury homes sold (those priced at $1 million and up), total sales for the month were $32.6 million.
The most expensive home to sell in June was on a chic Lincoln Park block known for its McMansions–Orchard street. If you’re looking for a mansion in the city of Chicago (a home built on one, two, three or more lots) and have a big budget, Orchard Street is one of the prime blocks in this neighborhood to scope out. Nearby blocks Howe and Burling are also at the top of the list for highly-desired streets in Lincoln Park.
While these blocks have a lot to offer on their own, there is also opportunity for luxury buyers to build a Chicago new construction home from scratch. If building a custom dream home in the heart of one of the city’s best neighborhoods is something you’re interested in, let me know and I can put you in contact with the appropriate people to make it happen.
One thing to note about the top homes sold in June is that despite these being multi-million dollar properties, there were deals to be had. The Orchard property sold at almost a $700,000 discount from the original list price.
I’ve said time and again that the best way to shop in this Chicago real estate market is with cash if you can afford it–this gives the buyer a lot of negotiating power to get a deal done and closed quickly. Or, if you’ve already lined up a mortgage and feel comfortable, it’s possible to eliminate the mortgage contingency in the contract and obtain the mortgage after closing on the property.
Starting with the priciest sale on Orchard Street, here’s a closer look at the top five luxury sales that closed in June:
1956 N Orchard St
Original list price: $5.999 million
Sold price: $5.3 million
On a double-wide lot of 50 x 124 feet, this mansion in Lincoln Park is one of a kind. With a limestone and brick facade, the grounds of this home are immaculate, with patios, decks, balconies and a large backyard. Inside are 12-foot ceilings, four fireplaces, a heated 3-car garage and a grand staircase. Spanning just under 10,000 square feet, this home boasts 7 bedrooms, a top floor rec room with second kitchen and great views of the city.
4420 N Paulina Ave
Original list price: $2.95 million
Sold price: $2.75 million
A gorgeous and one-of-a-kind home with more than 5,200 square feet and 6 bedrooms and 6 bath, this property features cathedral ceilings, a sauna/steam room, and lots more.
1112 W Wrightwood Ave
Original list price: $2.95 million
Sold price: $2.59 million
This home also features that highly sought-after combo for buyers: a large lot (this one is 33 feet wide) in a great neighborhood (this one on a great block in Lincoln Park). With four stories and 6,500 square feet, this luxury Chicago home has 6 bedrooms, extra-tall ceilings, great entertaining space, a home theater, potential guest suite, French-inspired garden and access ready to be built out for a roof deck.
2108 N Magnolia St
Original list price: $2.599 million
Sold price: $2.450 million
Generous square footage is another must-have for luxury buyers, and this home has it. Also in Lincoln Park, this home features a superb layout with 6 large bedrooms, 5.5 baths and showcases luxury down to the finest details: walnut floors, high-end finishes, a built-in espresso maker in the kitchen and a spa-like bath in the master suite.
842 W Webster Ave
Original list price: $2.295 million
Sold price: $2 million
A handsome brick vintage facade greets you on the outside of this home, but on the inside is an all new interiors with a highly upgraded kitchen, baths lighting, hardwood floors and more. With oversized rooms, a state-of-the-art home theater, office, exercise room and a roof deck, this home is the perfect picture of what Lincoln Park homes for sale have to offer.
As I’ve been seeing on the market for the past few months, homes with oversized lots continue to be coveted by buyers and move quickly on the market. Homes with that characteristic don’t last long.
Looking at these home sales can give buyers a great insight into what’s selling on the market, giving them negotiating power and a better idea of what you really want in a home. To see what else sold in June or what is on the Chicago real estate market now, contact me at 312-264-5853 or email me at [email protected]