The reports for Chicago real estate sales in September have reported that 21 total Chicago luxury condos closed in September, with individual sales ranging from $1 million up to $4.05 million. It’s no surprise that 18 of the 21 sales were located in downtown Chicago, amplifying the Chicago luxury real estate market that’s continued to be strong in the heart of the city, despite market volatility.
So what’s selling? There are a few key factors I’ve seen in Chicago real estate that is still moving on the market:
1) New construction projects. Buyers are looking for newer homes, whether brand new and never lived in or just a few years old.
2) Large square footage. Space is king with urban living, and buyers are picking up properties that offer generous square footage.
3) Assessments. Properties with excessive assessment costs certainly haven’t been as desirable as those with lower, more manageable dues.
4) Views. Whether of the city’s skyline or Lake Michigan, an unobstructed view from a private residence simply can’t be beat in Chicago real estate and continues to be coveted by luxury buyers.
5) Services. Concierge services are where it’s at. Buildings like 800 Michigan Avenue—which saw two of the most high-priced sales in September—offer the most top-notch services to its residents, as they can utilize the offerings from the Park Hyatt Hotel in the same building.
6) Walkability. A great location to get around on your feet is becoming increasingly important to luxury buyers. Having chic shopping and fine dining just blocks away make areas like downtown Chicago, Rush Street and the Gold Coast the place to be.
Here’s a closer look at the top 5 luxury sales for September:
800 N Michigan Avenue, Unit 4801
Sale price: $4.05 million
As I mentioned before, residents of Park Tower can take advantage of all of the concierge services and amenities offered by the Park Hyatt Hotel, which occupies the lower part of the building. It’s no wonder that two of the highest priced sales during September were found in this building, as it is certainly an opportunity to own a piece of an icon in Chicago real estate. This unit in particular—the most expensive sale during September—occupies one half floor, with spectacular east, south and north-facing views. Its open floor plan and generous 4,200 square feet includes a private guest wing and second terrace and is ideal for entertaining.
800 N Michigan Avenue, Unit 4701
Sale price: $3.25 million
This tremendous, upgraded unit was sold to the buyer unit at a great price, as it was originally listed for $4.5 million. With 3 bedrooms/3 bathroom, this 47th floor-unit was customized to feature masterpiece details with the finest finishes and no details overlooked. The unit was a must-see for its stunning, unobstructed lake views from all of its east-facing windows.
11 E Walton, Unit 4502
Sale price: $3.15 million
Just built in 2009, this Chicago condo showcases an unbeatable 180-degree lake and city view from the 45th floor. Designed by award-winning designer John Robert Wiltgen, the unit has 10-foot ceilings, two terraces, custom millwork and hardwood throughout and custom drapes and closets. Building amenities like a 14,000 square-foot spa and in-room dining make this building near Michigan Avenue highly coveted among buyers.
415 E North Water St., Unit 1005
Sale price: $2.4 million
The 3 bedroom/3 bath sold in this building spans 4,705 square feet, with a living room, library, dining room, four balconies and panoramic views of the lake, river and city. The private master suite boasts his-and-her room-sized closets and a luxurious bath suite.
77 E Walton, Unit 28D
Sale price: $2.35 million
Part of the Residences at 900, this Chicago condo is one of the newest residential properties in the downtown area. The building features, a private lobby for residents and state-of-the-art technology, not to mention it sits just steps from Michigan Avenue, where you’ll find the best shopping in the city. The two-bedroom, one bath that sold included floor-to-ceiling windows (there are those excellent views I mentioned, 10-foot ceilings, oak flooring and a lavish master bath.
It’s important for buyers to consider what types of properties are moving on the Chicago real estate market, both to help them know what is available and to consider the characteristics that set a property up to have great resale value. To take a look at the rest of the luxury Chicago condos that sold in September or to see what’s on the market now, contact me at 312-264-5853 or email me at [email protected].