Luxury home sales had a good run in April, with buyers closing on 25 Chicago homes for a total of more than $36.4 million in sales. Luxury home sales refers to the homes priced at $1 million and higher.
One common denominator seen among many of these luxury home sales? Amazing deals for the buyers. Buyers purchased these homes anywhere from $200,000 below the asking price up to $450,000 below asking price. As I’ve discussed before, now is still a great time for buyers to negotiate with sellers, as many sellers are still feeling the pressure to move their properties off of the market.
Another factor in April’s luxury home sales was, of course, location and neighborhood. Locations in downtown Chicago or close to downtown Chicago are highly coveted for their proximity to business, shopping, nightlife, dining and much more. Many of these properties were found in Lincoln Park or the Gold Coast, neighborhoods that are often highlighted for their real estate, but also for their easy access into the heart of downtown.
And, as we’ve seen in previous months, other features like lot size, square footage and the “wow” factor played a big role in luxury home sales. Here’s a closer look at the top five sales and what stood out with each one:
452 W Huron St
Original list price: $4.475 million
Sold price: $4.025 million
This custom-built River West home sold at a whopping $450,000 below the asking price. Features include four stories, a private landscaped inner courtyard, five-stop elevator, marble foyer and chef’s kitchen.
1517 W Grace St
Original list price: $2.5 million
Sold price: $2102,750
Another score for the buyer of this home, who purchased it for almost $400,000 less than the asking price. In the Southport Corridor and on an extra wide lot, wow-factors in this home include 11-foot ceilings, custom cabinetry and millwork, and recent upgrades like whole-house security, a home theater and sports bar. With 6,000 square feet inside, this home also features a 2,000 square foot roof deck.
19 E Scott St
Original list price: $2.115 million
Sold price: $2.025 million
This home is a great example of the importance of price in the Chicago real estate market–it was originally on the market in 2011 for $2.595 million. When the price lowered to $2.025 million in 2012, the home sold in just five days. On a 131-foot-wide lot and in mint condition, this Gold Coast home includes a new eat-in kitchen, second-level master with library, two decks and a large rear patio.
2107 N Clifton
Original list price: $2.5 million
Sold price: $2 million
On a lot spanning 25 feet x 124 feet, this brick home was re-built in 2010 with the addition of a third floor, plus exquisite details in craftsmanship, fabrics and finishes. This Lincoln Park beauty also features 8” plank floors, a roof terrace, elevator and a coach house. Plus, the buyer was able to get a fantastic price at for a half-million less than the original list price.
2423 N Janssen
Original list price: $2.185 million
Sold price: $1.975 million
Found in Lincoln Park, this stunning Chicago new construction home was on a 129.5-foot wide lot, with about 5,600 square feet of living space inside. The home boasts a spectacular floorplan, custom staircase and millwork, oak floors, stone fireplaces, gourmet kitchen and en-suite designer baths, making it ideal for luxury living in a great location.
I always encourage potential buyers in the Chicago real estate market to take a look at recent sales such as these to get a feel for what types of properties are available at what prices. For more detail on April’s luxury home sales or to see what is available on the market now with these sought-after features, contact me at 312-264-5853 or email me at [email protected].