Luxury is a word we hear often in Chicago real estate, but what is the true meaning when it comes to what goes into a home? Defined as “something that provides comfort, pleasure, or enjoyment but is not absolutely essential,” luxury in real estate is created by the features that make a home more than just walls and a roof. It is a property that considers every detail from top to bottom, fits in with your lifestyle and is built with big and small conveniences that enrich your daily life.
In Chicago, one of the major distinctions for luxury real estate is the price. Those high-end details, features and amenities can come with a home priced as little as $2 million. In other major cities like San Francisco, New York City, London, Paris or Hong Kong, what you’d find for that price wouldn’t even compare to the luxury lifestyle that comes with some of Chicago’s finest condo buildings. Properties in these coveted, full-service, full-amenity buildings can cost as little as $1,200 a square foot–in other major cities, you’d be looking at a price tag as high as $3,000 a square foot all the way up to $5,000 a square foot.
Top 7 Condos Sold in May
Looking at the condos that sold in May, the top seven of the 35 condos sold all help to define what luxury real estate means in Chicago. They are in buildings with all of the sought-after amenities, and each unit comes with its own details and features that make it stand out. And the top 7 are all found relatively in the downtown area, putting them in the heart of activity that a city like Chicago has to offer.
Here’s a closer look at those top seven sales in ascending order:
340 E Randolph St., Unit 3901
Original list price: $2.1 million
Sold price: $2 million
This condo beautifully exhibits the importance of details. A breathtaking corner unit with spectacular views, this was designed by Wendell Gooch to harmonize state-of-the-art trends and the finest finishes and appliances. Floor-to-ceiling windows in the living room offer vistas of the city, Lake Michigan, and Millennium and Grant Parks. The building itself offers first-class amenities, including an indoor pool, large health club, winter garden and a 24-hour doorman.
201 W Grand Ave, Unit PH2
Original list price: $2.95 million
Sold price: $2.4 million
A penthouse property with forever views, this Condo includes exquisitely landscaped areas with mature landscape, waterfalls and Japanese garden influences found in 3,000 square feet of terrace spaces. The elevator opens into a foyer that overlooks the garden, waterfall and city. The harmony wasn’t limited to the outdoors, though–a home automation system controls sound, tv, window treatments, aroma, and security via touch pads throughout the home.
25 E Superior St., Unit 11B
Original list price: $2.5 million
Sold price: $2 million
In the famous Fordham building, this custom-designed home spans more than 4,500 square feet with three bedrooms, 3.5 baths, a theatre, den, and dining room built into the exquisite floor plan. Additional features include a private 455-square-foot terrace, in-unit elevator, a private 2-car garage and full-floor master suite. A glass staircase acts as a spectacular centerpiece to the interior. The Fordham building includes a doorman, concierge, indoor pool, sun deck and wine cellar.
407 E North Water St.
Original list price: $2.9 million
Sold price: $2.75 million
Spanning four levels and 4,600 square feet, this townhome functions like a single-family property but with the conveniences of the renowned River View Condominiums. A private deck overlooks the river and lake, and an elevator, Lutron system, fireplace, hardwood, and walk-in closets punctuate the luxury lifestyle. In-building amenities include an indoor pool, exceptional health club, storage and door staff.
50 E Chestnut St., Unit 1401
Original list price: $2.95 million
Sold price: $2.775 million
In one of the luxury buyers’ favorite new construction buildings, this unit was just completed for its first buyer. The Chicago condo features a large master suite with two full bathrooms, a 300-square foot walk-in closet, upgraded kitchen, marble baths and two terraces. Top-of-the-line finishes like custom-stained rift sawn oak floors, wool carpet and Calcutta gold marble backsplashes are the little extras that set this unit apart.
401 N Wabash Ave., Unit 42A
Original list price: $2.975 million
Sold price: $2.925 million
This Trump Tower condo is located on the building’s North East curve, providing stunning views that top any other downtown property and even many other units in the building. Walls of windows look out onto Lake Michigan. The unit’s 4,000 square feet includes 3 bedrooms, a media room, a lavish master suite with his-and-her baths, amazing walk-in closets and walnut hardwood floors throughout. The building includes the finest Trump-style amenities and services, from room service to a world-renowned spa and health club.
1300 N State Pkwy, Unit 801
Original list price: $2.875 million
Sold price: $2.96 million
Found in the heart of the Gold Coast, this 4,000-square foot residence was recently renovated inside the historic Ambassador building. Having undergone detailed upgrades and renovations, this Chicago condo now features a brilliantly designed floor plan with a huge corner living room, formal dining room, large sunny kitchen and breakfast room, and 3 large bedrooms. Amenities include an owners’ penthouse lounge and terrace, a gym, sports court, and garden area.
Searching for a Chicago Luxury Home
When it comes to luxury real estate, it’s not just about the price, but what went into a property to take it above and beyond (and indeed, warrant a luxury price tag). I’ve worked with many luxury buyers, including CEOs and CFOs, and find that many of them are searching for those little details that go into a luxurious property and have very discriminating taste.
I pride myself on helping clients find homes that work with their needs and lifestyles. I can explain the nuances and details that differentiate one unit or home from the next and go over why these differences can affect both purchase price and resale value down the line.
If you’re on the hunt for a luxury property, let’s talk. Contact me at (312) 498-5080 or email me at [email protected]