It’s rather typical for me to see a significant slowdown in Chicago condo sales in December. With the holidays and cold weather at work, real estate often isn’t top of mind.
But last month was certainly an anomaly, with a surprising 45 luxury condos (those priced at $1 million and higher) sold in Chicago for a total of $92.6 million in sales. These numbers just prove that Chicago luxury real estate, particularly the extremely upper-bracket condos, are alive and well and continue to thrive in even a market with seasonal challenges.
Another unusual factor in December’s condo sales was price—the top 5 most expensive units sold ranged from $3.5 million all the way up to $7 million. Expanding that out to the top 10 sales, the least expensive was a $2.292 million condo at 65 East Monroe. So not only did plenty of sales come through, they carried an ultra-luxury price tag with them.
For the full list of the top 10 most expensive Chicago condo units to sell, just give me a call at (312) 498-5080 or email me at [email protected] and I’ll be happy to send them over. In the meantime, here’s a more detailed look at the top 5 luxury condos sold in December, in descending order:
189 E Lake Shore Drive, Unit 17
List price: $7.2 million
Sold price: $7 million
This is a huge condo on one of the most exclusive blocks in Chicago: East Lake Shore Drive. Considering this was the highest price tag of the month, this unit spans a generous 8,000 square feet—which equates to about $875 per square foot, an excellent price considering the prestigious building (the Mayfair) and its coveted location. Property like this in New York could easily be priced thousands of dollars above that per square foot price. This full-floor unit in particular has plenty to offer inside: 4 bedrooms, meticulous attention to detail, north/east/south views of the lake and skyline, two terraces, marble floors and 2-car deeded parking.
159 E Walton Place, Unit 31A
Original list price: $7.5 million
Sold price: $6.75 million
On the 31st floor of the iconic Palmolive Building, this 5,500 square foot unit sold as quickly as it was listed. With 3 bedrooms and 3.5 baths, there’s no doubt this was a highly desirable unit in a sought-after, exclusive building.
2550 N Lakeview Avenue, Unit D6-36
Original list price: $6.092 million
Sold price: $5.4 million
The luxury Chicago condos found in 2550 Lincoln Park (designed by famed Chicago architect Lucien Lagrange) are truly stunning. This unit is a half-floor residence with 4 bedrooms and 4,700 square feet. Other features included a formal dining room, deluxe master bath, custom finishes, 14-foot ceilings and gracious living spaces.
840 N Lake Shore Drive, Unit 1701
Original list price: $4.35 million
Sold price: $4.18 million
Another Lake Shore beauty. Perched on the 17th floor, this pristine 4-bedroom offers unobstructed views of the lake and city. The 4,300 square foot interior features impeccable finishes, wide plant walnut floors, custom millwork, built-ins and surround sound. The chef’s kitchen includes every luxury finish and amenity for the cook or entertainer, with custom cabinetry and SubZero and Bosch appliances. The floor plan boasts a large foyer, formal living room, rotunda dining room, separate guest quarters and a sumptuous master suite.
118 E Erie Street, Unit 38L
Original list price: $4,377,500
Sold price: $3,572,000
Located in the Ritz-Carlton Residences just off of the Magnificent Mile, this Chicago condo was sold unfinished. The building offers some of the city’s finest luxury living, marked by the legendary service of the Ritz-Carlton. The building is also home to the Landmark Club, which includes a grand salon, dining rooms, a staff chef, a staffed bar, wine storage, a movie theater, athletic and spa facilities and a full-time staff.
As we often see with luxury real estate, square footage and location are two important factors that always play into high-end condo sales. Each of these units are found in extremely desirable buildings and offer living space that is more like that of a single-family luxury home than a condo. It will be interesting to see next month’s sales to see if luxury properties keep moving at this pace as winter continues.
For more details on these properties or other Chicago real estate that sold last month, contact me at (312) 498-5080 or email me at [email protected]