The media keeps saying Chicago homes aren’t selling, but the bare facts are surprising. I checked out the stats for single family Chicago luxury homes for the last three months — homes priced from $2 million all the way up to $10 million, and I found some interesting data.
14 single family Chicago luxury homes actually closed. 5 Chicago homes for sale went under contract and are shown as pending, for a total of 19. Analyzing what these pieces of Chicago real estate have in common, here are the trends:
Location – All the Chicago homes for sale in this group are in great locations. 14 of the Chicago luxury homes are in Lincoln Park and 5 of the Chicago luxury homes that sold are in Lakeview.
Unique Street Location – The highest priced Chicago luxury home that sold in the last three months was at 1845 Orchard, and it sold for $5 million. Keep in mind that this Chicago luxury home is on one of the most chic blocks of Lincoln Park, one of three streets that is home to many of Chicago’s “McMansions.”
Unique Lot Size – 12 of the Chicago homes for sale that sold in the last three months are on oversized city lots that aren’t the typical 25 ft. x 125 ft. To give you an idea of how important lot size is when purchasing a Chicago luxury home, I am providing you with the list of Chicago homes that sold and are on oversized or unique lots:
New Construction – 9 of these Chicago luxury homes were new construction.
Note, Sheldon Salnick sold the 1845 Orchard home. For more information about Chicago luxury homes, please check out www.SheldonChicago.com