June continued to show strength in Chicago’s ultra-luxury condo market, with 13 sales topping $2 million. And five of those sales were over $5 million, including the most expensive closing of the month—a raw penthouse space atop the Ritz-Carlton Residences.
The trend we continue to see among luxury condo sales is that the top sales don’t sacrifice square footage. On the highest end, sold units tend to be at lease 3,000 square feet, which bodes well for buyers moving in from the suburbs who want to offload some of the maintenance of a single-family home but not the size of the living space. That’s a good lesson for buyers, as well. If you’re in the market for a Chicago condo, consider how the square footage will play into resale value down the line.
Without further ado, let’s take a closer look at the features, amenities and more from the most expensive condo sales in June:
118 E Erie St, Unit PH2
Original list price: $8.5 million
Sold price: $8 million
This unit was the final full-floor penthouse available in Chicago’s Ritz Carlton Residences, just off the Magnificent Mile. During its time on the market, this penthouse saw a $1 million price reduction for its 4 bedrooms, 3.1 baths spanning a whopping 6,597 square feet. A raw space ready to take on a buyer’s vision, the condo boasts 12-foot ceilings, three large terraces, and endless possibilities in one of the city’s premier buildings. A private elevator offers access directly into the home, and four exposures bring sweeping vistas of the lake and skyline indoors. True to its name, the Ritz-Carlton Residences offer five-star services to its residents, including the Landmark Club, a Gary Lee-designed salon, full concierge services and valet parking. Additional amenities include a private conference and dining room, daily beverage service, fitness center, billiards lounge, terrace, butler and wine storage, spa treatment rooms and a screening room.
9 W Walton
The new construction condos at 9 W Walton have made more than a few appearances on the top condo sales list over the last several months. With just 66 units, the building was billed as the newest and finest offering in the Gold Coast, with expertly crafted interiors and custom tailored floor plans. As far as amenities, 9 W Walton has everything you’d expect from a luxury building, starting with a magnificent motor court that welcomes you to the property, plus an indoor pool and spa, a two-story exercise studio, a wine tasting room and private dining. Here are the two units that sold in June:
9 W Walton, Unit 1801
Original list price: $4.09 million
Sold price: $4.485 million
On the 18th floor, with 4 bedrooms, 4.1 baths across 3,665 square feet.
9 W Walton St, Unit 1403
Original list price: $4.35 million
Sold price: $4,480,494
On the 14th floor, with 4 bedrooms, 4.1 baths spanning 3,665 square feet.
219 E Lake Shore Dr, Unit 11CD
Original list price: $4.395 million
Sold price: $4.3 million
A complete renovation made this 4,400 Chicago condo shiny and new, on Chicago’s finest residential block. This 11th floor unit boasts a tasteful and stunning design, filled with exquisite finishes, and open layout and iconic views of Lake Michigan and North Lake Shore Drive. A private elevator entrance opens up to the public rooms bathed in sunlight, with four Juliette balconies with French doors. This is a full-service building, and included two valet parking spaces for the buyer.
340 E Randolph St, Unit 5803
Original list price: $4.5 million
Sold price: 4.2 million
Glorious sunrises and magnificent sunsets are a daily indulgence at 340 On The Park. This unit offers some of the most extraordinary, wrap-around views in Chicago, including Lake Michigan, all of Millennium Park, the Chicago River, and city skylines to the south, west and north. Inside, a superb floor plan provides plenty of room for living and entertaining, with three en-suite bedrooms, an office/library, a roomy kitchen and two covered balconies with forever views. The unit also includes two garage parking spaces plus private storage. The building’s great location is just steps from Village Market, restaurants and easy access to the downtown pedway system. Plus, residents here enjoy deluxe amenities like a winter garden, sun deck, spa-quality exercise facility, indoor lap pool Jacuzzi, sauna and steam room, media room, catering kitchen, full-service business center, on-site management and maintenance and 24-hour door service.
Each month I recap the top sales from the previous month, as it’s important for luxury buyers and potential buyers to see what is happening on the upper end of the market. If you’re setting out on a Chicago condo search with expectations as to what features, amenities and types of units are available, taking a look at what’s sold most recently will give you a good idea of the market environment and what is selling for what price.
To see what’s on the market now or to learn more about some of the new construction available for Chicago condos, contact me at (312) 498-5080 or email me at [email protected]