Even as we close in on the end of the year, the luxury real estate market doesn’t seem to be going into hibernation. New and newer luxury condos sold at a fast pace in September, which seems to be an anomaly compared to many other major cities in the U.S.
Chicago continues to be one of the few places where you can still get the “most bang for your buck” in real estate. In comparable areas like New York, Los Angeles, San Francisco and Boston, that is simply not the case. The price per square foot in Chicago is significantly less, which means luxury living with full amenities, services and space, is more attainable.
But it’s not always just about price—compared to those other major cities, Chicago’s hottest condo buildings don’t require buyers to sacrifice any elements of the luxury lifestyle. One major one is space—most buyers are looking for Chicago condos that span at least 3,000 square feet. This is the go-to number I recommend as well, since it seems to be the sweet spot for resale value and what today’s buyers are looking for at a minimum. Another is services and amenities—from valet service to state-of-the-art fitness centers to art galleries, Chicago’s luxury condo buildings are stacked with options. And finally, of course, is location. The best buildings in Chicago are located in the most coveted areas—Lincoln Park, Gold Coast, downtown Chicago—to put residents in the heart of the city’s shopping, dining, culture and entertainment.
In September, the top 10 most expensive condos sold were all more than $2 million. There were 55 total condos closed for $1 million-plus. Here’s a look at the top five properties that sold during that time, in descending order:
9 W Walton, Unit 2902
Original list price: $6.3 million
Sold price: $6,448,206
This 3 bedroom, 3.1 bath spans a generous 4,420 square feet in the Gold Coast’s hottest new construction building: 9 W Walton. This building boasts amenities a plenty, with a fully staffed lobby and valet, house car and driver, dry cleaning service, indoor lap pool/hot tub/steam room/sauna, fully equipped fitness center, a private wine storage, to name just a few. Here, residents were able to customize their units, which is a special deviation from typical new construction condos which requires all apartments to have relatively the same finishes unless you’re purchasing the penthouse. That means every unit in 9 W Walton has that penthouse appeal tailored specifically to their taste.
4 E Elm St, Unit 20S
Original list price: %5.17 million
Sold price: $5.17 million
The units a 4 E Elm sold quickly when the building started delivering in 2016, so it’s been awhile since we’ve seen this address on our recent sales lists. This unit is a 3 bedroom, 3.1 bath on the 20th floor, but many details weren’t available since the property sold before print. In 4 East Elm, there are just two units per floor, each served with a private elevator. The modern building design includes amenities like a state-of-the-art fitness center and spa, sundeck and pool, resident’s lounge with full kitchen, movie screening room and 24-hour doorman.
9 W Walton St, Unit 1601
Original list price: $4.5 million
Sold price: $4.4 million
Another sale in Chicago’s latest coveted address. This never-lived-in 4 bedroom, 4.1 bath is on the 15th floor, with a modified floor plan that created an extra-large kitchen and entertaining space. It also boasts a 365-square foot terrace with lake views and an included parking space. Additional amenities at 9 W Walton include a golf simulator, dog run, hospitality room and two guest suites available to residents.
11 E Walton St, Unit 3801
Original list price: $3.895 million
Sold price: $3.725 million
This 3,436 square foot unit in the Waldorf Astoria Residences was converted from a 3 bedroom to a 2 bedroom to create an extremely generous living space. The white kitchen showcases Snaidero cabinetry, marble countertops and Wolf and Sub Zero appliances and a huge walk-in pantry with built-in cabinetry and wine refrigerator. The formal living room and dining room include a fireplace and custom built-ins, opening up to a southeast terrace. The exquisite master suite includes a private terrace, all-marble master bath and stunning closet with custom cabinetry. This unit includes two valet parking spots and all of the five-star amenities from the Waldorf Astoria Hotel, including a concierge, in-room dining, spa, pool, gym and house car.
118 E Erie St, Unit 37H
Original list price: $2.8 million
Sold price: $2.7 million
This unit in downtown Chicago’s Ritz-Carlton Residences had a huge price reduction before this sale. The 37th floor unit has 3 ensuite bedrooms, a study and 3.1 baths, with three exposures that bring in sweeping views of the lake, skyline and Michigan Avenue. The DeGiulio chef’s kitchen boasts SieMatic cabinetry, stone countertops and Wolf, Sub Zero and Miele appliances. The spacious baths are fitted with Waterworks plumbing fixtures, marble countertops and limestone floors. And details like 10-foot ceilings, wide-plank hardwood floors/baseboards and detailed archways make this Chicago condo feel like a custom home. True to its name the Ritz-Carlton Residences deliver full concierge service, butler and wine storage, along with amenities that include a resident’s-only Landmark Club, private dining, daily beverage service, fitness center, billiards lounge, terrace, spa treatment rooms and a screening room.
If you’re considering purchasing in 2018, keep a close eye on the most recent sales (I recap the previous month’s top properties each month). It’s a great way to stay on top of pricing trends, hot buildings and the general sentiment of the market and how that will play into your own purchase. I’d be happy to walk you through what I’m seeing in the market now and show you some luxury properties that are on the market now. Contact me at (312) 498-5080 or email me at [email protected].