Chicago single-family home sales in August continue the trend we saw in July—the most expensive homes sold are in the $2 million to $2.9 million range. Luxury real estate in Chicago typically exceeds that $2.9 million figure. In fact, in many recent months we’ve seen the sold price on the most expensive homes exceed $4 million. Sales in the luxury sector continue to be strong, but price-wise are trending a bit lower.
Another interesting note about last month’s home sales is that, of the nine most expensive homes, only one was for cash. The rest were financed with mortgages. In previous months, we’ve seen many cash buyers for even the priciest homes sold, but the fact that people are pursuing mortgage loans is likely due to the fact that jumbo loans (those for more than $417,000) are more readily available.
Banks are becoming more lenient about lending jumbo loans, and those who qualify for them can get an incredible rate right now—under 4% for a 30-year fixed-rate loan. Currently, the rates for jumbo loans are even unexpectedly better than those for a conforming loan (those under the $417,000 mark).
The month’s most expensive (and interesting sale) was a beautiful property in Lakeview. The home is newly built with all of the features today’s buyer is looking for, including a location in one of the best school districts in the city. People with children are flocking to these highly regarded districts to avoid sending their children to private school, which can run a tab of $20,000+ per year and be challenging to get into.
But the majority of the top sales in August were found in Lincoln Park—6 out of the 9 most expensive homes sold were in this highly desired community. I’ve worked with many clients to find properties in this phenomenal neighborhood, from mid-range Chicago condos to luxury single-family homes (find more on my background here, and work with past clients here).
If you’d like details on those top 9 properties sold in August, I’d be happy to send along photos and details of each home. But here, we’ll take a closer look at the top 5 sales on the luxury market last month:
3615 N Lakewood Ave
Original list price: $2.9 million
Sold price: $2.995 million
In the Southport Corridor and the Blaine School District, this extra-wide property boasts an open floor plan, stunning kitchen with custom cabinetry, a theater room and wine cellar. Outside you’ll find a heated lap pool, a snow melt system and 3-car heated garage. This Chicago new construction property also features 5 bedrooms and a master bath with all of the bells and whistles you can think of: steam shower, body sprays, soak tub, sauna and heated floors.
643 W Arlington Pl
Original list price: $4.75 million
Sold price: $2.825 million
A soft contemporary home in Lincoln Park, this property spans a whopping 8,500 square feet on a park-like 50 ft x 175 ft lot. Its unique features include an indoor lap pool, rear lawn, all-glass rear exterior and attached studio apartment with separate entrance. This urban estate perfectly merges the comfort of the suburbs with the convenience of city living, with parks, the zoo, shop and restaurants all within walking distance.
2248 N Burling St
Original list price: $2.89 million
Sold price: $2.775 million
This home was another rare opportunity in Lincoln Park, with a spectacular limestone house just steps form Oz Park and in the Lincoln Park School District. With 5 bedrooms and 5,600 square feet, this home has a long list of covetable features: a studio coach house over the garage, the finest finishes (like Calcutta Gold counters), spa master bath, rec room, and a deck.
1639 N Burling St
Original list price: $2.65 million
Sold price: $2.48 million
A single-family home exquisitely designed down to every detail, this breathtaking 5-bedroom in (you guessed it) Lincoln Park defines sophistication. With a lavish master suite, Brazilian Cherry floors, heated floors on the lower level, a custom wine cellar, and skyline views from the rooftop deck, there is a lot to love about this Chicago home.
75 E Elm St
Original list price: $2.8 million
Sold price: $2.45 million
Ample space is at the center of this Gold Coast home, with 7 bedrooms and 6,385 square feet. Renovated in 2000, this home is filled with natural light among the formal living room and dining room, chef’s kitchen, and 4 en-suite bedrooms. The lower level’s outdoor access makes it adaptable for a mudroom, game room or exercise space.
It will be interesting to continue keeping an eye on the luxury real estate market and how it’s trending over the next few months. I’m curious to see if jumbo lending continues to grow, and if luxury real estate in Chicago continues to sell at lower price points than we’ve seen earlier in the year.
To learn more about the single-family homes that sold in Chicago in August or to see what’s on the market now, contact me at (312) 498-5080 or email me at [email protected]