Even though winter has arrived, the Chicago luxury real estate market is still alive as we head into the season. November saw 30 luxury single-family home sales, totaling $47 million for the month. Three of the top five sales were more than $2 million, with the top sale in the Gold Coast coming in at $3.5 million.
Highlights from Chicago Real Estate Sales in November
There are always a few commonalities that can be found among the top sales for the month, and November was no exception. Several of the most expensive homes that sold were on large lots, or anything more than that Chicago standard of 25 feet x 125 feet. Even a lot that’s a few feet wider will allow for more square footage, larger rooms or increased outdoor space.
A larger lot has been at the top of buyers’ wish lists for some time now, but more recently, it’s become apparent that there is definitely a pent-up demand for these oversized lots as buyers snatch them up as soon as they are listed. Particularly for out-of-town buyers coming from places like New York and San Francisco, these buyers are hungry for the extra space at a Chicago price, given that a single-family home cost two to three times more in those cities. These buyers are always surprised at how far their dollar can go in Chicago and eager to make the most of it.
Another common denominator among these homes was location–several were also found in the Gold Coast, which is one of the most sought-after neighborhoods for luxury buyers. The Gold Coast has everything—tree-lined streets, beautiful architecture, proximity to downtown and plenty of nightlife, dining and entertainment.
Let’s take a closer look at the top five most expensive sales last month, in descending order:
1337 N Dearborn Pkwy
Original list price: $3,999,900
Sold price: $3.5 million
This extraordinary Gold Coast home has been standing since 1880, but is otherwise a brand-new property. The award-winning, landmarked home fits right into the tree-lined neighborhood, with one-of-a-kind style, timeless and elegant design and modern luxury. Features include custom mill work, magnificent lighting, expansive outdoor terraces with fireplaces and grills, sun-filled rooms, wine vault, media room, whole-house audio system, outdoor camera security and much more. The master suite is full of luxury, from full-marble-slab baths to a double rain steam shower. The chef-inspired gourmet kitchen has all of the bells and whistles, including Wolf appliances
3758 N Lakewood Ave
Original list price: $2.799million
Sold price: $2.75 million
A new construction property in the Southport Corridor, this 6-bedroom home has a familiar feature: an extra-wide lot. With a 30 x 125-foot lot, the interior of this Lakeview home features expansive, bright rooms, outdoor space for entertaining and much more. A custom-designed kitchen includes state-of-the-art appliances and features that make it ideal for entertaining, along with a top floor party room and multiple wet bars. The location of this home is one of the best, as it’s within the Blaine School boundaries and also near many trendy boutiques and restaurants and a brown line El station.
53 E Elm St
Original list price: $2.695 million
Sold price: $2.585 million
Also in the Gold Coast, this 4-bedroom rowhouse has been totally renovated on one of the most charming blocks in the neighborhood. Inside, you’ll find beautifully restored architectural elements throughout, high-end finishes and completely new systems and infrastructure to take this vintage property into luxury modern living. Large bay windows, skylights and a fabulous terrace and desk connect indoors and out, with generous sunlight filling every room throughout the day.
1625 N Wolcott Ave
Original list price: $2.395 million
Sold price: $2.26 million
Located on coveted Wolcott Avenue in Wicker Park, this 6,400 square foot contemporary home showcases pride of ownership inside and out. Features include generous sunlight and ceiling heights, elevator access to all levels, four-car attached garage, plus a custom eat-in kitchen with Subzero and Miele appliance that opens up to a great room and lush landscaped patio. The master suite includes a freestanding Duravit tub and oversized steam shower with a roof top deck that offers city views.
3514 N Leavitt St
Original list price: $1.995 million
Sold price: $1,986,146
This 6-bedroom new construction property was built on a 30-foot-wide lot in Roscoe Village with plenty to offer inside and out. The stunning open floor plan includes four bedrooms, three baths, chef’s kitchen with custom cabinetry and more. Roscoe Village is an incredibly walkable, family friendly neighborhood within easy distance from schools, entertainment and restaurants.
For a prospective buyer, I recommend taking a look at the most recent sales of luxury real estate in Chicago. Check out the features of the homes that have sold, and from there you can get an idea of what a luxury property might cost in your own search. You can also get an idea for what you might face once you find a home you like (such as all-cash buyers, same-day offers) and plan your negotiating strategy accordingly.
For more about last month’s single-family luxury home sales in Chicago, or to see what’s on the market now, contact me at [email protected]