You know the saying: location is everything. And in August, that location was Lincoln Park when it came to dominating single-family luxury home sales. Of the top 10 most expensive home sales last month, half of them were in this much-loved neighborhood, and the lowest priced sale was over $2 million.
So what is it about Lincoln Park? For starters, this is a highly sought-after neighborhood for luxury buyers. There are a number of types of high-end properties here—penthouses, mansions, condos, are all options for the upscale buyer looking in Lincoln Park. And that’s not even the only way this neighborhood offers something for everyone. Lincoln Park is home to great schools, neighborhood shopping, amazing restaurants, plenty of outdoor and cultural activities. Plus, it’s just a quick jaunt into downtown.
So it’s no wonder that Lincoln Park took the cake for sales of luxury homes (which, here I define as those sold for $1 million and above) in August. In the same month, Chicago saw 14 single-family homes sell for more than $2 million and a total sales volume of $110 million.
If you’re shopping for a home (or even just exploring the idea), I highly recommend a review of last month’s home sales. Digging into the details of what sold for what price will give you an idea of what kind of property you can expect to get for your own budget in a particular neighborhood. Some—like Lincoln Park—are highly coveted communities that come with a price tag to show for it.
With that, let’s take a closer look at the top five single-family luxury homes in Chicago that sold in August:
729 N Kingsbury St
Original list price: $4.699 million
Sold price: $4.689 million
It’s no surprise why this exquisite home was the most expensive Chicago luxury home sale in August. The 11,000 square foot property spans six levels (elevator included), with 5 bedrooms, 10 baths, a state-of-the-art movie theater, custom bar area, and a master suite that expands an entire floor. Other details include magnificent finishes, huge skylights and audio, video and security technology throughout. The sellers put millions of dollars into this home to upgrade it, including $500,000 alone for the incredible movie theater.
558 W Hawthorne Pl
Original list price: $4.15 million
Sold price: $4.15 million
This Lincoln Park home sold before the listing sheet made it off of the printer. The oversized lot (50 x 187 feet) makes plenty of room for 5 bedrooms, 4.2 baths and tremendous yard space. Hawthorne is a historic block on its own, and this 1939 home has retained many of those wonderful vintage details, like a grand foyer and staircase, expansive formal rooms and even an indoor lap pool.
2120 N Dayton St
Original list price: $3.495 million
Sold price: $3.45 million
Chicago new construction is quick to move on the market, as many buyers want to get as close to a new property as possible. This incredible 5,200 square foot home includes a number of interior features, such as a huge kitchen island, Butler’s pantry and banquette seating; a great room with fireplace, luxurious master suite, top-floor penthouse room, two roofdecks and a guest suite.
2333 N Cleveland Ave
Original list price: $2.995 million
Sold price: $2.872 million
This majorly oversized lot (40 x 194.5 compared to the standard 25 x 125) allows for more than 6,500 square feet, 6 bedrooms and 5.2 baths in Lincoln Park. The interior features a master suite, family room and library on the second floor; bedrooms and baths on the 3rd floor; and an extra 2,100+ square feet in a partially finished lower level. Outdoors, you’ll find a grand front porch, huge front and back yards, and a deck over the 3-car garage (which includes a lift for a 4th car). It’s also within walking distance of two sought-after Chicago schools, Lincoln School and Francis Parker.
214 W Erie
Original list price: $2.8 million
Sold price: $2.73 million
This River North home is full of possibilities. It’s zoned for residential and commercial, with 7,000 square feet in a great downtown location. This iconic building (known as the Flair House) was built in 1883 and features a spiral staircase that stretches four stories high, a large bar area, stained glass and a rooftop deck that boasts views of Willis Tower and the Hancock Building.
It will be interesting to watch the Chicago luxury real estate market as we head into fall after a healthy summer of sales. If you’re a potential buyer, contact me to set up a customized search to stay on top of new listings as soon as they hit the market. Just reviewing what’s going up for sale will help you get a feel for what you’ll be looking for when it’s time to commence your own search. Contact me at (312) 498-5080 or email me at [email protected]