During the month of February, old-world panache was where it was at for the month’s Chicago luxury condo sales. Many of the 14 luxury condos (those priced at $1 million or higher) sold were vintage-style properties located in the elegant Gold Coast neighborhood, an area favored in the city for its tree-lined streets, upscale vintage buildings and proximity to downtown. Total luxury condo sales for the month topped $22 million.
The fact that these buildings are at the top of the list for recent buyers is a sign that the ultra-luxury market is starting to come back to Chicago. It also implies that New Yorkers, San Franciscans and Washingtonians may be relocating to Chicago, as these markets have a large population of folks who enjoy this style of property and wouldn’t have to be as concerned about upkeep when compared to prices in other major markets.
Another common denominator in February’s sold Chicago condos is that many are co-op. When purchasing a co-op property, you aren’t buying the property outright, but rather the share in the building. Potential buyers have to go before the board and be approved after an extensive review of their financial status.
Starting with the largest closing last month, here’s a closer look at the top five luxury Chicago condo sales in Chicago:
1209 N Astor St., Unit PH
Original list price: $3.25 million
Sold price: $3 million
Assessments: $5,207 (includes property taxes)
Having undergone several price reductions, this Gold Coast co-op was a great deal for a buyer looking for a luxury property in one of the city’s best neighborhoods. The full-floor penthouse unit has been totally redesigned and rebuilt over 4,100 square feet, featuring great light from huge windows and French doors, a walled terrace with access from the living room, foyer and master bedroom, a paneled library with fireplace and east-facing balcony.
1500 N Astor Place, Unit 6
Original list price: $2.85 million
Sold price: $2.5 million
This Chicago condo occupies the full second floor of the historical Patterson McCormick Mansion in the Gold Coast. The unit is flooded with natural light and features 12-foot ceilings, a wood-paneled living room, herringbone wood floors, a front balcony facing tree-lined Burton Place and a north terrace overlooking a garden.
1500 N Lake Shore Dr, Unit 10C
Original list price: $2.3 million
Sold price: $2.1 million
This unit is truly a gem—with a location on the sought-after Lake Shore Drive and on the rarely available “C” tier in a Gold Coast co-op building, offering magnificent views throughout. An elegant foyer with marble floors opens this condo up to a huge living room and paneled library. With four bedrooms, the unit also includes a sunny corner dining room, 10-foot ceilings, new windows and a covetable floor plan.
1550 N State Pkwy, Unit 201
Original list price: $1.975 million
Sold price: $1.7 million
This 2 bedroom, 2,300-square-foot vintage Chicago condo recently underwent a total renovation to include a sunny kitchen with Viking, Sub Zero and Miele appliances, marble countertops, custom cabinetry and customer master suite. The building was designed by famed Chicago architect Benjamin Marshall, who pioneered elegant highrise living in Chicago and designed a number of notable buildings, many along East Lake Shore Drive. (considered by many to be the most elegant block in the city).
60 E Monroe St., Unit 5701
Original list price: $1,667,000
Sold price: $1,655,000
Located in the gorgeous Legacy at Millennium Park, a luxury building known for its enviable location and architectural significance in the heart of the downtown Chicago skyline. This 3-bedroom unit spans 2,405 square feet, complete with Sub Zero and Miele appliances, dramatic views of the park, lake and city, plus building amenities like sky decks, resident lounges, pool, steam room and fitness center.
I always encourage my clients and potential buyers to review recent sale prices of the types of building they enjoy as we are shopping for a new Chicago home. Doing so gives you an idea as to what’s been popular on the market and for what price, and from there you can compare to your own budget and list of what you’re looking for to see how they compare. To see more of these properties or the ultra-elegant buildings Chicago has to offer, contact me at (312) 498-5080 or email me at [email protected]