When July sales statistics come in strong, it’s a clear sign that the Chicago luxury condo market is on a tear. Last month, total sales volume for luxury condos was $92 million. Thirteen of the 59 sales for the month fell into the “ultra luxury” category—selling for more than $2 million. Sale prices went all the way up to more than $4 million.
Many of the homes that sold in July were on the market for just a few days. Several of the most expensive homes sold did so in less than five days.
As I have been stressing to all of my luxury clients, there is a magic number for square footage in luxury condos. Buyers typically want no less than 3,000 square feet, and that was apparent in last month’s sales as well. Several sales even topped the 4,000 mark.
Whether trading up, coming to the city from the suburbs or relocating to Chicago all together, buyers want large square footage and are willing to spend well into the millions to get a condo that offers it. Even though the assessments for these types of buildings are quite a bit higher, the cost hasn’t deterred clients form purchasing in them.
Here’s a closer look at the top luxury condos that sold last month, with the top five sales in descending order.
432 W Grant Pl, Unit 2E
Original list price: $4.095 million
Sold price: $4.095 million
This property was sold before print, so details are scarce. But it’s safe to say that with 4 bedrooms and 4.1 baths in Lincoln Park, this was a highly sought-after home.
400 W Huron St, Unit 1501
Original list price: $4 million
Sold price: $4 million
This new construction building has been declared Chicago’s next iconic building, and it’s easy to see why. From the developer of 30 West Oak, the building boasts contemporary design inside and out, with 10-foot ceilings, high-end cabinetry and appliances, stone floors, luxe baths and expansive terraces. There are only 25 homes in the building, and residents enjoy separate, enclosed 2- and 3-car garages, plus amenities like a 24-hour doorman, fitness, wine storage and dog run. This unit in particular boasts 3 bedrooms and 4.1 baths on the 15th floor, spanning a generous 4,650 square feet.
77 E Walton Pl, Unit 27A
Original list price: $3.7 million
Sold price: $3.55 million
The Residences at 900 are a mainstay of high-end real estate in Chicago, thanks to its true sense of luxury, upscale service and Magnificent Mile convenience. This Chicago condo is a 3 bedroom, 3.1 bath across 4,320 square feet on the building’s 27th floor and just underwent an expansive renovation. Features include floor-to-ceiling windows, extraordinary lake and Magnificent Mile views, a chef’s kitchen, custom stone baths, Lutron home automation, customized closets and more. The building boasts a sundeck and fitness options as well.
1448 N Lake Shore Dr, Unit 19 A B
Original list price: $3 million
Sold price: $2.85 million
This totally renovated penthouse co-op has what every Chicago luxury buyer wants: views. Sixty feet of them, to be exact, looking out onto the lake, beach and Navy Pier. With 4,800 square feet on the 18th floor, this home boasts a private elevator that opens into an elegant spacious gallery; a corner library with views; a dining room with bay windows that overlook the lake; a combined chef’s kitchen; plus, hardwood floors, high ceilings, tons of storage, central zoned a/c and in-unit laundry.
1040 N Lake Shore Dr, Unit 6D
Original list price: $2.75 million
Sold price: $2.6 million
The Carlyle is a building known for its hospitality, and this 3,020 square foot unit is located on the rarely available “D” tier. Having just underwent a full-gut rehab led by award-winning designer Rebekah Zaveloff, this condo features a grand living room, separate dining room, a magnificently redesigned kitchen, and a grand master bedroom with lake views, his-and-her closets, Calcatta marble bath, separate soaking tub and huge walk-in shower. The building itself is packed with amenities, including 24-hour staff, gym, banquet room, indoor pool, sundeck and parking.
With sales so strong in the dead center of summer, it will be interesting to see what August brings in Chicago real estate. It’s safe to say that ample square footage, new construction or renovated homes and prestigious buildings are factors that don’t succumb to any season or trend—it’s simply what the luxury buyer must have when shopping for a new home.
For more information on last month’s luxury condo sales or to see what’s on the market now, contact me at (312) 498-5080 or email me at [email protected].