Cash: in real estate, it is king. And in last month’s sales of Chicago luxury homes, it certainly ruled the roost.
There were 33 closings of luxury Chicago homes in March (meaning single-family properties that sold for $1 million or higher). Luxury homes sold totaled $52 million, with the most expensive sale ringing up for $3.5 million (a stunning modern home in coveted Lincoln Park).
Luxury sales are still going strong, despite low inventory and the advantage held by sellers in the Chicago real estate market right now. It seems luxury buyers still have quite a bit of cash on the sidelines, which certainly helps negotiate a good deal, no matter what advantage the seller may have.
One thing that stands out among last month’s sales is three of the top five most expensive sales were paid for with cash. That likely played a role in the fact that these homes closed for about $200,000 (or more) off of the asking price.
If you’re interested in a single-family home in any of Chicago’s much-loved neighborhoods, you can search Chicago homes for sale on my website. Find your dream home in neighborhoods like Lincoln Park, Lakeview, Gold Coast and many others.
Top Chicago Homes Sold in Lincoln Park
Lincoln Park has long been one of the most coveted neighborhoods in Chicago, and it’s not losing that status anytime soon. This is a community that has everything: great schools (both public and private), tree-lined streets, proximity to public transportation, a plethora of dining, entertainment and shopping options plus plenty of parks and places to enjoy the outdoors.
It’s no surprise then, that Lincoln Park was home to the top 5 most expensive sales in March. There’s rarely a month without a Lincoln Park home on this list, but last month proves this neighborhood is hotter than ever. Here’s a closer look at the top five sales:
1924 N Orchard St
Original list price: $4.075 million
Sold price: $3.5 million
It’s no mystery as to why this was the most expensive sale last month. At the heart of this architecturally significant Chicago home is something nearly every buyer wants: space. This home is on a 50’ x 132’ lot, features a huge yard, boasts 19-foot ceilings and an open and airy layout of nearly 6,000 square feet. The interior has been exceptionally designed, with custom draperies, millwork and maple built-ins. The master suite is truly a suite: his-and-her walk-in closets, a sitting/yoga room and a spa bath. The home is also features whole-home automation including a security camera and controlled access gate.
2053 N Fremont St
Original list price: $3.45 million
Sold price: $3.45 million
This Lincoln Park home is a 6 bedroom new construction home spanning more than 5,500 square feet. The location near Armitage and Halsted is one of Lincoln Park’s best areas, near everything from transportation to dining to shopping. Plenty of natural light comes in to the four bedrooms on the second floor, plus 3 additional rooms than can serve as bedrooms, offices or exercise rooms. The rest of the features include everything on a luxury wish list: expansive gourmet kitchen, spa-like master bath, 5 fireplaces, 2 laundries, outdoor space and a heated 2-car garage.
1871 N Dayton St
Original list price: $2.695 million
Sold price: $2.475 million
Another newer construction property in Lincoln Park, this 5-bedroom, 5,200 square foot home features ultra-luxe details like custom millwork, a granite and stainless steel kitchen and a whopping five fireplaces. The large master suite has five (five!) closets with a waterworks bath suite. And there’s much to love from top to bottom: A sun-filled conservatory on the 3rd level includes a roof deck with skyline views. On the lower level, you’ll find an entertainment theater system and wine cellar. And a professionally landscaped deck above the garage is ready for summer entertaining, complete with a pizza oven and its own fireplace.
2643 N Magnolia Ave
Original list price: $2.89 million
Sold price: $2.4 million
This Lincoln Park home was built within the last 5 years, boasting breathtaking design down to every architectural detail. It’s also on one of Chicago’s most sought-after streets. The 6,000 square foot interior exhibits a contemporary sophistication with high ceilings, light-filled rooms and an enormous gourmet kitchen. The oversized lot stretches 35 feet wide, a feature many of today’s buyers are looking for in Chicago homes.
1740 N Wells St
Original list price: $2.8 million
Sold price: $2.387 million
While this vintage home may have seemed understated on the outside, the inside is welcoming and ideal for entertaining. The first three of five levels are connected by a center staircase made of iron and oak. A game room/bar showcases antique stained glass with stainless steel details. The living space is generous with 7,200 square feet, and high ceilings that make it ideal for showing off art and collectibles.
I highly recommend that potential buyers review the previous month’s sales to see what sort of deals have been made on the types of properties they might be looking for as they close in on making a purchase. Noting trends like last month (with a good number of cash transactions) can also indicate what you might need or want to have in order to negotiate a good deal.
For more details on these or other homes sold last month, feel free to contact me at (312) 498-5080 or email me at email@example.com.