Chicago luxury real estate has largely thrived in 2018, as we’ve reported with each month’s recap. But, the seasonal shift in the market became apparent in November sales, which saw just 33 sales of luxury condos (those sold for $1 million-plus). Sale prices of Chicago condos in November went all the way up to $6 million, which was a unit at 9 W Walton—the most coveted new construction building of 2018.
Among the top five sales, three are new construction properties. New construction is typically a go-to for my clients shopping for luxury condos, and this time of year is ideal for buyers. As the weather turned cold, the market becomes less saturated with buyers and sellers are willing to negotiate to ensure their property doesn’t sit on the market through an icy winter. December typically follows this same pattern, but timing becomes even more important for a seller in the final month of the year—which means buyers who are on the fence could get a great deal by home shopping in December. I expect to see many discounts over the next month, as the market turns to favor buyers, even as they demand and receive considerable discounts from the listing prices.
9 W Walton St, Unit 2302
Original list price: $5.9 million
List price: $6,280,938
4 bedrooms, 4.1 baths
This unit sold before it was even listed, so details are sparse, but 9 W Walton is no stranger to our top sales recap. This new construction building has been the darling of luxury Chicago real estate this year, setting a new standard for urban living in every impeccable detail. The building itself is beautiful in design, with an old world motor court that welcomes residents and guests and a stately limestone, granite and glass exterior. The interior design of its 2- to 5-bedroom units include dramatic 10- to 12-foot ceilings and thoughtful, high-end fixtures throughout. And every service and amenity has been developed with the resident in mind, including an elegant staffed lobby and valet, a house car, indoor pool/spa and fitness center, a large, private dining room, private wine storage, a dog run and available guest suites.
2550 N Lakeview Ave, Unit S1201
Original list price: $3.995 million
Sold price: $3.725 million
The ultra-luxurious 2550 is another property that answers the call to upscale living in Chicago. This unity in particular is like a home in the sky, with sweeping views of the lake, park and city. The interior spans just under 4,000 square feet, and the exterior includes 3 terraces totaling an additional 780 square feet. You will find a fully appointed chef’s kitchen with butler’s pantry and huge laundry room; a master bedroom with three giant walk-in closets and a private terrace; plus 3 ensuite bedrooms along with a family room, living room, dining room and library. The building is among the best in Chicago, fully staffed with valet parking, in-house dry cleaning, an Olympic size pool with sauna/steamroom/whirlpool, a yoga room and sun deck. Residents here also enjoy a state-of-the-art fitness center, movie theater, game room, club room, library and a private 1.25-acre park with a lush landscape, lounge area and dog run.
4 E Elm St, Unit 21N
Original list price: $3.75 million
Sold price: $3.65 million
The Gold Coast’s 4 East Elm is a sleek, sophisticated newer addition to Chicago real estate as well. This penthouse-level residence spans a half-floor, with private elevator access that opens directly into the home, and is located just steps from the neighborhood’s best restaurants, shopping and beaches. There are floor-to-ceiling windows in every room, with breathtaking views to east, north and west. Inside, find ensuite bathrooms in all bedrooms, 10-foot ceilings, 5-inch plan white oak hardwood floors and extensive upgrades throughout. An 11 x 15 foot terrace overlooks the lake, parks and skyline. And the stunning chef’s kitchen features full-height Florense cabinets, waterfall countertops and 2 subzero refregerators. Building amenities at 4 East Elm include an outdoor pool, whirlpool, sun deck, fitness center, screening room and clubhouse lounge.
2550 N Lakeview Ave, Unit S2601
Original list price: $3.15 million
Sold price: $2.875 million
This is a one-of-a-kind unit, also located in Lincoln Park’s prestigious building. Spanning 3 bedrooms and 2,843 square feet, this unit boasts 11-foot ceilings, hardwood floors throughout, an ensuite bedrooms. The terrace opens to stunning views of the lake, park and city. And in addition to the building’s many amenities, residents here can enjoy being within walking distance of the Lincoln Park Zoo, Lake Michigan and more.
50 E Chestnut St, Unit 3301
Original list price: $3.1 million
Sold price: $2.8 million
Also located in the Gold Coast, 50 E Chestnut is another building favored by luxury buyers. This residence is located on a high floor, flooding it with natural light and opening up the living spaces with stunning views of the skyline, lake, city and Navy Pier. High ceilings and walls of glass set the tone for an upscale aesthetic, alogn with three ensuite bedrooms, a formal living room with fireplace and views, an executive office with built-ins and a grand dining room. This is a building where residents can find exceptional privacy while being surrounded by world-class dining, shopping and cultural experiences.
For more information on the Chicago luxury condos that sold last month, or to see what’s on the market now, contact me at (312) 498-5080 or email me at email@example.com.