Even though the weather has improved and life has typically slowed down for many, June is usually a slow month for luxury home sales. Unusual—this June was certainly an exception, with 60 Chicago luxury homes sold for a total of $99 million during the month of June.
I define “luxury” as homes that sold for $1 million or more, but what is interesting about last month is that 12 of them sold for more than $2 million. The most expensive sale was a $3.9 million home on West Webster in Lincoln Park.
Of the five most expensive homes sold, only one sold for cash, which is also atypical from recent luxury home sales. The rest of the homes were sold through conventional mortgages, which have become more obtainable for luxury buyers in the last few months.
The final thing to note is that even though Chicago real estate prices have increased, buyers in the upper luxury bracket are continuing to make deals below the asking price for purchased properties. Because luxury homes in Chicago aren’t moving as quickly as other types of real estate, sellers are more willing to discount off the list price, particularly to make a deal before summer ends. Sellers don’t want to risk the luxury market turning out of their favor in the second half of the year.
Luxury homes almost always come with generous square footage—but some of the homes sold last month take “space” to the next level. Here’s a look at what helped the top 5 most expensive properties sell, in descending order:
843 W Webster Ave
Original list price: $4.5 million
Sold price: $3.895 million
This Lincoln Park estate recently underwent an extensive renovation. Sitting on 2 city lots, the second level is a gracious 42-feet wide with a large wall of windows. The north and south exposures combined with tall windows and high ceilings allow plenty of light to come in so the interior feels light and airy. The first floor features an acoustically perfect music room, along with a media room/private office. The front and back exterior space boasts a Zen garden, while the back opens up to 3 terraces for enjoying the outdoors.
1874 N Burling St
Original list price: $3.95 million
Sold price: $3.75 million
Custom built home in Lincoln Park, this 7,500 square foot home is a stunner on one of the city’s most coveted blocks. On an extra-wide 132-foot lot, this home features a number of details that take it to the next level, including high-end finishes, an elliptical staircase and elevator, expansive roof deck with views, chef’s kitchen with top appliances, full-floor master suite, top-of-the-line millwork and more.
1239 N Wood St
Original list price: $3.5 million
Sold price: $3.1 million
One word to describe this home built in 1903. Incredible. It’s three stories, spans over six city lots to offer a total of 22,000 square feet. Three of those lots are occupied by a private garden oasis with pond, walking terrace and custom lighting. Inside, you’ll find more than 22 rooms, 5.1 baths, a huge private gallery and a ton of open space. The second floor boasts a mahogany library, bar, offices and 2 large bedrooms, and on the 3rd floor is something you don’t see in many Chicago homes: a massive 58 x 56 ballroom.
1111 W Wolfram St
Original list price: $2.9 million
Sold price: $2.7 million
A beauty in Lincoln Park, this 6,600-square foot home is pristine. On a 40 x 125 foot lot, the interior includes a formal living room and dining room, great room, build-in cabinetry, a library and much more. The huge chef’s kitchen was made for a culinary artist, with 3 ovens, 2 dishwashers, a 6-burner stone, full refrigerator and freezer, island and breakfast nook. Crown molding accents the home throughout, along with 4 wood-burning fireplaces.
1942 N Cleveland Ave
Original list price: $2.695 million
Sold price: $2.55 million
This one-of-a-kind single-family home was just built last year with no expense spared in its 6,400 square feet of luxury living. High ceilings, a custom staircase, hardwood floors, large, open rooms, state-of-the-art mechanicals and designer Calcutta baths are just a few of the unparalleled details found inside. The home also features a formal living/dining space, an eat-in kitchen with stainless steel appliances, a large deck over a 2.5-car attached garage and a full roof top deck. Wine lovers can also take advantage of the 650+ bottle wine cellar. Not to mention, the home’s location can’t be beat and is in the Lincoln School District, which many parents are eager to get their children into.
I always encourage potential buyers to take a look at the previous month’s sales to see what has sold for what price, so you can get an idea for what might be available for your own home search. For more details on these Chicago luxury homes that sold last month, or to see what’s on the market now, contact me at (312) 498-5080 or email me at [email protected]