Luxury Chicago Home Sales Slow Down in February

Luxury Chicago Home Sales Slow Down in February

Over the last several months, it hasn’t been uncommon to find a property or two on the top sales each month that I’d call “ultra luxury.” These are the homes that sell for $3 million up to $8 million, typically in Lincoln Park.

February’s sales did not include a property like this, and it’s the first month in some time where this is the case. This could be signaling a trend for 2018, so it’s definitely worth keeping an eye on in the Chicago luxury market.

But any number of things could be taking a toll on luxury sales. What we saw last month could simply be a product of the low inventory for these ultra-high-end homes combined with Chicago’s brutal February weather. Or the most recent increase in mortgage interest rates. With that in mind, it’s interesting to note that three out of the top five sales in February were sold to cash buyers. Most of them were also on extra-wide lots, which continues to be a coveted feature for single-family homes.

February’s luxury market saw 31 single-family homes sold in all, for a total of $48 million in sales volume. Let’s look at some of the details about the properties that sold, starting with the most expensive:

1236 W Lill Ave1236 W Lill Ave
Original list price: $3.225 million
Sold price: $2.975 million
February’s most expensive home sale is a whopping 6,300 square feet of new construction on a double lot spanning 45 x 127 square feet. That space allows for coveted features like a huge backyard, attached two-car garage and four bedrooms on one floor. Unique features include high ceilings, a brick/limestone façade, rift and quartered oak floors, exquisite millwork, a curved custom staircase and 4 wood-burning fireplaces. The main floor boasts a gorgeous living room, formal dining room, spectacular ceiling detail and large bay window. A gourmet eat-in kitchen has Calcutta counters, a large center island, Wolf and SubZero appliances and a built-in banquette. There is also a large great room, a limestone outdoor porch, gorgeous master suite and a lower level with family room, guest bedroom, private office and custom wine cellar.

1855 N Hermitage Ave1855 N Hermitage Ave
Original list price: $2.595 million
Sold price: $2.56 million
Another new construction home, another oversized lot. This 6,000 square foot home was built with unparalleled attention to detail in the heart of Bucktown. Inside, find features like a handsome brick and limestone façade with copper accents; rift and quarter sawn flooring; beautifully detailed millwork and custom cabinetry, high-end appliances, Waterworks bathrooms and more. There is over 1,500 square feet of outdoor spaces, with a garage deck and rooftop deck that let you enjoy skyline views. This home is also within easy walking distance of everything Bucktown has to offer.

2101 N Dayton St2101 N Dayton St
Original list price: $2.999 million
Sold price: $2.55 million
A premium home in Lincoln Park, this 5,500 square foot home is showcases with a brick and limestone exterior on a corner lot on a great block. The extra-wide interior is crisp and clean, with a southern exposure that floods the space with light. Other features include high ceilings; large window; a great floorplan; a gourmet kitchen with large, open great room; large master suite; a lower level mudroom, playroom and study; and a beautiful yard with three decks.

338 W Oakdale Ave338 W Oakdale Ave
Original list price: $2.195 million
Sold price: $2.1 million
This East Lake View home was freshly updated, and its 6,400 square feet are exquisitely highlighted by a flood of natural light. Located on an oversized lot a half-block from Lake Michigan and Diversey Harbor, this home is also in the top-rated Nettlehorst School District. Features include soaring 12-foot ceilings, expansive custom millwork, a passenger elevator, exotic hardwood flooring, three fireplaces and a hard-to-find, 3.5 car attached garage. The well-designed floorplan allows for spacious bedrooms, full-size laundry, a secluded rec room with private patio and marble baths. And a unique entry level is ideal for a live/work space, nanny or in-law unity with an open living area and private outdoor space.

1731 N Hermitage Ave1732 N Hermitage Ave
Original list price: $2.095 million
Sold price: $1.995 million
Another new construction home on one of the most desirable tree-lined streets in Bucktown, this home was billed as a “contemporary tour de force” by Norsman Architects. The high design and attention to detail in this home give it a bespoke sensibility, with expansive open living that is both luxurious and inviting. The home features an abundance of natural light, soaring 11-foot ceilings and a dramatic interior glass courtyard. There’s also an Italian kitchen, sumptuous spa-like baths, custom millwork and a gym with a sauna. The outdoor space is incredible, with garage and rooftop decks with city and neighborhood views.

For more information on the Chicago 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]