‘Tis the season for real estate to start seeing its typical slowdown, and we certainly saw that in November as the Chicago weather moved straight into winter temperatures. But if you can handle the turning of the seasons, this time of year is a great one for buyers to get a real estate deal.
I have found that November and December is a popular time for repeat buyers who have gotten especially sophisticated at negotiating a contract for a property at the price they want. And this is the time of year to do it. Sellers are anxious to move their properties before holidays and the new year, and if a buyer can get the just-right terms in front of them—which often includes paying cash—it’s usually a done deal.
Top Sales Showcase Some Discounts Among Square Footage and New Construction
Despite November sales delivering the quintessential real estate features for successful sales—new construction homes, ample square footage, great neighborhoods—you’ll see that even the buyers of the most expensive sales were able to obtain a deal from the listing price. Typically, if a buyer can pay cash (as a number of these buyers did) they are much better positioned to negotiate with the seller, who usually wants the fast and easy closing process that comes with a cash purchase.
With that, take a look at the details around the top five most expensive Chicago homes to sell in November, in descending order:
2704 N Lakeview Ave
Original list price: $5.25 million
Sold price: $4.75 million
This home is one of the most historically significant, architecturally distinctive residences in Chicago. A whopping 10,018 square feet on a large lot, this residence has been at once completely renovated and meticulously preserved. Located in the prized Lakeview Avenue row house district, the home was built around 1915 by famed architects Dangler and Alder as one of four seamless homes built for their “society” friends—significant artists, architects and designers. This home in particular was lived in by painter Abram Poole, Jr., whose works are displayed throughout. The home stands a stately three stories and underwent an incredible overhaul in 2016. The list of improvements is exhaustive, but includes extensive exterior restoration, new copper plumbing, high-efficiency HVAC and whole-home automation. The result is a magnificent property that balances modern, state-of-the-art design while maintaining cherished original details of the original.
441 W Deming Pl
Original list price: $3.9 million
Sold price: $3.75 million
This sale shows a pretty significant discount from the list price, but it sold in just 14 days. This newer construction home is actually a part of Lincoln Park 2550, the neighboring luxury condominium building packed with amenities that the residents of this home can take full advantage of. The home itself offers views of the skyline from the rooftop deck, a wide floorplan with generous room sizes, an open living floor with a chef’s kitchen and impeccable design, and gorgeous transitional finishes throughout. The master suite takes up a full floor, and the home has an option for a 6th bedroom. Because of its connection to Lincoln Park 2550, this home is the best of both worlds, with the benefits of single-family living and all of the amenities of high-end condo living. That includes access to Lincoln Park 2550’s 1.25-acre private park, an indoor pool and fitness center, whirlpool, sauna and steamroom, a sun deck, yoga/pilates, dog run, valet guest parking and a receiving room.
2314 N Cambridge Avenue
Original list price: $3.95 million
Sold price: $3,637,500
Designed by Handman and Associates, this home starts with a double-size lot in Lincoln Park, which translates to a generous 7,000 square feet across 5 bedrooms and 4.2 baths. Inside, each of the three levels are flooded with natural light and no detail was spared in creating a dramatic design. The main level boasts double ceiling heights around a custom staircase. A state-of-the-art kitchen includes a built-in workspace and a large island that opens up to a large great room with additional built-ins. The master bath Is spa-esque, with dual vanities, Japanese soaking tub and steams shower, On the penthouse level, find sun-filled spaces including a fifth bedroom suite, rec room, exercise room and home office/ensuite bedroom, plus a true laundry room and additional storage.
1334 W Newport Ave
Original list price: $2.599 million
Sold price: $2.45 million
Located in the heart of the Southport corridor, this extra-wide (30 foot) lot is home to a 5,680 square foot 6-bedroom with a long list of coveted features for luxury living. This immaculate home is newer construction, with features like custom millwork, built-ins, 10-foot ceilings and upgraded control systems. On the first floor, you’ll find separate living and dining spaces, a custom kitchen with a huge island, commercial grade appliances, banquet and desk that opens to a large family room with built-ins and gorgeous limestone fireplace. On the second floor, there are 4 bedrooms, including the master suite with a huge marble bath with heated floors, separate vanities, soaking tub and steam shower. A large gathering space with full wet bar and wine cellar sit on the penthouse level, while the basement level has two additional bedrooms, family room and a full mudroom. As if the interior wasn’t enough, this home boasts an impressive outdoor space, including a huge garage roofdeck with retractable canopy plus two additional roofdecks.
1858 N Maud Ave
Original list price: $2.395 million
Sold price: $2.42 million
The buyer had some opportunity to customize this exceptional new construction home in Lincoln Park. Spanning 4,500 square feet with 5 bedrooms and 4.1 baths, the home was already brimming with high-end features, like custom finishes, high ceilings, home automation, radiant heat and a full audio/video/security system. The floor plan included an enclosed terrace connecting the kitchen and living room, a spa and sauna room, and a grand master suite. Endless glass throughout the home’s design adds to the luxurious aesthetic.
Remember, December isn’t over yet. If you’re considering purchasing real estate in the short term, I highly recommend taking advantage of the season and seeing what you can do by the end of the year. For more information on what’s on the market now and more year-end recommendations, contact me at (312) 498-5080 or email me at email@example.com.