If you’re a frequent visitor to this blog, you know that each month I recap the previous month’s top luxury sales in both single-family homes and the Chicago condo market. It’s always interesting to see how each type of real estate fares month to month and season by season, and seeing what has recently sold can be a key factor in helping a potential buyer decide which route they’re going to take in their own search.
But there’s another category of Chicago homes that perhaps doesn’t have as robust of a market, but is certainly a regular part of the mix: Townhomes. Last month, the Chicago townhome market wasn’t off the charts, given that only 20 townhomes sold, starting with a sales price of $600,000 and moving up into $1 million territory. Three townhomes sold in the luxury category in October, and like the top sales in homes and condos, these are townhomes that set themselves apart from the rest.
Here’s a closer look at those three and what makes them a special find on the Chicago real estate market:
465 N Clinton St
Original list price: $1.5 million
Sold price: $1.475 million
Located in Kinzie Park, this townhome has been beautifully redesigned with the finest materials on virtually every surface, resulting in a home that is nothing short of fabulous. The 3,500 square foot home features custom built-ins throughout, along with a dream kitchen with appliances from Subzero, Worf and Fisher Paykel. There also are multiple outdoor spaces, including a penthouse rooftop with beautiful city views. This unit is also in a riverfront gated community, which includes every imaginable amenity for its residents, and is located just west of the East Bank Club.
316 W Willow St
Original list price: $1.4 million
Sold price: $1.355 million
Designed by renowned architect Harry Weiss in Chicago’s Old Town, this contemporary row home spans four full floors, offering outdoor space on every single level. A first-level family room includes heated floors and a wall of windows that looks out to the perfectly landscaped backyard. On the second level, you’ll find the bright living room, dining room and large kitchen with eat-in space. The third and fourth floors are home to a spectacular master suite, 4 additional bedrooms, and a den with an attached balcony that offers views of downtown Chicago.
1000 N State St, Unit 3
Original list price: $1.4 million
Sold price: $1.304 million
This Gold Coast townhome billed itself as a “magnificent, renovated townhouse in an urban oasis,” and it seems like that could be an understatement. Nestled in a premium location in one of Chicago’s most sought-after neighborhoods, this 4-bedroom unit spans 3 levels and 4,000 square feet. A skylight helps bring generous daylight into the open floor plan that was made for entertaining. The interior includes a chef’s eat-in kitchen with high-end appliances, sitting areas and balconies for most of the bedrooms, a master bath with an outfitted dressing room and a lofted office with built-ins. The outdoor area includes a landscaped courtyard, a patio with fireplace for grilling and lounging, plus a 3rd level balcony that overlooks the pool and sundeck.
Although these townhomes were in varying neighborhoods, Lincoln Park saw major sales volume last month overall, with 7 out of the top 20 properties sold in this much-loved community. Chicago residents love Lincoln Park for mix of quiet residential streets and urban living, great schools, and an ideal location not far from downtown Chicago.
Buying a Chicago Townhome
The nature of a townhome—sort of a hybrid between a single-family and an attached home—means there are a number of nuances that can vary, and therefore should be considered before you look into purchasing one. You’ll find a list of important tips for buying a townhome on my website, but here are three I want to highlight as the most important to think about when purchasing a Chicago townhome:
Width: When it comes to townhomes, wider is generally better, at least if you’re looking for space. The widest you’ll probably find is about 24 feet wide, which puts a townhome in the $800,000+ price range. There are many more narrow sizes, but as I have found with both single-family homes and condos, buyers are typically looking for the greatest width they can to allow for more square footage, a more open floor plan and more rooms. A townhome that offers this not only might be what you’re looking for in a home, but offer greater resale value down the line.
Community: Some of Chicago’s townhome developments are like mini communities, whether that’s because the townhomes lie within a gated neighborhood or a campus-like area that is set apart from the surrounding homes. Determining if you’re looking for a particular development will help you narrow down your search quickly, since the types of townhomes in Chicago vary greatly.
Assessments: Like a Chicago condo, townhomes generally include assessment costs for the upkeep of the grounds, security, amenities and services and other features offered by the community. I have found that clients in Chicago are usually looking for a townhome with monthly assessment dues under $500—if they are expecting higher, they are typically looking for a condo that offers top-to-bottom amenities to its residents.
To learn more about the nuances of buying a luxury townhome in Chicago, or to see what’s on the market now, contact me at (312) 498-5080 or email me at [email protected]