For buyers who were ready to make a purchase last months, deals were certainly to be had. Looking at the February sales for luxury single-family homes in Chicago, it’s clear that sellers who have had their properties on the market for some time opted to sell at a reduced price and not hang on further.
With the prediction that interest rates are going to increase this year and an uncertain political environment, it’s possible that we could see the real estate market turn back to a buyer’s market. More undecided buyers might stay on the fence rather than making a move, which would create less competition in the market. But, it’s still early, and luxury sales in March should provide more of an indication one way or another.
In the meantime, the top single-family homes that sold in February pointed toward a few clear wants among luxury buyers: namely, new construction and extra-wide lot sizes. At least one of these two features are among the top five most expensive homes that sold last month.
Looking at what sold in the previous month is a great idea for buyers who want to understand what the market looks like before they head to the negotiating table themselves. I always recommend my clients see what types of properties and features are selling for top dollar, then seeing how those compare to their own budget. That way, there are no surprises or unexpected dollar signs when you’re ready to make your own offer.
With that, here’s a more detailed look at the top luxury homes in Chicago that sold last month, in descending order.
34 E Bellevue Place Original list price: $3,999,999 Sold price: $3.75 million
This Gold Coast renovation was the top sale for the month, located on one of the very best streets in the neighborhood. The property boasts a one-of-a-kind style, elegance and timeless modern luxury with impressive custom millwork, magnificent LED lighting, an expansive outdoor terrace and decks and sun-filled rooms throughout. A luxurious master suite includes a marble bath with dual vanities with hidden mirror TVs and a separate soaking tub, huge steam shower and smart use of space. The chef-inspired gourmet eat-in kitchen has high-end appliances, wine cooler, huge marble island and opens via French doors to a large terrace with great outdoor dining. The coveted Gold Coast location is just one block from Oak Street Beach, Michigan Avenue shopping, restaurants and parks.
1225 W George St Original list price: $3.995 million Sold price: $3.6 million
A fabulous home with a 75-foot stretch of frontage, this property was transformed by famed architect Larry Booth in 1999 and was since won an AIA award. Its 7,400 square feet allow for an open floor plan and a design that boasts amazing sight lines from the front courtyard to the private deck. Incredible architectural details include concrete-beamed ceilings, large windows, oversized poured concrete slab floors with radiant heat and floor-to-ceiling custom fireplace. The kitchen (a stunner with stainless steel appliances, wine cooler, warming drawer and seamless granite countertops) opens to a large, inviting family room. The dramatic dining room with a floating wall conceals a butler’s pantry and half bath. The large master suite looks onto an incredible 40-foot indoor lap pool, with a master bath boasting a soaking tub, separate shower and private outdoor terrace. Additional living spaces offer even more space, like a huge studio that could be a separate commercial office and an incredible fifth bedroom that could serve as a playroom, nanny’s quarters or sleeping area.
2131 W Agatite Ave Original list price: $2,249,999 Sold price: $2 million 5,100 square feet
This newer construction home in Lincoln Square has been highly customized. Situated on an extra-wide, 37.5 foot lot on an quiet, tree-lined street, this home ensures no detail has been spared in thoughtful design and functionality. There are 12-foot ceilings throughout the main level, along with two wood-burning fireplaces, and a kitchen will all the bells and whistles: Twin Subzero built-in refirgerators, double Wolf oven and gas range, dual Bosch dishwashers, built-in Miele coffee/cappuccino maker and two wine beverage refrigerators. The large master suite has huge dual closets and a spa-like master bath with heated floors, a two-person steam shower and separate Jacuzzi tub. Outdoors, you’ll find an amazing finished roof deck with a veranda, outdoor TV, dual-tap built-in beverage chiller, grill, fans and gas firepit.
1455 W School St Original list price: $2.099 million Sold price: $1.995 million
This is a brand-new construction property in the Southport Corridor. Starting with a brick and limestone façade, this 4 bedroom, 5.2 bath home has been tastefully designed through and through, with elegant millwork and ceiling treatments, custom kitchen cabinet design and more. Also included are high-end bathrooms, commercial-grade appliances, large family and rec rooms and an amazing patio and rooftop deck.
4513 N Paulina St Original list price: $2.15 million Sold price: $1.885 million
This 7 bedroom, 4.2 bath new construction home spans a whopping 5,700 square feet, thanks to an extra-wide, 35 x 163 foot lot. This brand-new modern masterpiece exhibits the most high-quality, master craftsmanship inside and out, with state-of-the-art finishes, top-of-the-line appliances, volume ceilings and much more. The square footage allows for expansive room sizes, and the whole house boasts amazing width, depth, flow and natural light. The outdoor space features a large rear deck and 1,000 square foot backyard. Located in a desirable Ravenswood/Lincoln Square location, this home also offers easy access to the El, Metra, shops, restaurants and entertainment.
For more information on last month’s sales or to see what’s on the market now, contact Sheldon Salnick at (312) 498-5080 or email me at [email protected].