The luxury market for Chicago condos and co-ops has certainly gone through a few changes in the last two months. One important sign is simply the number and dollar amount of sales closing each month.
In June 36 luxury condos closed in Chicago for a total of $64.4 million. Interestingly, two of those properties—the most expensive to sell and to close—were co-op properties. Not to mention, both of these properties were on the market for more than 200 days. Chicago co-ops are often on the market for longer since there are special requirements for purchasing one—mortgages may be more difficult to obtain and many must be purchased for cash.
Co-Ops are coveted types of Chicago real estate for a few reasons—and considering that both of these co-ops closed in June is yet another sign that the luxury market is heating up.
Most Chicago co-op buildings feature a certain old-world charm you won’t find elsewhere—these are pre-war buildings with a European feel that luxury clients from New York and San Francisco especially appreciate. The exclusivity and cache of these buildings and the personal service that comes with it is also highly sought after. Just walking into one of the timeless lobbies of these buildings is marked by a certain panache and exceptionality that cannot be duplicated elsewhere.
When it comes to purchasing a Chicago co-op, buyers must go before a board, who will interview you and check all of your financials (including bank accounts) and vote as to whether you can purchase the apartment. Purchasing a co-op means you own shares in the building and don’t own your apartment outright. There are also many co-ops that will allow a purchase in their building with a mortgage. Give me a call at (312) 498-5080 and I can discuss the ins and outs of the co-op purchase process.
While co-op buildings were the top Chicago condos to sell last month, here’s a closer look at all top 5, in descending order:
1500 N Lake Shore Drive, Unit 22A
Original list price: $4.95 million
Sold price: $5 million
This is one of the most stunning residences in the Gold Coast, from the lobby, to the service-oriented staff, all the way up to the spectacular lake and skyline views in this unit. Renovated by Jessica LaGrange, this Chicago condo features well-proportioned formal rooms idea for entertaining, a paneled library, oversized family room and a generous master suite. This 6,450-square-foot 4 bedroom co-op required cash only for the sale.
1500 N Lake Short Drive, Unit 7-8B
Original list price: $4.545 million
Sold price: $4.2 million
A renovated 4 bedroom/4.5 bath, this 5,000+ square foot co-op unit spans two levels to feel more like a home than an apartment. Overlooking Lake Michigan, the space is ideal for entertaining, with grand formal rooms, magnificent architectural details, a library with wet bar and large master suite with walk-in closets. Valet parking is also on site as part of the cooperative building’s service-oriented features.
840 N Lake Shore Drive, Unit 1301
Original list price: $3.85 million
Sold price: $3.695 million
Another Lake Shore Drive gem, this unit is in a rarely-available, top-tier luxury building along the famed road. With 4,300 square feet inside a regal building, the unit features panoramic views of Lake Michigan, Navy Pier and the city. This unit is an art collector’s dream, with built-in shelving, custom millwork and light and sound controls throughout the property.
50 E Chestnut, Unit 1601
Original list price: $3.05 million
Sold price: $2.825 million
This Gold Coast building has been coveted by luxury buyers, with one residence per floor to exceptional privacy and exclusivity with only 34 Chicago condos in the building. Each home has a private elevator foyer, floor-to-ceiling windows and two oversized terraces. This 3-bedroom spans more then 3,800 square feet and includes a choice of Snaidero or Brookhaven cabinetry, Wolf and Subzero appliances and is pre-wired for audio and video throughout.
118 E Erie, Unit 30E
Original list price: $3,025,797
Sold price: $2.6 million
A 2-bedroom beauty found in the Ritz-Carlton Residences just off of Michigan Avenue, this Chicago condo features everything from high ceilings to access to the private Landmark Club. The building is managed by the Ritz-Carlton Hotel Company, ensuring that each resident receives the most elevated, unmatched service.
Whether you’re interested in a co-op purchase or a condo in one of the city’s most sought-after buildings, give me a call. I can walk you through the details of a co-op purchase or give you an idea of what’s on the market now. Contact me at (312) 498-5080 or email me at [email protected]