Looking at each month’s condo sales, we can generally see some common denominators or indicators of what’s to come in Chicago real estate: a trend that buyers are gravitating toward, a hot neighborhood or even negotiating tactics between buyers and sellers.
And March’s closings definitely point to something worth watching in Chicago real estate: 9 W Walton. This new construction building is clearly making a name for itself in the luxury market already, snagging 6 of 13 sales that closed for more than $2 million during the month. The building’s popularity are a good indication that it could point to market trends in pricing for resale properties and other new construction projects.
Below is a recap of the top five most expensive units sold, which includes three units in 9 W Walton. You’ll see that the price per square foot varies—this number is a good way to compare “apples to apples” in real estate, and the price goes up with more amenities, better views and covetable features. In the case of 9 W Walton, these units closed in March were all on lower floors, which cannot typically demand the higher price per square foot without the light and views you can find on a higher floor.
For my clients moving into the city, I’m finding that they are willing to spend more money per square foot for the right features—natural light, great views, generous ceiling heights and of course, a brand-new building. And most clients—even those making the move to condo living—want at least 3,000 square feet. This is the magic number as it relates to resale value, but also seems to be the minimum amount of space that a buyer wants if they are moving into the city from the suburbs.
In the March mix of sold condos, you’ll see that everything from location to views to square footage wooed luxury buyers. Here’s a closer look at the top five luxury condos that closed in March:
2550 N Lakeview Ave, Unit 3301
List price: $3 million
Sold price: $2.7 million
Lincoln Park 2550 is the “grand dame” of luxury living in East Lincoln Park, and this one-of-a-kind, custom residence lives up to the name. This 33rd floor condo is a rarely available corner unit located on a transition floor, bosting 12+ foot ceilings and breathtaking views of the lake, city and park. The original floor plan was completely overhauled to bring in additional light, south and east views and to boost functionality of the space. The revamped space includes incredible design details like artistic lighting, custom millwork, wide-plank hardwood floors, stunning accent curtains and more. The space includes a master suite with sitting area and huge his-and-hers walk-in closets; kitchen with Wolf, Miele and Sub Zero appliances; and an oversized terrace. The building itself mirrors the services and amenities of a 5-star hotel, featuring an indoor pool, yoga and massage rooms, a dog run, billiard/reading/media rooms, a theater, gardens and more.
The next three condos were all sold in 9 W Walton, billed as the newest and finest building in the Gold Coast. The 66 units in this building feature private, heated terraces, high ceilings, expertly crafted interior design and custom tailored floor plans. The building also boasts five-star services and amenities for its residents, including a magnificent motor court with valet, and indoor spa and pool, a two-story exercise studio, a wine tasting room and private dining. Here’s a look at the units that sold:
9 W Walton St, Unit 502
Original list price: $2.6 million
Sold price: $2.6 million
With 3 bedrooms, 3 baths on the 5th floor, this 2,703 square foot unit went for $962 per square foot.
9 W Walton St, Unit 602
Original list price: $2.75 million
Sold price: $2,956,579
With 3 bedrooms, 3 baths on the 6th floor, this 2,703 square foot unit went for $1,093 per square foot.
9 W Walton St, Unit 604
Original list price: $3.8 million
Sold price: $3,880,152
This 3,715 6th-floor unit went to a cash buyer for more than $800,000 more than the list price, totaling $1,044 per square foot.
401 N Wabash Ave, Unit 87A
Original list price: $9.95 million
Sold price: $9.4 million
This custom penthouse was completed in 2015 and built to standards rarely seen in Chicago. Spanning 6,850 square feet on the 87th floor, this unit sold for $1,372 per square foot. The unit’s design is inherently livable, thanks to perfectly proportioned rooms, 16-foot ceilings, massive floor-to-ceiling windows with panoramic views, plus every amenity imaginable. Finishes and details inside include exquisite millwork, built-ins, custom stone, inlaid and rift sawn oak floors, handcrafted hardware, designer paint and fabric wall coverings, motorized shades, remote-controlled custom lighting and a7-zone A/V system. This condo was built for entertaining with grand rooms and a top-of-the-line kitchen with butler’s pantry and wine cellar. Each bedroom has custom built-ins and luxurious ensuite baths, with a master dressing room that is larger than most bedrooms. The sale of this unit also included five garage spaces and private storage. And of course, the buyer of this condo can take advantage of all of the amenities and services that 401 N Wabash has to offer, including a world-class spa and lap pool and Michelin-rated restaurant.
For more information on 9 W Walton, the condos that sold in March or to see what’s on the market now, contact me at (312) 498-5080 or email me at firstname.lastname@example.org.