While many people think the Chicago real estate market is the same for all types of homes for sale, statistics actually show that the luxury market in particular is doing well, especially in Chicago’s Lincoln Park and Lakeview neighborhoods. With sale prices ranging from $1 million to $4.5 million, 23 Chicago homes closed in May, and it’s easy to see why these properties are moving on the market.
Certain Chicago detached homes are certainly selling: those in great locations, that are pristine in appearance and not priced as aggressively as they might have been in a “hot” market. Many Chicago homes that are selling are also unique and differentiate themselves in some way. A few common denominators among recently-sold homes include:
Amazing kitchens: These Chicago homes features state-of-the-art kitchens with all of the bells and whistles a cook or entertainer could ask for. Features like wet bars, butler’s pantries, chef’s kitchens, commercial-grade appliances from brands like Sub Zero, Viking and Wolf and granite finishes were found in many of these unique Chicago homes that sold in May.
Lot size: Homes on lots larger than 25 x 125 feet definitely stand out among other properties and those that are built on standard lots. Being on a larger lot means larger rooms, more space and often a more open and unique layout, which is something many buyers are looking for.
Chicago Real Estate Deals in May
When looking for a home on a larger lot, location can make or break a great deal. For example, you’d be hard-pressed to find a single-family detached home on a double lot under $2 to $3 million in Chicago’s Lincoln Park neighborhood. However, going just a bit north to Lakeview, in the heart of the Southport corridor was a home that solde for $1.485 million—almost $100,000 less than the asking price. This home in particular (at 3537 Paulina) sold in just 12 days and was a great deal for those buyers to find a home on the lot size they were looking for, and still in a fantastic neighborhood.
Other Chicago homes that sold for great deals included:
946 W Montana: This was a great deal for the buyers who purchased this home right near DePaul University. Originally listed at $1.799 million, the home sold for $1.490 million—approximately $300,000 below the original asking price. The home features an extra-wide floor plan, elaborate millwork and wainscoting, an eat-in chef’s kitchen, four fireplaces and much more.
1933 N Burling: Located among some of the largest and most magnificent newer homes in Lincoln Park and in the city, this home was listed for $4.825 million and sold for $4.545 million. On Burling, Orchard and Howe are single-family homes considered to be the most prestigious in the city, written about in the Chicago Tribune as an area known for its “McMansions.” Many famous people reside on these streets, including Penny Pritzker, chairman of the board of TransUnion and Chairman/CEO of Pritzker Realty Group (the Pritzker family founded Hyatt Hotels).
Location for Chicago real estate is everything
It’s important to note that out of the top 10 properties that closed in May, 8 were located in Chicago’s Lincoln Park neighborhood and 2 were just north of Lincoln Park in Lakeview. These are two of Chicago’s most loved neighborhoods, with some of the best and most unique real estate, as well as everything from entertainment to shopping to great dining right in the neighborhood.
If you’d like a list of properties that sold in May, I’d be happy to email you the list so you can see photos of the homes that sold and have a preliminary insight as to what buyers can get when searching for a Chicago home for more than $1 million. Contact me at 312-264-5853 or by email at [email protected].