Luxury real estate does it again—despite the winter weather (which typically means a home-buying slowdown), sales for high-end condos were particularly strong in December.
Sales of Chicago condos especially had a good showing. Not only was there a total of 53 units sold, for the first time in a long time, there were a healthy number of properties that sold over the $2 million mark. In fact, 15 condos sold last month had a selling price more than $2 million, and that price tag ran all the way up to the most expensive sale at $3.6 million.
Chicago Condos Offer Space, Lure Cash Buyers
It’s no surprise that all five of the top luxury sales had an excess of 3,000 square feet–we’ve continued to see this nearly every month. Square footage is more important than ever to luxury buyers, especially as many opt to move into the city from the suburbs and don’t want to compromise space. Many of the city’s condos offer just that–plenty of room for living, but with all of the conveniences of services and amenities.
Here is a closer look at the top five properties that sold last month:
21 E Huron St, Unit PH4801
Original list price: $4.5 million
Sold price: $3.6 million
This penthouse unit sits atop The Pinnacle, a 49-story, Lucien Lagrange-designed luxury condo building in River North. An elevator opens right into this 5,180-square-foot unit, with an interior that boasts unobstructed views through floor-to-ceiling windows. You’ll also find a spectacular master bedroom, 3 additional bedroom suites, a large eat-in kitchen, a wine cellar and included parking. The Pinnacle is a full-service, amenity building with a health club, indoor pool, sundeck, entertainment suite, private theater and business center.
401 N Wabash
Original list price: $3.4 million
Sold price: $3.15 million
Trump does it again, this time high on the 74th floor with an immaculately designed 3 bedroom unit. Views to the north, east and west showcase the Chicago river and city below through floor-to-ceiling windows. All 3,100 square feet of the Chicago condo are graciously appointed, from the two fireplaces to the high-end luxury stainless steel appliances in the kitchen. Living in Chicago’s Trump Tower also means living the Trump lifestyle, from the service of the building’s top-notch staff to taking advantage of amenities like the world-class health club and spa.
30 W Oak St, Unit 7B
Original list price: $3.1999 million
Sold price: $3 million
This 3-bedroom Chicago condo is the epitome of Gold Coast living, with luxurious details, vast space and a contemporary design. Walls of windows along the 7th floor flood the unit with natural light. And room by room, you’ll find extraordinary spaces, from the expansive open kitchen, to the gracious outdoor patio and a spacious master suite.
840 N Lake Shore Dr, Unit 401
Original list price: $2.85 million
Sold price: $2.8 million
This Lake Shore Drive beauty enjoyed some time on the small screen, featured nationally on NBC’s real estate segment. Just under 4,000 square feet, the 3-bedroom unit is in one of the most iconic buildings on the iconic block. Although the building was built in 2004, this unit has never been lived in, now pristinely designed and with the option to purchase the adjacent unit and create a 6,000+ square foot home.
2550 N Lakeview Ave, Unit C6-29
Original list price: $2.745 million
Sold price: $2.661 million
A 2,600-square foot 3 bedroom in one of Chicago’s most coveted new condo buildings, this unit features everything from great views to outdoor space to a kitchen made for entertaining. High on the 29th floor, this Chicago condo showcases southeast views of Lake Michigan, Lincoln Park and the city skyline through floor-to-ceiling windows. A large master suite features a walk-in closet and marble spa bath, while the cooks’ kitchen includes a large granite breakfast bar, Italian cabinetry, luxury appliances and much more. The building offers some of the finest amenities in Chicago luxury real estate, including an indoor pool, fitness center and private park.
One other noteworthy trend among last month’s sales was that four out of the top five properties sold were purchased with cash. We’ve mentioned over the last few months that lenders are making it more and more enticing for wealthy buyers to take out a jumbo mortgage rather than liquidating assets or spending their savings. But it seems that last month’s luxury home buyers were subscribing to the old adage that “cash is king,” as it often is in real estate.
If you’re in the market for a new Chicago, these trends are important to take note of. That way, you’ll go into your own home-buying search knowing what size home you can expect for your budget, if you may have to compete against cash buyers or what buildings many buyers are gravitating toward for luxury condos. For more information on last month’s sales, or to take a look at current Chicago condo listings, contact me at (312) 498-5080 or email me at [email protected]