Each month we’re able to see any trends associated with the previous month’s top condo sales and gain some insight into what buyers are looking for. Sometimes it’s new construction, or proximity to great schools, or summer-worthy outdoor space. But there’s typically one thing we almost always see in the top luxury sales in Chicago real estate—the proverbial location, location, location.
Chicago had 29 luxury condo sales (those sold at $1 million or higher) totaling $47 million. The top 5 condos sold in Chicago in September are each located in downtown Chicago or very close to it. Being in the heart of everything the city has to offer—shopping, fine dining, museums, the theater and lots more—is a highly desired point for luxury buyers.
These buildings are also more than simply an address—two of the units sold are found in two of the city’s most exclusive buildings, Park Tower and 11 East Walton, formerly known as the Elysian Residences.
What makes these buildings so elite? Both were designed by the famous Chicago architect Lucien Lagrange. Both are in great locations, one right on Michigan Avenue and the other tucked away one block west. Each of these buildings has access to their adjoining luxury hotels, and can therefore have access to best-in-class concierge services, from a late-night meal brought to your home to access to the hotel pool.
I’ve also found that luxury buyers are looking for ample square footage, whether they’re shopping for a single-family home or a Chicago condo. The units in these buildings are also quite large, with 4,000+ square feet that helps it live more like a home than an apartment.
Here’s a detailed look at the top 5 Chicago condos sold last month, in descending order.
800 N Michigan Ave, Unit 5501
Original list price: $4.9 million
Sold price: $4.1 million
The top sale for September is no surprise, as 800 N Michigan is an address closely associated with luxury living. “Pure perfection” describes this Michigan Avenue Chicago condo, perched on the 55th floor with 4,200 square feet and 3 bedrooms. This must-see unit comes with a long list of coveted luxury features: a grand entry, limestone floors, electronic blinds, 2 fireplaces, and an elegant master suite with an onyx shower. A gourmet kitchen has easy access to a large terrace, and the family room boasts a cove ceiling and wood paneling.
11 E Walton St, Unit 3902
Original list price: $4.199 million
Sold price: $3.875 million
Formerly known as the Elysian Residences, this luxury residence is known for its elegance and its 5-star hotel amenities—such as dine-in room service, a concierge, 4,000 square-foot spa and indoor pool—from the adjacent Waldorf Astoria hotel. The unit itself spans 4,000 square feet, with 3 bedrooms and an exceptional floor plan for entertaining. All-important details include top-of-the-line finishes, commercial-grade appliances, custom closets, hardwood floors, 10-foot ceilings, and custom cabinetry, wall covers and window treatments.
50 E Chestnut St, Unit 1701
Original list price: $3.18 million
Sold price: $3.06 million
A premier Gold Coast location at the corner of Rush and Chestnut, this building was designed with just one residence per floor and only 34 units in the building. This Chicago condo was ready for occupancy or could be customized to the buyer’s liking. Luxury touches like floor-to-ceiling windows, a private elevator foyer, Snaidero or Brookhaven cabinetry and Wolf and Subzero appliances take this condo to the next level.
219 E Lake Shore Dr, Unit 2A
Original list price: $2,199,950
Sold price: $2,125,000
This vintage condo building is on one of the city’s most prestigious streets, overlooking Lake Michigan and East Lake Shore Drive. With 2 bedrooms and 2,435 square feet, this condo includes an elegant renovation with the finest details on the inside and two spacious outdoor private terraces on the outside. With just 27 units total, this Lake Shore Drive building is intimate and elegant.
180 E Pearson St, Unit 7203
Original list price: $2.195 million
Sold price: $2.1 million
Available on a rarely available corner of the building, this top-floor condo boasts spectacular unobstructed views of Lake Michigan and Navy Pier. The unit also includes a wood paneled library that opens up to a spacious living room where the views are truly at their best. You’ll also find a formal dining room, master suite with huge bath and coveted closet space throughout. The building itself has a stunning brand-new lobby, and residents can enjoy all of the amenities of the Ritz-Carlton hotel, which is right next door.
Living downtown certainly doesn’t mean settling for “apartment life” to maintain access to all of the city’s offerings. The downtown Chicago condo market has much to offer in terms of space and amenities that provide residents with the features they’d find in a single-family home. To see what’s on the market now or learn more about the features of downtown condos, contact me at (312) 498-5080 or email me at [email protected]