We finally saw some of the typical winter slump among Chicago luxury real estate in February, specifically among single-family homes. Only 17 luxury homes–those sold at $1 million or above–closed in February, which was a considerable decrease from the 29 homes that sold the month prior. Total luxury home sales were just over $30 million for February.
This is also in comparison to the luxury condo market, which in February saw its 3rd consecutive month of excellent sales (more on that tomorrow). It appears the single-family luxury market isn’t as strong as the market for Chicago condos.
Chicago Luxury Homes that Sold in February
Still, there are a few noteworthy points among February’s luxury home sales. I think it is especially interesting that 3 of the 5 most expensive homes sold were vintage homes–two found in the Gold Coast and the third in historic Wicker Park. Vintage homes usually spend more time on the market, especially in a time like now when buyers are really gravitating toward new construction.
However, I’ve been noticing that vintage homes that have been redone are now moving quite fast. The inventory for all redone, vintage luxury homes is likely low, so I’d think the vintage buyer is more willing to come up in the price for a property that could be like-new but still has the vintage charm they were looking for.
Here’s a detailed look at the top 5 most expensive Chicago luxury homes that sold last month, in descending order:
1909 N Fremont
Original list price: $3.295 million
Sold price: $3.2 million
In the heart of covetable Lincoln Park, this new construction property takes the prize for the most expensive closing last month. The all-masonry limestone home features everything from high ceilings, Marvin windows, an elevator, custom millwork and cabinetry throughout and a custom staircase. The floorplan allows for a generous 5,300 square feet with 5 bedrooms and 7 baths, including a luxurious master suite with walk-in closets. The outdoor space includes a rooftop deck with skyline views. Because this property was still in the new construction phase, the buyer did have some opportunity to customize certain features to their preference.
52 E Bellevue Place
Original list price: $3.75 million
Sold price: $3.1 million
A Gold Coast beauty built in 1885, this home is a red brick Georgian with a stunning floorplan. Spanning a whopping 6,070 square feet, there is space for a nanny or in-law apartment in the home’s lower level, plus 5 bedrooms and 4.5 baths on the additional levels. The interior features 10.5-foot ceilings on the living/dining level, plus oversize windows that bring in generous natural light. Other highlights include a totally enclosed patio yard space, a tandem 4-car garage, separate master bedroom level, and sky-lit foyer–not to mention, a truly wonderful location in Chicago’s Gold Coast.
63 E Bellevue Place
Original list price: $3.325 million
Sold price: $2.965 million
This updated home began as a turn-of-the-century Victorian and retains an impeccable adherence to period details with modern updates, such as an in-home theater, Smart Home technology and an elevator. The 5,020-square foot interior boasts Brazilian cherry/walnut inlay floors, a sumptuous master suite on the top floor and 8 gas fireplaces. It’s location also puts you steps away from Oak Street Beach and Gold Coast’s bevy of restaurants, shopping and services.
2046 W Pierce Street
Original list price: $2.48 million
Sold price: $2.3 million
Another old-meets-new Chicago luxury home: This Beau Victorian mansion was recently modernized in historic Wicker Park. The result is old-world ambiance from the home’s architecture infused with style and warmth from a fully-finished living room, added 3rd floor and much more. Its location on an extra-wide lot allows for 6,000 square feet with a grand, fully equipped kitchen, skylight walkway and huge master suite with European showers.
3020 N Kenmore St
Original list price: $2.125 million
Sold price: $2.215 million
This builder-sold home in Lincoln Park gave the buyer the chance to build on a 37.5-foot-wide lot (1.5 times the standard size). The home’s plan included 5,700 square feet of living space, a large yard and 3-car garage, but because this was a builder’s property, the buyer can take the opportunity to make any customization they’re looking for and essentially build their dream home from the ground up.
Even in a winter-logged market, I encourage any homebuyer to take a close look at the prior month’s real estate sales. This gives you an understanding of what’s on the market at what price. Having a grasp on that information can give you the upper hand when evaluating potential homes to purchase and making offers.
If you’d like more information on last month’s single-family home sales in Chicago, including additional images and details, contact me at (312) 498-5080 or email me at [email protected]