Another Record Month for Chicago Luxury Home Sales in December

Sales in the Chicago luxury real estate market continued to defy expectations over the holidays. Single-family home sales were on a tear through the cold winter weather and the business of the holidays, with 50, $1 million-plus homes sold.

Eight of those homes were actually sold over the $3 million mark. And rather than go over the top five most expensive homes sold last month, I’d like to take a closer look at those top 8 sales to provide the nuances of what is happening on the market. It’s important for buyers to have a clear idea of the features and different aspects of high-end sales to give you an expectation of what the market will look like when you’re considering a home purchase.

And there was one important name found among those top 8: Lincoln Park. This sought-after neighborhood reigned supreme among last month’s single-family home sales, with a whopping 7 of the 8 having a Lincoln Park location.

Top Chicago Luxury Homes to Sell in December

Here’s a detailed look at the top properties sold last month and what each had to offer:

701701 N Kingsbury Street
Original list price: $4.25 million
Sold price: $4.025 million
The only home out of the top 8 not in Lincoln Park, but instead in the heart of River North on a coveted corner lot. Immaculate and recently renovated, this home features over $1.2 million in custom finishes and now features an in-home elevator, home movie theater, a 60-foot spiral staircase, a 1,000+ square foot master suite and a 700-square foot terrace.

19051905 N Burling St
Original list price:
$4.190 million
Sold price: $3,987,500
Magnificence best describes this 7,000-square foot 7-bedroom home on an oversized lot in Lincoln Park. Burling Street is one of this neighborhood’s most esteemed blocks, home to rows of “McMansions” and some of the city’s elite. This home features everything from a grand staircase to a 4-stop elevator to skyline views from two roof decks.

37443744 N Wayne Ave
Original list price:
$3.595 million
Sold price: $3,513,966
The extra-wide lot size (35 feet compared to the standard 25 feet) allows for 6,500 square feet, six bedrooms and an ultra-spacious interior. Ceilings reach up 13 feet, over a dramatic elliptical staircase, chef’s kitchen and great room, and multiple entertainment areas.

19031903 N Howe St
Original list price:
$3.595 million
Sold price: $3.415 million
Designed by Cannon Frank, this home is a significant piece of architecture in the coveted Lincoln Park. There is an unprecedented level of upgrades, details and features, including a dramatic entry, 11.5-foot ceilings, 4-inch walnut floors, custom built-ins, smart home automation, roofdeck and skyline views and a jaw-dropping glass conservatory on the penthouse level.

18381838 N Hudson Ave
Original list price:
$3.595 million
Sold price: $3.375 million
Fitted with 5,800 square feet and 5 bedrooms, this spectacular home in Lincoln Park is brand new construction on a prime block. On the outside, this masonry home showcases a limestone façade on the outside and plenty of luxurious details on the inside: a stunning chef’s kitchen with custom cabinetry, a master suite, 2 decks on the top floor, total home automation and three gas fireplaces.

19211921 N Dayton St
Original list price:
$3.295 million
Sold price: $3.295 million
This new construction property in Lincoln Park was built by Savane Properties to feature everything a luxury buyer is looking for: refined finishes, a superb floor plan, designer custom chef’s kitchen with commercial-grade appliances and a spectacular master suite. While the home was mostly complete, the buyer still had some leeway to work with the builder to customize it to their liking. It’s also important to note that, despite the upper-end price tag, this buyer paid cash for their new home.

19271927 N Cleveland Ave
Original list price: $3.595 million

Sold price: $3.275 million
This spacious 6-bedroom home in Lincoln Park offers 6,400 square feet over a spacious floorplan that welcomes abundant natural light throughout. This home includes 2 laundry rooms, walnut floors, and elevator with access to all floors, a DeGiulio kitchen and a number of outdoor spaces: a patio with fireplace, three terraces and a roof deck over the garage. The East Lincoln Park location is just a short walk from parks, the Lincoln Park Zoo, Lake Michigan and shopping and fine dining.

19061906 N Burling St
Original list price:
$3.59 million
Sold price: $3 million
This Lincoln Park mansion stretches over 7,525 square feet with a stunning French architecture design. The features within the home’s 3 floors include 9 natural stone fireplaces, 2 decks with skyline views off of the penthouse room, a chef’s kitchen, a master suite and spa bath that’s dressed to the nines, a grand staircase and a paved patio with an outdoor kitchen and shower.

For more information on these Chicago luxury homes or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Record Sales for December Chicago Luxury Condos

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 St21 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.

Trump Tower Chicago real estate

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.

30WOakSt30 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.

Chicago real estate at 840 N Lake Shore Dr840 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.

lp-25502550 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) 264-5853 or email me at ssalnick@koenigrubloff.com.

Purchasing A Chicago Luxury Home When You’re A High Net Worth Retiree

As we continue to see more and more enticing loan offers from banks, wealthy buyers are more and more considering taking out a jumbo loan to buy a luxury home. Even with the cash or assets to purchase a home outright, many luxury buyers are opting to take out a jumbo loan instead of spending or liquidating their assets; especially considering low interest rates and other various incentives offered by banks to jumbo borrowers.

But applying for a mortgage can be complicated enough, and for those who are retired, the process can be especially tricky. Having a high net worth but no “traditional” income can prove difficult to prove to a bank that you’re a qualified candidate for a mortgage, as recently highlighted by the Wall St. Journal.

As with many home-buying tasks, the key is to plan ahead. If you’re looking at a high net worth as a retiree, that likely means years of smart investing and savings, and the portfolio to show for it. It’s a matter of lining up your documentation and reporting assets in a way that is considered eligible income for a home purchase.

Here are 4 important considerations for retirees looking to obtain a mortgage for a Chicago luxury home purchase:

The standard rules apply: Retirees still must meet a 43% debt-to-income ratio mandated by federal mortgage rules. This is where it’s important to work with a lender who can help you report your assets to be considered eligible income. You’ll also still need a strong credit score, despite your net worth. And if you’re planning to hold the home and mortgage in a trust, it’s still necessary to demonstrate your ability to repay the loan.

Have your paperwork in order: Tax returns, bank statements, documentation of social security payments, IRA distributions and the like–any and all of these will be needed to demonstrate your financial health, and those documents should also show that your sources will continue to provide income for at least 3 years into the future.

Work with a financial adviser: An adviser can look at your entire portfolio upfront and inform you if it makes more sense financially for you to take out a mortgage or pay cash for a Chicago luxury home. An adviser can also help you calculate distributions from retirement accounts that could be helpful in qualifying for a loan.

Consider capital gains: If you’re thinking of cashing out your investments, be sure to calculate any lost returns, but also any potential capital gains tax hits to ensure you won’t end up losing money in the end.

I’ve helped many of my clients connect with lending experts who can help you assess your own situation and weigh the pros and cons of taking out a jumbo mortgage. Those who are retired should definitely do their due diligence to determine their options, and I would be happy to help you get the process started. Contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Chilly November Doesn’t Stop Chicago Luxury Home Sales

While last month’s sales numbers certainly showed signs of a seasonal slowdown, sales for luxury homes held relatively steady in November, especially considering the arrival of snow and the start of the holiday season—two things that typically contribute to near radio-silence on the real estate market.

But sales didn’t stop entirely, and November saw a total of 30 luxury homes sold (those priced at $1 million and up) for a total of $50 million. If the December market sees relatively strong sales as well, I am anticipating that the spring 2015 market should be rather strong for Chicago luxury real estate.

Chicago New Construction Sells in November

Of the top five most expensive homes to sell last month, the majority of them were new construction—brand new homes, a few of which were still in development and allow the buyer to work with the developer to complete. Since new construction is still fairly light compared to what it once was, these homes seem to move very quickly on the market.

Another trend among last month’s sales was how real estate is being bought. High-end real estate buyers are becoming more apt to take out a mortgage for their home purchase, rather than using cash. We’ve discussed a few times this year that banks have made it especially easy for wealthy buyers to obtain a jumbo mortgage and retain their cash assets.

Here’s a more detailed look at what helped sell the top 5 most expensive homes last month:

18701870 N Orchard Street
Original list price: $4.975 million
Sold price: $4,883,623
New construction was a major part of last month’s luxury sales, and this brand-new home from Environs Development helps showcase why. Built on an extra wide, extra deep lot in Lincoln Park, the home boasts 6 bedrooms, 7,260 square feet and a huge backyard. An elevator services the 4+ floors, which are topped with a massive penthouse roof deck that offers exceptional views of the city. Because this home was still being developed, the buyer had the opportunity to work with the developer on the final floor plan and façade and customize it just to their specifications.

4141929 N Cleveland Avenue
Original list price: $3.75 million
Sold price: $3.525 million
Nestled in East Lincoln Park, this single-family home was just renovated to offer 6,400 square feet, 5 bedrooms and significant upgrades throughout. A spacious interior includes dramatic ceiling lights, a den with built-in office, new bathrooms and an attached garage. The outdoor space is ideal for entertaining, with an outdoor kitchen and a private landscaped garden deck with wood-burning fireplace.

21512151 N Magnolia Avenue
Original list price: $3,050,000 million
Sold price: $3,007,500
This just-built home sold even before the listing was printed, and it’s easy to see why. On a quiet, tree-lined street, the all brick and limestone home features 5,200 square feet of luxury: custom cabinetry and millwork throughout, professionally designed natural stone baths, tremendous outdoor space, and an oversized two-car garage.

19231923 W Wabansia Avenue
Original list price: $2.995 million
Sold price: $2.75 million
This contemporary new construction home has a long list of things to love about it: 1,400 square feet of private outdoor space (including roof decks and a private garden), a dramatic staircase, a custom kitchen with commercial-grade appliances, Duravit and Grohe fixtures, radiant heated flooring, a steam room, a lower level wine cellar and bar that leads to an outdoor fireplace, and a 3.5 car garage.

414414 W Grant Place
Original list price: $2.95 million
Sold price: $2.375 million
Located on an extra-wide corner lot, this luxurious Lincoln Park home is bright and airy, thanks to floor-to-ceiling windows and a 3-story atrium with a huge skylight. The architecture is highlighted by modern, clean lines, with details like oak hardwood floors, a custom Poliform kitchen with a dome skylight, and a private elevator that services all 3 stories. The home’s 4,885 square feet includes 4 bedrooms, each with an en-suite bath.

If you’re shopping for Chicago mansions or a luxury single-family home, contact me to see what’s on the market and what might be available for your budget. Contact me at (312) 264-5853 or email me at ssalnick@koenigrubloff.com.

Luxury Chicago Condo Sales Continue in Cold Weather

November was another unexpected month for Chicago real estate, with the condo market continuing to deliver strong sales despite the winter chill that’s moved in.

Last month saw 35 sales of luxury condos (those priced a $1 million or higher) for a total of $57 million—right on par with the sales volume from the month prior to that. And that wasn’t the only trend hanging on—square footage was abundant in last month’s sales, as it has been for most of the year when it comes to Chicago condos.

The top sales each month continue to prove that buyers are looking for plenty of space (3,000 square feet and up), and that city living doesn’t mean sacrificing it. This has been the case with many of my clients transitioning from the suburbs into the city who still want a large home. Many clients are often surprised to learn that the move doesn’t have to be synonymous with downsizing. In fact, moving to the city opens up a whole new world of everything downtown has to offer, from shopping and dining to a shorter commute.

Packed with panache and square footage, here’s a detailed look at the top 5 most expensive sales last month, in descending order:

The-Legacy-Condos_exterior460 E Monroe St, Unit 3301
Original list price: $4.4 million
Sold price: $3.9 million
The Legacy is a showstopper among luxury condos in downtown Chicago, and this one is no exception. With 5,200 square feet of professional designed space, this combination unit spans the entire east face of the building, offering unobstructed views Lake Michigan and Millennium Park. Entertaining here is easy with a chef’s kitchen that adjoins a stunning great room, wet bar and balcony; not to mention a formal living and dining room with marble fireplace, a fabulous master suite with spa baths and walk ins, plus details like custom lighting, fixtures, AV and built-ins.

11 E Walton St11 E Walton St. Unit 3002
Original list price: $3.5 million
Sold price: $3.45 million
This 3-bedroom condo is another example of a lifestyle that comes with certain Chicago addresses. This one is located in the Waldorf Astoria, where residents can take advantage of 5-star amenities and services from the neighboring hotel. Its 3,436 square feet starts with a spacious foyer upon entering the unit, which then opens up to a large living room, a separate dining room and a spacious gourmet kitchen with a great room. All 3 bedrooms include private baths, and the unit includes two private terraces and wonderful views throughout. z

1340 N State Pkwy, Unit 1S1340 N State Pkwy, Unit 1N
Original list price: $2.995 million
Sold price: $2.781 million
This Chicago condo building is certainly one of a kind—it was formerly the Playboy mansion, converted now into 7 luxury units. This 3,250 square foot condo offers 3 bedrooms, 2.1 baths, plus a library, family room and expansive living and dining space. The thoughtful floorplan leaves plenty of room for entertaining in the front of the home while sleeping areas are toward the back. Details include high-end finishes and hardwood floors throughout, a butler’s pantry, custome Grabill cabinetry in the kitchen and a large private patio off of the kitchen and family room.

20090518_Trump_International_Hotel_and_Tower,_Chicago401 N Wabash Ave, Unit 38A
Original list price: $3 million
Sold price: $2.766 million
This River North beauty offers all of the exclusivity and panache that comes with living in Trump Tower. Perched on the 38th floor, the unit’s floor plan follows the dramatic eastern curve of the building, showcasing a panorama of Lake Michigan and the Chicago river through floor-to-ceiling windows. Its 3,400 square feet includes a spacious master suite with his-and-her baths and walk-in closets. Residents here can take advantage of all of the amenities and services that come with the Trump lifestyle, ranging from valet parking to in-room catering to the building’s state-of-the-art health center and spa.

Search Luxury Condos for Sale in Trump Tower

21202120 N Lincoln Park West, Unit 7
Original list price: $2.495 million
Sold price: $2.45 million
With just over 3,000 square feet, this full-floor Lincoln Park condo offers fabulous views of the park, lake, skyline and the zoo in Lincoln Park. It’s located in an intimate boutique building that is full of character, featuring an upgraded kitchen, master suite and plenty of storage space. Other details include wood floors, cove lighting and built-in speakers throughout the home.

You too may be surprised to learn what kind of properties are available in downtown Chicago if you’re considering a move from the suburbs, and I invite you to give me a call to discuss. Contact me at (312) 264-5853 or email me at ssalnick@koenigrubloff.com.

Chicago Real Estate In A Class By Itself

Trump Tower Chicago

Trump Tower in Chicago’s River North neighborhood. Photo by Flickr/John Pickens Photography

Many of my clients shopping for luxury real estate are looking for anything but a run-of-the-mill property. They want something that stands apart from everything else on the market, whether that includes special features or amenities, a prime location or an iconic name that’s synonymous with luxury living.

The first building I always introduce my clients to is Trump Tower. This is one of my favorite buildings in the entire city of Chicago. And I’m not alone—a 14,000 square foot raw penthouse just sold in the building, marking the most expensive residential sale ever in Chicago real estate.

I think what appeals the most to my clients (and myself!) about Trump Tower is the endless list of amenities and the impeccable design that stands out in the Chicago skyline. I am originally from New York, and this building reminds me so much of Manhattan, with all of the panache but a considerably lower cost of living. Having sold two units in the building—one for $1.2 million and one for $2.7 million—I think buyers interested in Trump Tower are interested in the pampering that comes along with it. Take a look at some of the amenities and services offered here:

  • A 23,000 square foot health club and spa
  • In-building dining and nightlife at Rebar, Sixteen or the Terrace at Trump
  • Around-the-clock service from a top-notch staff, who provide everything from valet parking to in-room dining
  • A riverwalk made up of 1.2 acres of outdoor space, with retail shops, public relaxation areas, pristine landscaping and unparalleled views of the city.
Trump1

Photos from the raw interior of Trump Tower’s 14,000 square foot penthouse, which just sold for $17 million.

Trump2

Screen Shot 2014-12-08 at 3.39.54 PM

View Luxury condos for Sale in Trump Tower

Trump Tower Sale Breaks Chicago Record for Priciest Sale

With 14,000 square feet of un-designed space, the 89th-floor penthouse is a blank canvas for the new buyer, who paid all cash for the unit. This Chicago condos boasts 360-degree views of the city below, including a sprawling Lake Michigan, the Chicago river and the architectural skyline.

As far as getting it move-in ready, the buyer told the Chicago Tribune that he plans to work with the floor plan to customize it for entertaining and guests as well as a second home for his family. He also said Trump Tower in Chicago is unlike anything else in the city, saying “There are other high rises, but nothing quite as exotic as this.”

I must say, I couldn’t agree more. If you’d like to experience Trump Tower Chicago in person or see what’s on the market now, contact me for a personal tour at (312) 264-5853 or email me at ssalnick@rubloff.com.

Refinancing Your Chicago Home for Extra Cash Requires Due Diligence

As real estate in Chicago and across the country continues to be in a good place, many homeowners are taking advantage of the market’s health by refinancing—specifically, using refinancing to cash in on some of the equity of their home.

A cash-out refinance allows a homeowner to withdraw cash form the equity of their home when changing the interest rate on their mortgage. The cash might be used for home repairs or upgrades, to reduce debt or pay for other large expenses.

Those refinancing their mortgages are on the rise, according to a recent article in the Wall St. Journal. More so, those taking out cash with their refinance is at the highest its been since 2008. Both are indications of rising home values and the confidence of borrowers to capitalize on it.

But while there’s the allure of cash that is seemingly just “sitting there,” it’s especially important for borrowers to know exactly what they’re getting into before doing a cash-out refinance. There’s the potential risk of getting into too much debt should home prices fall, and there could also be alternative options for getting cash that would bring less risk and cost for the homeowner.

Here are a few considerations to make if you’re looking into a cash-out refinance on your Chicago home:

What’s the money for? Using the cash for upgrading or improving your home could bring the long-term benefit of increasing its resale value. Using it to pay off credit card debt could also be beneficial since the interest rate is likely significantly lower. Buying a big-ticket item or paying for a vacation with the money is a riskier option, especially because you are putting your home on the line if any payments are missed.

Is there a lower interest rate? If your move is motivated by just the cash, make sure you would actually be refinancing into a lower interest rate. If you locked in your loan in the last few years, chances are interest rates were under 4% and you won’t likely get a fixed rate lower than that now. An adjustable-rate loan with a lower rate upfront could still end up costing you more in the long run.

Don’t forget closing costs. If you’re looking to save money, don’t lose sight of the fact that refinancing in not free. Closing costs are about 2% of the loan amount, and refinancing means starting over with a loan’s “early payments” of mostly interest charges. The latter can be helped by opting for a shorter loan.

Consider a HELOC. A home equity line of credit could be the better option, depending on your situation. The interest rate will likely be a bit higher, but the amount borrowed is probably smaller and borrowers pay less in interest charges on a HELOC than on a mortgage. There are also far lower closing costs.

There are a number of different approaches to refinancing and it’s crucial that you work with a mortgage professional who has your interest in mind. You want to work with someone who can explain all of the different types of nuances that come with each type of loan and the refinancing process to ensure it’s in line with what you’re looking to accomplish.

For more information on Chicago real estate loans or refinancing, contact me at (312) 264-5853 or email me at ssalnick@koenigrubloff.com.

Trend is Developing with Unusual Chicago Luxury Home Sales in October

The winter air isn’t the only thing moving through Chicago–luxury homes in October sold just as briskly, which is quite an unusual trend for late in the year and on the brink of winter weather.

Luxury real estate in Chicago (homes priced at $1 million and higher) sold in staggering numbers last month, and a good portion of those sales were on the upper end (over $2 million). With 15 homes closed during the month, sales totaled a whopping $72 million.

There were a few noticeable trends among luxury real estate that sold last month. Cash continues to be king, with 3 out of the 5 most expensive sales being sold as cash transactions. And lot size continues to be a noteworthy trend, with many homes on an extra-wide or extra-deep lot. Four of the 5 most expensive sales were on lots larger than the standard 25 ft. x 125 ft., which allows for larger rooms and more outdoor space for enjoying the warm weather when it returns for the summer.

Here’s a closer look at the details that helped these homes sell in October:

18631863 N Howe St
Original list price: $4.55 million
Sold price: $5,866,704
The highest priced sale in October has just about everything that luxury buyers look for: Space (5 bedrooms and 5,500 square feet); New construction (this brand-new beauty was waiting to be designed by its buyer); and location (on one of the most prestigious blocks in Lincoln Park).

20362036 N Kenmore Ave
Original list price: $4.499 million
Sold price: $4.499 million
On an extra wide, 37.5-foot lot, this brick and limestone home is a stunner on the outside with 9,500 square feet on the inside. Ultra-luxury features include walnut floors, 12-foot ceilings, a gourmet chef’s kitchen, an elevator an indoor sports court and a grand, curved staircase that is flooded from natural light from the penthouse level.

21122112 N Sedgwick Ave
Original list price: $3.695 million
Sold price: $3.45 million
Double-lot properties are a favorite among Chicago luxury real estate buyers, and this one is built from lot line to lot line to allow for 7,000 square feet of living space. This East Lincoln Park home was designed with the utmost elegance, including 11 1/2-foot tall ceilings, tall windows and a unique floor plan that gives the buyers the opportunity to put 5 of the 6 bedrooms on one level. There is also a chef’s kitchen, sunroom and a huge private yard, all which make the home idea for entertaining.

12351235 W Belden Ave
Original list price: $2.749 million
Sold price: $2.8 million
A luxury corner property in Lincoln Park, this 5-bedroom home was professionally designed to be an ideal home for entertaining. Features like a fabulous kitchen, a great room, wine cellar, an outdoor kitchen and spacious room sizes make all 6,000 square feet worth every inch.

22152215 N Orchard St
Original list price: $3.39 million
Sold price: $2.8 million
This home was called a “work of art,” thanks to its bright, natural light, 12-foot ceilings and grand living and dining spaces. Also included among it’s 6,000+ square feet is a massive eat-in kitchen, professional-grade appliances, a rooftop deck with a sunroom, hot tub and unobstructed city views, 2 large recreation rooms on the lower level and an attached heated 2-car garage.

As we near the end of the year, it’s good for potential buyers to take a look at what’s been selling in Chicago real estate. The seasonal slowdown is a great time to buy thanks to less competition among buyers and sellers who don’t want to see their homes on the market through all of winter. Keeping an eye on recent sales can give you an idea as to where the market is heading this time of year and what you can expect to buy for your own budget.

If you’re interested in more details on the homes that sold in October or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@koenigrubloff.com.

Chicago Luxury Condo Buyers Searching for Large Square Footage in October

Space: for some, it’s the ultimate commodity when it comes to real estate, and luxury properties in Chicago have much to offer by way of generous square footage. When taking clients out to see luxury condos, I’ve found that square footage is almost always the first piece of criteria they bring up.

There’s even a magic number: 3,000 square feet seems to be the minimum that many buyers are seeking for their new home. Many of these clients are moving from a single-family home in the suburbs and are moving into the city for their last “hoorah,” so it’s the last move they are planning to make in their lifetime.

Last month’s Chicago luxury condo sales showed this same trend I see with my own clients. With 32 condos sold totaling $57 million, square footage was again the name of the game among these properties.

Here’s a detailed look at the top five most expensive units that closed last month, in descending order:

Chicago real estate at 65 E Goethe65 E Goethe Street, Unit 5E
Original list price: $4.95 million
Sold price: $4.8 million
Square footage: 3,800
A 3 bedroom, 2.1 bath unit in one of Lucien Lagrange’s masterpieces, this building boasts an eclectic architectural style on the outside with large, open living spaces on the inside. This 8-story building is among the most coveted in luxury real estate in Chicago, with a rooftop terrace garden, portal windows, French doors and Juliet balconies made from hand-forged iron.

ritz118 E Erie Street, Unit 34E
Original list price: $3,248,400
Sold price: $3 million
Square footage: 2,707
While this unit is under 3,000 square feet, it still offers ample space for a 2 bedroom Chicago condo. Not to mention, it’s located at the Ritz-Carlton Residences, which offers the legendary service of the Ritz-Carlton hotel group and a number of jaw-dropping private spaces for its residents to enjoy. The building’s Landmark Club includes a grand salon, private staff, screening room, athletic and spa facilities and much more. This sale in particular was also made in cash.

Chicago real estate at Park Tower 800 Michigan Avenue800 N Michigan Avenue, Unit 2701
Original list price: $3.2 million
Sold price: $3 million
Square footage: 3,197
Bought by an all-cash buyer, this 3-bedroom, 3.1 bath is located in the Park Hyatt Residences, which is adjacent to the Park Hyatt Hotel. Residents can take advantage of all of the hotel’s amenities, including room service and the on-site health club. This unit features east-facing lake views in nearly every room, with hardwood floors, a chef’s kitchen, gracious master suite with built-ins, and a 150-square foot balcony.

77-E-Walton-St-27A-Chicago-IL-6061177 E Walton Place, Unit 27F
Original list price: $2.9 million
Sold Price: $2.915 million
Square footage: 3,486
Located in the Residences at 900, which puts residents just off the Magnificent Mile and offers sweeping views of the city down below. This 27th-floor unit features floor-to-ceiling windows, 10-foot ceilings, 4” white oak floors throughout, a Snaidero kitchen, a lavish spa master bath and state-of-the-art technology. Residents here can also take advantage of valet parking.

1040 n lake shore1040 N Lake Shore Drive, Unit 7A
Original list price: $2.685 million
Sold price: $2.575 million
Square footage: 3,020
This 3-bedroom unit was recently totally rehabbed all the way down to the studs and drywall, and now showcases flawless attention to detail in the custom millwork, 5” walnut floors, new windows and a wide open floor plan that maximizes the views of the lake, park and skyline. The 4.5 baths features Cacatta, Crema Marfil and Dakota Stone, while the kitchen boasts top-of-the-line appliances. You’ll also find a paneled alderwood library with a dry bar and integrated AV system.

If you’re in the market for a new Chicago condo, I always encourage clients to familiarize themselves with last month’s sales so you have a leg up when you start your own search. Knowing the details of what properties have sold, with what features, for what price, will help you gauge where the market is at and what you might be able to find within your budget.

For more details on these Chicago condos sold last month, or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Chicago Luxury Homes Right Around The Corner From Culture & Great Restaurants

A number of Chicago condo buildings in Lincoln Park overlook the part itself, which boasts a beautiful pond, zoo, restaurant and more.

A number of Chicago condo buildings in Lincoln Park overlook the part itself, which boasts a beautiful pond, zoo, restaurant and more.

One clear reason that Lincoln Park is a favorite neighborhood in Chicago is that there is no lack of things to do. This is a hip, happening area day and night, with all of the comfort of a residential block in the ‘burbs.

And the “places to go, people to see,” in Lincoln Park is still growing. The famed theater company Steppenwolf recently announced expansion plans to its campus on Halsted Street. The new 400-seat theater will be designed by Adrian Smith + Gordon Gill Architecture, some of the city’s star modern architects. The Steppenwolf name is already one of Lincoln Park’s cultural gems, and the expansion will add to that as well as the area’s architectural significance.

Search Luxury Homes for Sale in Lincoln Park

A few other highlights among Lincoln Park destinations include:

Alinea: Another Halsted hot spot, this is Chef Grant Achatz’s famous restaurant and one of only two in the city to receive the highest rating of three stars from the Michelin Guide.

Boka: Also located on N Halsted, Boka is another fixture on the Chicago restaurant scene, honored with one Michelin star and recognized by Food & Wine Magazine.

Lincoln Park: The park itself is a beautiful place for a stroll in sun or snow. Tucked inside is a conservatory, zoo (with free admission!), North Pond, a restaurant and more.

McMansions: Burling, Howe and Orchard are some of the city’s most prestigious blocks, known for its huge, pricey single-family homes that can go for $5 million on the low end to $20+ million on the high end. On the market currently is an estate on Burling Street that spans 5 city lots, 7 bedrooms and a whopping 20,000 square feet for $18 million.

North Avenue Beach: On the eastern edge of Old Town, North Avenue Beach is the place to be on a sunny Chicago day. With a sandy beach hugging the shore of Lake Michigan, you’ll find sunbathers, volleyball games,

2400 N Lakeview: For architecture buffs, this is Mies Van Der Rohe’s last residential high-rise building in the city. Built in 1963, this is a full-amenity building features 1, 2 and 3-bedrooms homes and overlooking Lincoln Park.

There are plenty more reasons why Lincoln Park is one of the most sought-after areas for Chicago real estate. This is one of my favorite neighborhoods, and I would love to give you a tour if you’re in the market for a new home. Contact me at (312) 264-5853 or email me at ssalnick@koenigrubloff.com.