Trends: Build Luxury Amenities in Your Chicago Luxury Home Specifically for Children

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Building a Chicago home from scratch means the amenities, additions and customizations can go as far as your imagination. A foodie might add serious upgrades to the kitchen space; an art collector might want a just-right space to display their collection. Or maybe it’s simply a matter of turning your favorite room in the house into a sanctuary built just for you.

But there’s another building trend that is customized around a member of the house: the teen suite.

The Wall St. Journal recently reported that parents with kids between 10 and 17 years old are looking for more ways to keep them hanging out at home, and are looking to architects and designers for creative ways to do just that. Teen lounges, sleepover spaces and homework “offices” are a new category of space showing up in family homes.

The theory behind these so called “teen suites” is a way to encourage children to spend more time at home, but the article says it can also help maintain peace between parents and their children since each has their own dedicated space.

Consider Child-Centric Amenities When Building a Chicago Luxury Home

The fun part of creating a teen space is that it can be different and more fun than the rest of the home. But it’s important to consider the future of your home when designing such a specific, custom space. Kids grow up, after all, and if you want to sell your home down the line, doing so can be much more difficult with a space that’s been designed so specifically that the next owners can’t picture themselves in it.

If you’re considering a teen suite or something similar, the space should be designed in a way that can be converted back—to a more traditional space, in-law quarters or even expansive guest quarters. The design simply has to be adaptable both for your lifestyle when children move out, and to retain your home’s resale value when it’s time to sell.

Customizing Your Own Chicago Home

If you’re thinking of building a luxury Chicago home and specifically want to develop special luxury amenities, give me a call. We can discuss how I can work with you and the designers, builders and architects to accomplish your goal, whether it’s to build a dream space for your kids, a fully customized collection, or in-home displays for an art collection. I even have access to an amazing lighting expert for special needs that arise when building such a space.

To talk about the possibilities for your custom Chicago real estate further, give me a call at (312) 264-5853 or email me at ssalnick@rubloff.com.

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Chicago’s 5 Most Expensive Homes to Sell in April Found in Lincoln Park and The Gold Coast

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Looking at Chicago homes for sale that closed during April, there’s a slightly different trend than we saw in the month prior. Of the 33 closings on luxury properties, only three sales were over $2 million; 20 ranged from $1 million to $1.5 million, and 10 fell between $1.54 and $1.87 million.

Buyers and sellers alike should be keeping an eye on Chicago real estate listings and what’s selling for what price. To obtain the most up-to-date information, including photos for luxury homes, click here and fill in the sales parameters you’re looking for. The most recent listings will come to your inbox as soon as matching properties come on the market.

Chicago Luxury Homes Sold in April

Total single-family luxury home sales in April topped $48 million. Here’s a detailed look at the top 5 closings, in ascending order:

2642 N Wayne Chicago2642 N Wayne Ave
Original list price: $1.849 million
Sold price: $1.75 million
This Chicago new construction home is found on a quiet tree-lined street in the heart of Lincoln Park. With six bedrooms and spanning 5,400 square feet, this home offers plenty of space, with the entire floor dedicated to the master suite. There is also ample outdoor areas with multiple decks, including above the garage and one off of the huge family room. A top-end chef’s kitchen includes a butler’s pantry and the lower level boasts a wine cellar. Throughout the home is custom woodwork, high ceilings and several fireplaces.

2641 N Wayne Chicago2641 N Wayne Avenue
Original list price: $1.995 million
Sold price: $1.865 million
Like the above home, this property is a rare find, being a newer construction home on a fantastic block in Lincoln Park. This 5,000-square foot 6-bedroom home has dramatic 21-foot ceilings in the 2-story living room, bringing in tremendous light. The kitchen features all stainless steel appliances, while the full-floor master suite offers a custom walk-in closet, sumptuous bath and access to a wet bar that overlooks the roof deck and hot tub. On the lower level is a media room, wine cellar and wet bar, and an elevator provides access to all floors.

1912 N Burling Chicago1912 N Burling St
Original list price: $2.3 million
Sold price: $2.1 million
Another Lincoln Park stunner, this contemporary home has everything from fabulous outdoor space, to top-of-the-line appliances to an attached 2.5-car garage. Hardwood and limestone floors run throughout the home, which also features a cook’s kitchen, several outdoor decks, and a master bedroom suite with amazing closet space and a steam shower.

2654 N Mildred Ave Chicago2654 N Mildred Avenue
Original list price: $2.995 million
Sold price: $2.7 million
The fabulous features in this home earned it a spot in CS Interiors. On an oversized lot with generous space: 6,400 square feet, an attached 3-car heated garage and three outdoor entertaining spaces. Additional features like a heated exterior walkway, Smart Home system and two laundry areas take this Chicago home to a new level.

66 E Cedar St66 E Cedar St
Original list price: $3.6 million
Sold price: $3.1 million
After a renovation with the highest quality materials, this 6,400-square foot vintage residence in the Gold Coast became one of the most prestigious properties on the block. The renovation combined with the home’s vintage charm add up to the utmost elegance in a Chicago home: dentil moldings, a grand staircase, mahogany floors, a marble fireplace and extensive built-ins. A custom kitchen and family room leads to a private, lushly landscaped patio, while the upper levels feature a master suite with office and terrace, plus a roof deck.

Be sure to bookmark this blog and check back for updates on the latest real estate news in Chicago’s most coveted luxury neighborhoods, like Lakeview, Lincoln Park and The Gold Coast. Each month I take a close look at the luxury homes that sold in the month prior–something I recommend buyers and sellers alike to follow so they can gauge the types of homes and prices that are moving on the Chicago real estate market.

For more details on the single-family homes or Chicago condos that closed in April, or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Prime Locations for April’s Most Expensive Chicago Condo Sales

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The old adage rings true once again: when it comes to real estate, it’s all about location, location, location.

While 36 luxury Chicago condos (those priced from $1 million to $3 million) sold and closed in April for a total of $56.8 million, the top 5 most expensive sales were found downtown. The top properties were also either brand new construction or elegant vintage properties.

If you’re in the market for luxury Chicago real estate, click here to sign up for the latest listings to be delivered directly to your inbox for your review.

April’s most expensive sale certainly stood out from the rest: generous square footage, elegantly designed with its own terrace in spa and in a Benjamin Marshall building. While this was a truly special home, all of the top sales in April boasted impressive features, from high ceilings and new construction to the size of the apartment or a special location.

Here’s a close look at the priciest sales of Chicago condos that closed in April, in ascending order:

10 E Delaware

10 E Delaware St, Unit 33B
Original list price: $2.4 million
Sold price: $2.385 million
This was the last remaining penthouse condo at Ten East Delaware, a luxury new construction building in the Gold Coast just off the north end of Michigan Avenue. With 3,075 square feet, this 3 bedroom unit is filled with designer names: Poggenpohl, Kohler, Miele, Subzero and Wolf for fixtures and appliances. Plus, the building’s boutique renaissance design came from architect Lucien Lagrange and interior designer Darcy Bonner. The building’s amenities include room service, a fitness center and poolside dining from the neighboring Talbott Hotel.

Residences at 900 Chicago77 E Walton St, Unit 26D
Original list price: $2.6 million
Sold price: $2.475 million
The Residences at 900 is one of the newest addresses for Chicago new construction. This 2-bedroom unit spans just under 3,000 square feet, with incredible views down Michigan Avenue and over a spectacular rooftop garden. The unit also boasts 10-foot ceilings, 4” white oak floors throughout, a lavish master math, Smart Home technology, and a Snaidero kitchen.

The Ritz-Carlton Residences, Chicago118 E Erie St, Unit 35E
Original list price: $3,081,172
Sold price: $2.68 million
Another new construction unit in Chicago’s Ritz-Carlton Residences, a building of 89 private condos managed by The Ritz-Carlton Hotel Company and equipped with a five-star, Ritz-Carlton trained staff. This richly detailed residence features 9’8”- to 12-foot ceilings, 2 bedrooms and 2,461 square feet. The Landmark Club is a major perk of living in this building, a private club with attentive staff that will cater to any need of the building’s residents.

1300 N State Pkwy Chicago1300 N State Pkwy, Unit 901
Original list price: $3.3 million
Sold price: $2.954,688
A stunning home found in the Ambassador in Chicago’s Gold Coast neighborhood, this 4,000 square foot apartment is on the southeast tier of the boutique building. Inside, the building’s charm shines through with deep crown moldings and baseboards, hardwood floors, custom cabinets and an upgraded kitchen and bath. The building features an attached garage, rooftop garden, penthouse party room and terrace, a fitness center and a dog run.

199 E Lake Shore Dr199 E Lake Shore Dr, Unit 6W
Original list price: $3.075 million
Sold price: $3 million
The most expensive sale in all of April, this Chicago condo is found in an outstanding Benjamin Marshall-designed co-op building. The 4,300-square foot duplex has many custom features, including a grand foyer, a formal dining room with custom bookshelves and a master suite with two walk-in dressing rooms and its own terrace. Plenty of natural light is let in through six windows, and the custom kitchen is ideal for any cook or host.

With the Chicago real estate market well on its way for a turnaround, I highly recommend that buyers keep an eye on what is selling at what price in the neighborhoods and buildings they are interested in. This will give you a good idea of what you can expect given your own budget and wants/needs when it comes to a new home. To see what’s on the market now, or for more details on April’s condo sales, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Chicago Vintage Condo with Lots of Perks Just Reduced $10,000

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Chicago condo at 932 W CarmenMany of my clients have sparked an interest in vintage Chicago condos lately—these units are usually packed with character but still with many of the features today’s buyers are looking for.

This recent reduction in an available 3-bedroom unit would be the perfect fit for a buyer searching for a unique property with lots of perks.

3 bedroom/2 bath
Address: 932 W Carmen, Unit 2E
List price: $315,000 (just reduced!)
Assessments: $521

This Chicago condo is in an intimate 6-unit building with loads of charm. It isn’t your typical vintage property, as it has high ceilings and moulding, hardwood floors throughout and plenty of space (1,644 square feet).

This delightful condominium has plenty of perks beyond the great price, including:

Entertaining guests: It’s also an ideal space for entertaining, which isn’t common among many vintage properties. The lovely dining room is 12 by 19 feet—perfect for Thanksgiving dinner or hosting a holiday party. The home also boasts a huge common outdoor space for barbecuing with friends and family during the summer months.

Private parking: Another major plus? An indoor, private parking garage is included in the price. Most vintage condos do not have a garage on the premises.

Location: You’re sure to enjoy a convenient two-block walk to one of the most complete new modern Dominick’s for grocery shopping. Transportation to downtown is via an express bus, which makes its first stop at Bloomingdale’s on the north end of Michigan Avenue—just a 15-minute ride away. Not to mention, this Chicago home for sale is just one block from Lake Michigan.

This Chicago condo is a terrific opportunity for a buyer looking to take advantage of these key features. To see this unit in person or learn more about this great opportunity, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Chicago condo at 932 W Carmen

Lincoln Park 2550 A Building for Luxury Lifestyles

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Lincoln Park 2550

Welcome to Lincoln Park 2550, Chicago's finest new luxury building. Image from www.lincolnpark2550.com

Despite having been open for about a year, I continue to hear clients and realtors alike buzzing about Lincoln Park 2550. This new construction building in the heart of Lincoln Park takes Chicago luxury real estate to another level of sophistication and elegance.

You don’t have to go far to truly experience the panache of this building–it all begins in the stunning lobby. The building was designed by renowned Chicago architect Lucien Lagrange, with a graceful European design highlighted right away by the porte-cochère at the building’s entryway. Nothing else in the city compares to the feeling of luxury one feels when stepping into Lincoln Park 2550.

Lincoln Park 2550 Lobby

The entryway at Lincoln Park 2550. Image from www.lincolnpark2550.com.

But of course, the lobby is just the beginning. The building boasts 39 floors, with Chicago condos ranging from 900 square feet to upwards of 8,500.

Residents are able to enjoy in-building amenities like a Club Room with catering kitchen, a library/billiards room, and an 18-seat movie theater. The building is staffed with 24-hour door staff, on-site management, 24-hour maintenance and a concierge. Plus, right in the building is a full-service fitness center, indoor lap pool and spa.

Outdoors, you’ll find a 1.25-acre private park, dog exercise area, children’s tot lot and outdoor lounging space.

Lincoln Park 2550 A Building for Luxury Lifestyles

I often say that luxury real estate in Chicago isn’t just about the property or the address, but the lifestyle that comes with being a resident there.

Having a catered dinner in the club room. A concierge to help you plan an evening out. Entertaining guests in the movie theater or billiards room. A steam room or sauna session just an elevator ride away. A postcard view of Chicago right out your window.

This is the way of life in a building like Lincoln Park 2550. And there’s truly something for every buyer, with more than 50 floor plans ranging from 1 bedroom/1 bath to a 5-bedroom penthouse. There is even an opportunity to custom-build a single-family home adjacent to the 2550 building and take advantage of all its amenities and services.

To learn more about this exquisite building, see floor plans or take a tour, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Great Public School Districts are Helping Chicago Real Estate Move

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There are certain names that the Chicago real estate market knows well: Trump. Elysian. Lake Shore Drive. These are names that go hand in hand with luxury living in Chicago.

But these are the names that buyers are really getting excited about: Bell, Blaine, and Burley. Lincoln Park. Coonley. Ogden and Hawthorne.

These are the names of the outstanding public schools that many buyers want to ensure they have access to when purchasing a home. And many potential buyers are finding that they aren’t the only ones looking for these names on a real estate listing sheet. One of the best ways to make sure your child attends an acclaimed school like these is simply to reside within the school district, and plenty of buyers are taking note.

With tuition for Chicago’s private schools running $20,000 or more and admission requirement steadily increasing, I’m noticing that more buyers of single-family homes are requesting to live in one of these districts. But many of them are surprised to find that the Chicago homes for sale in these ares are now priced at $1 million and up. Those prices can certainly be attributed, at least in part, to the rapidly growing demand to be in these neighborhoods.

An example: I recently had a request from a client looking to purchase in one of these sought-after districts. A home that was within the boundaries for the touted Audubon Elementary School receive five requests for showing on the very first day it was listed–and the home was priced at $995,000.

Good Schools the Latest “Must-Have” in Chicago Real Estate

Being near the best public schools is definitely the latest trend among Chicago home buyers. When I spoke to the listing realtor in the above scenario, she said she was getting so many requests for showings that she was lumping them into certain time frames, and those who coudln’t visit at that time were simply out of luck.

Cases like this make it apparent that buyers no longer have the opportunity to delay their purchase decisions. Taking time to “hem and haw” almost certainly means that the property will be snapped up by the next buyer who is ready to write a check. I’d anticipate that this property in particular received a number of offers, considering it is priced just under the $1 million mark and many homes in this area are priced above.

As demand from homebuyers continues to drive the Chicago real estate market, I have no doubt that factoring in must-have schools will continue to “add fuel to the fire,” so to speak. The market is getting increasingly competitive for buyers, and those looking to find the perfect property near a great school to boot better move fast.

To see what’s on the market or to learn more about the Chicago homes for sale in these coveted school districts, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

The Chicago Real Estate Market Is Now a Seller’s Market

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I’ve made the comparison before between the real estate market and the stock market–while we think of the latter and being able to turn on a dime, the real estate market can certainly do the same. Buyers in Chicago (and throughout the country) seem to be shocked that the market has so quickly turned in seller’s favor, with inventory in Chicago decreasing at an accelerating rate.

If you’ve been on the fence about making a Chicago real estate purchase, I absolutely believe that the time is now. Low inventory is one step–but what we can expect next is for the economy to begin to accelerate as well and interest rates start to increase, making it a much less ideal market for a buyer.

Fortunately for now, the interest rates are still low. But with prices beginning to creep up due to a shrinking inventory. I am seeing past clients who are starting to realize that real estate in Chicago is no longer on a downward spiral, and the market is beginning to move quickly.

In fact, in the luxury market, buyers are finding multiple offers for single-family homes in the $1+ million range, especially in areas that have excellent public school districts. Access to good schools is more and more important to each client I meet, and the connection isn’t surprising given that the cost of sending a child to private school in Chicago is typically $20,000 or more.

Chicago Real Estate Saw Quick Turnaround in March

Despite mixed real estate reports across the country in March, Chicago saw a surge of activity, thanks to that low inventory and low market times for for-sale properties. The city saw a double-digit increase in home sales compared to 2012, according to a report from the Illinois Association of Realtors.

Chicago Trending Better than National Market

For the first time in a long time, the Chicago market wasn’t trending opposite of the national numbers, but rather better than the U.S. market as a whole. Nationally, the number of homes sold in March was down 0.6 percent month/month, while Chicago saw an uptick of 33 percent month/month.

Another report said that 12 percent of Chicago homes for sale went under contract within 14 days of being listed, compared to 35 percent of homes on the national market.

The median sale price was also up 8.9 percent in Chicago from where it was one year ago. The Wall St. Journal attributed the spike in home prices overall to simple supply and demand–but suggested price gains are expected to continue.

Some additional notable highlights from March real estate in Chicago:

Lower proportion of distressed sales: While the number of foreclosures or short sales grew from February, so did traditional sales, shrinking the market share of those distressed sales.

Asking prices on the rise: Sellers’ asking prices are rising at a much higher rate than selling prices. This could be a sign of sellers’ growing confidence.

Homes are moving quicker: Chicago homes for sale were selling 38 percent faster than they were in the month before.

So what does it all mean? Well, these are certainly promising signs for the Chicago real estate market. It’s also an indicator of how quickly the market can begin to change–buyers considering a purchase need to take action while they’re still able to take advantage of lower rates before the economy is no longer working in buyers’ favor.

If you’re ready to see what’s on the market or considering a Chicago real estate purchase, give me a call at (312) 264-5853 or email me at ssalnick@rubloff.com.

March Sales of Chicago Luxury Homes Total $41.6 Million

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Although the luxury Chicago real estate market is continuing to charge forward, the month of March saw 27 luxury homes sold, with prices ranging from $1 million up to $2.5 million. When compared to the previous month’s sales, the biggest difference in March was that the top five most expensive homes were in the $2 million range—lower than the top sales during February.

Chicago’s Bucktown neighborhood had one of the top sales. This is a great eclectic neighborhood on the west side that merges classic and new-age tastes, with abundant dining options and cultural interest, particularly in art, theater and music.

Lincoln Park real estate also topped the list (as it typically does), with two out of the five sales. Lincoln Park is especially covetable for its schools, its proximity to everything from dining to beautiful parks to nightlife.

Chicago Luxury Homes Sold in March

Here’s a closer look at the top five sales of luxury single-family homes last month in Chicago, in ascending order:

Chicago real estate sold in March1250 W Schubert
Original list price: $2,199,900
Sold price: $2,150,000
An ultra-modern new construction home in Lincoln Park, this Chicago home is dressed to the nines, with designer lighting by Jonathan Adler, imported Japanese and Italian tiles, and top of the line kitchen appliances. The large-lot home also includes a theater room with surround sound, a wine cellar, heated floors on the lower level, 2 laundry rooms and wet bars and custom cabinetry. The master suite boasts a steam shower and double vanities.

Luxury real estate in Chicago sold in March1625 N Wolcott Ave
Original list price: $2,449,000
Sold price: $2,275,000
This 5-bedroom in Bucktown won a Best in American Living Award, thanks to an innovative layout with an open living, dining and kitchen space. Enviable city views can be taken in through the private master suite of the 46 x 14 ft roof deck. You’ll also find an elevator, attached 4-car tandem garage and superior finishes throughout. The home’s Bucktown location also puts it steps away from public transportation, freeways, shopping and more.

Single-family Chicago home sales in March100 W Delaware St
Original list price: $2,399,000
Sold price: $2,300,000
With a generous 5,500 square feet of luxury living space, this is the ultimate corner row home in Chicago. The property overlooks Washington Square Park, with five levels, an elevator and huge rooms. Two roof decks, a terrace off the master suite and kitchen and a walk-out patio add up to unbelievable outdoor space, plus floor-to-ceiling windows flood every room with natural light. The master suite includes a luxe bath and two huge walk-in closets.

Chicago new construction in Lincoln Park1124 W Altgeld St
Original list price: $2,600,000
Sold price: $2,475,000
On an extra-wide lot, this new construction home has the perfect location on a beautiful tree-lined street. This Lincoln Park beauty has six bedrooms, a third-floor penthouse rec room, beautifully landscaped terraces, a custom kitchen and large breakfast nook, first floor paneled den and a huge lower level family room with a wine cellar.

Chicago real estate sold in March824 W Webster Ave
Original list price: $2,750,000
Sold price: $2,500,000
Another Lincoln Park gem, this home was the most expensive one to sell during March. With a spectacular corner location, this home too features amazing outdoor space, including a rooftop deck. A large eat-in kitchen and great room include beautiful built-ins and a wet bar, while the full-floor master suite has a luxe limestone bath and dual walk-in closets. The lower level features an office/library with a generous family room and rec room and a full bath.

It’s a great idea for buyers (or even homeowners) to take a look at the most recent Chicago home sales. Doing so can arm you with the information you need to make a purchase of your own (knowing what to look for, in what neighborhood, and what price you can expect) or even to gauge the resale value of your own home if you’re considering selling it.

For photos or more information on last month’s sales or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Most Expensive Chicago Luxury Condo Sales in March Included Brand-New Construction

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March was good to Chicago real estate, with Chicago Magazine just declaring it an “awesome” month for the market. Chicago condo sales did their part with 35 luxury sales during the month, totaling $63.8 million for properties priced anywhere from $1 million up to over $4 million.

Most of the top sales that closed last month were brand new or relatively new construction properties. And each had that elusive location, location, location (four out of five in the downtown area) and one in the most exciting new construction property in the city, 2550 Lakeview.

Here are details for the top five most expensive Chicago condo sales during March, in ascending order.

The Ritz-Carlton Residences, Chicago118 E Erie, Unit 36E
Original list price: $2,856,125
Sold price: $2,850,000
The 40-story Ritz-Carlton Residences is one of the most magnificent buildings along the Magnificent Mile. This newer 2-bedroom unit spans 2,461 square feet and includes all of the amenities and service the building has to offer–a residence club, grand salon, spa, fitness center and available chef. The building is managed by the Ritz-Carlton Hotel Company, which is nearly a five-star guarantee for the best service in luxury living. The 86 units in the Ritz-Carlton Residences Chicago feature recessed balconies or terraces and 10-12 foot ceilings.

N Lake Shore Drive Chicago Condo1448 N Lake Shore Drive, Unit 16AB
Original list price: $2.995 million
Sold price: $2.9 million
This newly renovated 4 bedroom co-op not only boasts a Lake Shore Drive address, but 60 feet of space facing Lake Michigan. The vintage residence’s 5,250 square feet has elegant formal rooms, a paneled library with wet bar, high-end kitchen with breakfast area, and four en suite baths. One of the biggest points of interest among luxury buyers is the fact that this property is just a short walk away from Latin School, one of the area’s most sought after schools.

2550 N Lakeview Ave, Unit C6-24
Original list price: $2,960,020
Sold price: $2,960,020
This 2,843 square foot 3-bedroom unit is in one of the city’s hottest new luxury buildings, 2550 Lakeview. Located in the heart of picturesque Lincoln Park, this building has swept the luxury Chicago real estate scene with everything from its architecture to the high-end benefits of being a resident here. The elegance of this building is apparent the moment you step into the grand lobby, and residents here have a 1.25-acre private park and garden, an indoor pool and hot tub, a catering kitchen and Club Lounge, private movie theater, game room and much more.

The Elysian Residences Chicago

11 E Walton St, Unit 3601
Original list price: $4.199 million
Sold price: $3.875 million
An exquisite Chicago condo located in the Elysian in the Gold Coast, this 3-bedroom home spans an exquisite 4,000 square feet. With an exceptional floor plan for living and entertaining, the unit also features two valet parking space, top of the line finishes, 10-foot ceilings, 2 terraces, hardwood floors, custom closets, commercial grade appliances, custom wood and lacquer cabinetry, wall coverings and window treatments. Residents of the Elysian can enjoy the amenities from the five-star Waldorf Astoria Hotel, including dine-in room service, concierge, 4,000 square foot spa and indoor pool.

50 E Chestnut, Unit 601-701
Original list price: $4.9 million
Sold price: $4,053,109
The priciest sale in March was a new construction duplex in the Gold Coast, complete with a two-entire-floor layout and a private elevator. This exclusive building houses just 34 residences, each with floor-to-ceiling windows, two oversized terraces, Wolf/SubZero appliances, and elegantly appointed interiors.

Luxury buyers are certainly on the lookout for properties that set themselves apart from everything else on the market, whether its with a great location, a special building or amenities and services that you simply don’t find anywhere else. Looking at the previous month’s sales gives buyer an idea for what is moving on the market now, and at what price–information that is crucial to anyone on the hunt for their own new home.

To learn more about Chicago condo sales during March or to see what’s on the market now, contact me at (312) 264-5853 or email me at ssalnick@rubloff.com.

Boomers, Empty Nesters Seeking Downtown Chicago Real Estate

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CNBC reported last week that Chicago real estate (downtown or in the surrounding area) is “booming”–that is, the Baby Boomer generation in particular is saying goodbye to the ‘burbs and hello to life in the city.

There are a few reasons for the migration. First, Boomers are drawn to the dense areas of the city that put them close to restaurants, entertainment, cultural hot spots, shopping and more. Areas like Lincoln Park and Lakeview or even Chicago condos in the heart of downtown put you smack in the center of all of these things. And many Chicago neighborhoods offer the best of both worlds–a convenient close-to-everything location but with the residential feel of a suburban area.

As those in the Boomer generation become empty nesters, the hustle and bustle of the city is actually more appealing, not less. Being able to find something to do at a moment’s notice.

Secondly, the real estate market simply hasn’t been as good in the suburbs. Real estate in Chicago is improving, and is doing so faster than suburban real estate, which is somewhat flat. Now that the housing crash is essentially behind us, many near-retirees are no longer waiting on the sidelines to offload their big suburban homes and move into something smaller and more manageable like a Chicago condo.

Moving into the city doesn’t just set Boomers up for the next few years, but many see it as a more protected investment as well. CNBC reports that this generation is leary of losing their investments as many did with their retirement savings, and real estate in the city has held its value relatively well compared to the suburbs in recent years.

The third reason is familial. Boomers are moving into the city to be closer to their children who live there. The generational relationships between parents and their children have improved, and new grandmas and grandpas want to be involved in the everyday lives of their kin.

Urban Neighborhoods for the Boomer Generation

There are a few dense, convenient communities in Chicago that I always bring up to my clients who are looking into the different neighborhoods Chicago has to offer: downtown Chicago, Lincoln Park, Lakeview, The Gold Coast, Old Town, Streeterville, Bucktown and Wicker Park are a few. Residents of these areas don’t need to get in their cars and drive 15 minutes to the supermarket, and are often just a few steps away from coffee, a night out, the drugstore, or the theater.

Convenience aside, these areas retain their value better than their suburban counterparts and will be quicker to increase in value. The density and location cater to many different lifestyles and many of these long-standing neighborhoods never lose their appeal.

To take a tour through some of these Chicago neighborhoods or learn more about moving from the suburbs to the city, give me a call at (312) 264-5853 or email me at ssalnick@rubloff.com.