Sue Fox, @Properties. Direct 773.816.1788
Subscribe to Site
- FHA loans
- Market conditions
- Tax credits
Real Estate radio
When it comes to truly high-end real estate, Chicago is worlds away from New York. While the Big Apple has dozens of properties that sell for multiple millions, it’s exceedingly rare to find homes in the Windy City that close for $5 million or more.
How rare? Over the past year, only three single-family homes in the entire city of Chicago have sold for upwards of $5 million, according to Midwest Real Estate Data LLC. Another five houses went for $4 million to $5 million. The most expensive Chicago house to sell was 25 Banks Street, a 13,500-square foot Gold Coast mansion built in 1880. Located a block from the lake, it boasted 8 bedrooms, 11 bathrooms, a media room, a wine vault, staff quarters with a separate entrance, and a rooftop terrace. But even this grandeur came at a bargain price: $6.8 million, about half its original price tag of $13.5 million after more than three years on the market.
Of course, there were also seven Chicago condos that sold for upwards of $5 million over the past year. With the exception of one, they were all at the Elysian, the new luxury building located at 11 E Walton Street. (The other was a top-floor penthouse located above the Four Seasons Hotel at 132 E Delaware Place.) At $8.6 million, the priciest condo cost more than the most expensive house — and both were cash deals, as were the majority of all the $5 million-and-up sales. Hmmmm, I was just wondering what to do with that $5 million just sitting in my bank account…
In any case, multi-million dollar sales of any sort are a rare breed in Chicago. There were only 50 single-family houses and 75 condos that sold for $2 million or more citywide (mainly in the Gold Coast, Streeterville or Lincoln Park) over the past year. On the North Shore, moreover, there were 86 homes that sold for over $2 million, but only six that fetched more than $5 million.
Leave a Reply
- Sizzle is back in the South Loop
- How to Buy a Chicago Foreclosure (as Supply Steadily Shrinks)
- Home prices jump 15% in 2014, but cold weather chills sales
- Lincoln Square on a Tear as Average House Price Tops $600,000
- More choices ahead for Chicago buyers as rally cools