November 2021

The year isn’t even over yet, but already 2021 has been a record year when it comes to Chicago’s luxury housing market. Over the first 10 months of the year, 75 homes sold for at least $4 million.

That’s slightly more than the 2018 record of 73 luxury home sales and significantly more than the 50 or 60 that sold in years leading up to 2018. Agents credit the boost, in part, to low mortgage rates and a booming stock market.

Of the 20 priciest sales in the Chicago area, eleven of them were downtown condos. Six properties were in Lincoln Park.

Some empty nesters are selling off their large homes in the suburbs and moving downtown. In late October, a four-bedroom condo sold at the St Regis Chicago for $7 million.

Over the course of the year, the St Regis

The site of a proposed mega-house in Lincoln Park now appears to be slated for condos. At one time the owner of the triple lot was on track to construct a new, 25,000 square foot home.

Without any zoning changes, the lot could have resulted in a more than 15,000 square foot home on Howe Street. The previous owner paid nearly $6 million for the lot, then demolished its two buildings in 2020.

A year later, the lot was back on the market and ready for a new buyer once again. The new plan is to turn the lot into a six-unit condo building.

According to reports, four of the six units in the future building are already under contract. At one time the project was to turn the property into eight units but two buyers wanted full-floor units, bringing the total number

A new apartment tower is slated for Fulton Market, where a developer plans to construct a 27-story building. Plans call for 375 apartments to go in near the corner of Elizabeth and Randolph streets.

Designed by architect and developer Thomas Roszak, crews plan to first demolish some existing low-rise buildings at the site. The new tower is just one of a handful of new apartment developments coming to the neighborhood, which is once again a hot market for real estate in Chicago.

Two other large apartment developments are already under construction along Randolph Street. One plans for 300 new units, while another a few blocks away plans for more than 200. There are also several other developments in the works.

As the industry recovers from the COVID

A former industrial site in Lakeview will soon be transformed into luxury homes. For around 40 years, the site served as home to Craftsman Plating & Tinning.

A couple of years ago, a developer came in with plans to construct 28 new townhomes on the site. After that plan fell apart, a city committee voted to downsize the property for a dozen single-family homes.

A new developer recently purchased the property with plans to construct two different models of homes. Each home will be around 4,200 to 5,000 square feet in size.

Preliminary plans show three-story floorplans with the homes featuring a stone and brick façade. It’s expected the homes will also come with a detached garage and a rooftop deck.

Construction should start on each of the two model homes

If your budget allows, you can experience the utmost in luxury at Tribune Tower Residences. A truly unique and upscale rental is currently available for $23,000/month.

This particular property sits on the building’s fifth floor, and offers three-bedrooms plus a den, along with 3.5-baths. The price point affords top appliances from SubZero, Miele and Wolf, plus wide plank white oak floors, a marble master bath, and custom cabinetry and millwork.

The luxury unit also comes with a large private terrace, two garage parking spaces, and an address in one of Chicago’s most coveted buildings. Situated on Chicago’s Near North Side, Tribune Tower offers up such amenities as an indoor swimming pool and outdoor terrace, a fitness center and access to a peaceful