Chicago Real Estate News & Neighborhood Notes - Luxury Chicago Real Estate

Average Sales Prices Down For Chicagoland's Luxury Listings

While Chicago’s luxury real estate market seems to be red hot with several new condo developments in the works and a number of high-end apartment towers having just been completed in recent months, sales prices for Chicagoland’s top 5% of listings have actually dropped by about 3.9% from the first quarter of 2014 to $1.491 million. Although the price drop is relatively minimal, it’s also very intriguing given the bottom 95% of Chicagoland listings saw average sales prices jump substantially by nearly 12%, or to about $265,000.

The analysis, which was originally conducted by national real estate data company and brokerage Redfin, isn't all bad however when it comes to the Windy City’s luxury segment of the marketplace. In terms of the average days on…

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What's Currently For Sale in Chicago at $10 Million & Up?

Since the record breaking sale of the penthouse at Trump Tower Chicago, it’s been a little while since we’ve checked in on some of downtown Chicago’s most expensive properties on the market.

As of today, just 10 listings are currently active on the Chicago real estate market for $10 million and over—appropriately enough—and as you can see below, some like the single-family mansion at 1547 N. Dearborn and the penthouse at 189 E. Lake Shore Drive are relatively familiar to those of us working in the industry every day, while others like the 7,100 square foot, full-floor condo at 9 W. Walton only just recently hit the MLS®.

Despite the luxury market being extremely hot right now in Chicago, when dealing with this sort of price level, it’s of course common…

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Condos at No. 9 Walton Development in the Gold Coast Hit the MLS®

In case you missed it, units for the luxurious new No. 9 Walton development have officially hit the MLS®, opening the door for anyone who might want to get in early at one of Downtown Chicago’s newest luxury condo towers in the Gold Coast.

As of today, just 6 units are listed on local MLS®—one 2-bedroom, two 3-bedrooms, one 4-bedroom, and one 5-bedroom. Prices for listed condos at No. 9. Walton range from $1,950,000 for the 1,950 square foot two-bedroom to $12 million for the 7,089 square foot five bedroom.

News for the No. 9 Walton condo project only broke back in March, so developers are wasting little time getting each of the 67 total planned residences on the market and ready for buyers to act. In all, No. 9 Walton, which will be located on the…

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Luxury New Construction Condos For Sale Around Chicago

Generally speaking, everybody loves new construction condos, as there’s nothing quite like all the newest and best interior finishes to compliment the modern living spaces each new development around town has to offer. Over the last 12-18 months, or maybe even longer than that, luxury rentals have dominated the new construction market around downtown Chicago, with literally thousands of new, high-end units hitting the market over that same timeframe.

But now that the luxury market is starting to cool off—if only a little bit—luxury condominium residences around downtown Chicago and the surrounding neighborhoods are finally starting to make a comeback. In the Gold Coast, developments like 4 E. Elm and 9 W. Walton are catching the attention of plenty of…

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Luxe Condos: Top Lakefront High-Rises in the Gold Coast Right Now

Given one of our main areas of focus is the Gold Coast real estate market, it goes without saying that we hold many Gold Coast condo buildings to a higher standard than other buildings across the city, which is especially true for those that sit on the lakefront.

In fact, the real beauty about Gold Coast condos for sale is that not only do units here occupy a place in one of downtown Chicago’s most affluent and historic neighborhoods, but they also offer some of the best unobstructed views of the water that you’ll find anywhere in the city. And if great views are a characteristic that’s especially high up on your wish list, there’s no better place to start your downtown condo search than right here in the Gold Coast.

So while it’s hard to narrow down any…

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Luxury Real Estate in Chicago Sees Healthy First Quarter

According to a recent release from RE/MAX Northern Illinois, the million dollar real estate market in Metro Chicago is alive and well, with transaction activity for luxury homes ($1 million and over) up 16% in the first quarter of 2015 from a year ago.

Along with a higher sales volume, units are also moving slightly faster as well, averaging just 144 days on the market, compared to 158 days during the first quarter of 2014. For those of us working in the Chicago real estate industry and dealing specifically in the luxury sector of the market, the latest quarterly figures are hardly surprising, and that’s of course not even factoring in the luxury rental market in downtown Chicago, which has been especially active since the post-recession development…

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Construction For NEXT at NoCA Tower in River North Set to Begin

Although luxury condo development is starting to make its way back to the downtown Chicago real estate scene, the luxury apartment boom is still far from over. Initially announced early last year, Fifield Companies is set to begin construction on its impressive 310-unit apartment tower over at 347 West Chestnut St. near the old Calbrin-Green site.

Designed by Pappageorge-Haymes, this incredible new project, being dubbed NEXT at NoCA, will stand 28 stories high and also include 6,000 square feet of ground floor retail space. Not to be outdone by other new construction apartment towers around the downtown Chicago area, this sleek new tower will also feature an array of upscale, resort-style amenities like an outdoor pool and spa, an outdoor fire pit,…

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Striking 3-Bedroom Hits the Market at The Contemporaine

The Contemporaine is one of our favorite modern condo buildings in all of Chicago, so when a unit here hits the market there, you can bet it almost always catches our attention right away. If you’re unfamiliar with this award-winning, architectural masterpiece, few will argue it’s home to 52 of the most spectacular condominium residences you’ll find anywhere in town. Sleek modern finishes, a trendy loft-style design, and a location that’s right smack-dab in the middle of one of downtown Chicago’s hottest neighborhoods, there’s just so much to love about the building located at 201 W. Grand, and unit #803 is just the latest example of exactly why.

A 3-bedroom, 3-bathroom unit, 201 W. Grand #803 is as impressive as it gets when it comes to River North real…

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What $10+ Million Will Buy You in Chicago

In a market as large as downtown Chicago, luxury home and condos fill out a large portion of the real estate landscape, regardless of which part of town you happen to be searching. But when it comes to buying a new place to call home, the term “luxury”  can have a pretty broad definition, especially when it comes to price.

Luxury condos with only 500 or 600 ft.² might be in the range of $400,000-$500,000, while significantly larger units with three-, four-, or even five-bedrooms are of course priced accordingly. Furthermore, certain condo buildings with a certain status, or certain amenities might also be at a premium, ultimately driving up the cost of what you might pay to own at such locations.

When it comes to the ultra-elite properties in Chicago…

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Chicago Billionaire Sam Zell Reportedly Set to Sell Waldorf Astoria

Back in 2011, Chicago Billionaire Sam Zell purchased 11 E. Walton, what was then known as the Elysian, for $95 million—a record setting per-room price at the time of $505k. Now fast forward roughly 5 years and Zell is looking to sell the 188 room hotel, now known as Waldorf-Astoria Chicago, and is expected to see a very strong return.

In New York, Hilton Holdings is in the midst of selling the Waldorf-Astoria at 301 Park Ave. to Chinese insurance conglomerate Anbang for a reported $1.95 billion, or about $1.4 million per room, and although Chicago real estate prices are nowhere near New York City’s, it’s a clear sign of just how much hotel values have risen in major markets like Manhattan and downtown Chicago.

Because the sale of Chicago’s Waldorf…

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