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Chicago Luxury Real Estate Update

Posted by Linda Shaughnessy on Saturday, September 1st, 2018 at 12:38pm.

Year-to-Date Chicago Luxury Condo Sales over $5m

Compared to 2017 luxury condo sales for the same eight-month period, when only one property closed over $5,000,000, eight new construction condominiums at No.9 Walton contributed to the record number of fourteen sales this year. In keeping with this trend, the other ultra-luxury condominiums sold  were at the Ritz Carlton Residences, The Waldorf-Chicago, and the Palmolive. Two Trump Tower penthouses also sold at noteworthy prices of $9,400,000 and $9,912,000.

Luxury Condos for Sale over $5m

Considering that eleven of the eighteen luxury condominiums for sale over $5m are brand new or yet to be built, it’s clear that new developments will continue to drive Chicago’s upscale market.  Three of the most luxurious and expensive buildings to date are One Bennett Park, Streeterville’s crown jewel, where 4,798 square foot three bedrooms are listed at $6,225,000 or $1,297 a square foot.  The Jeanne-Gang designed Vista Tower in Lake Shore East, soon to be Chicago’s third tallest building at 93-stories, is offering 5,861 square foot units on the 85th and 90th floors in the $10m range or $1,708 a square foot, and the penthouses started selling in the $8m range last year. On South Michigan Avenue’s Cultural Mile, Helmut Jahn’s 74-story skyscraper, 1000M, will see square foot prices over $1,500.  



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