Significant 2023 transactions in Chicago’s luxury market occurred in penthouses and grand apartments with commanding views. At the ultra-luxury level, new construction at One Bennett Park and the St Regis saw sales over $6 million followed by spacious residences at 9 W Walton and 2550 N Lakeview, selling over $5 million. A full floor 8,000 square foot raw space penthouse at the Park Tower sold in less than four months for $11,200,000.
Buyers at the upper-end of the market often pay cash or finance against other assets, making them very attractive to sellers of luxury properties. Buyers in the luxury resale market are finding premier properties below market value and many are being sold beautifully and fully
The city’s only undeveloped lakefront parcel, for years speculated as a prime location for the next new luxury Gold Coast building, was finally issued a construction permit. The eight-story apartment development of 58 high-end rental units will be designed by Booth Hansen with a traditional-looking stone façade, in keeping with the elegance of the neighborhood, and modern bay-like window protrusions. There will be below-grade parking and a rooftop amenity deck with unobstructed lake views
