According to Crain’s Chicago Business, local residential sales of $4 million or more were 8.3% ahead of last year’s pace and nearly 20% ahead of transaction volume in 2019.
The 10 highest-priced sales from the first half of the year offer some intriguing information about the luxury market, including the desirability of certain locations. For example, the North Shore traditionally has dominated luxury transactions in the suburbs, but a sale in Hinsdale and one in Naperville show up among the top five. Additionally, five of the most expensive transactions were in the city limits, pushing back against the narrative that Chicago has lost its sparkle with ultra-high-net-worth buyers. In fact, a $7.5 million penthouse sale set a new record for the West Loop.
@properties Christie’s International Real Estate continues to play a pivotal role in this segment of the market, brokering 7 of the top 10 transactions from the first half (either on the buy-side, the list side or both), more than any other real estate firm in Chicagoland. And more fireworks are coming in the back half of 2024, with several notable home sales pending and a number of headline-grabbing listings making their way to the market in late summer/early fall.
Here are the 10 highest-priced sales through June 30.
1460 Lake Road, Lake Forest
Sold price: $5.175 million
7 beds, 8.5 baths
13,360 square feet
Co-Listed by Andra O’Neill and Brandie Malay Siavelis of @properties Christie’s International Real Estate; Sold by: Ann Lyon of @properties Christie’s International Real Estate
Throughout the North Shore, the market remains strong but has slowed compared to a couple of years ago. This restored French manor is the only home in Lake Forest to sell for more than $5 million thus far in 2024. It sits on 2 acres in a prime location just steps from Lake Michigan, with an incredibly high level of finish and style.
69 E Bellevue Place, Chicago
Sold price: $5.65 million
4 beds, 4.5 baths
5,900 square feet
Listed by Meladee Hughes of Coldwell Banker Realty; Sold by Ali Bakir of MorphEasy Realty
The Gold Coast mansion market has been limping along since before the pandemic. A sale at 93% of list price in less than 6 months of market time indicates that this home was priced to market and in turnkey condition. It also featured ultra-luxe finishes like herringbone pattern floors, custom kitchen cabinets and appliances, floor-to-ceiling marble tile in baths, and finished outdoor space on multiple levels.
770 Bluff Street, Glencoe
Sold price: $5.75 million
6 beds, 6 full baths and 4 half baths
11,089 square feet
Listed by Michael Mitchell of @properties Christie’s International Real Estate; Sold by Daniel Pape of Hudson Parker
Inventory is scarce in Glencoe, and large homes on expansive lots are in high demand. For this reason, Bluff Street, though a mile west of the lakefront, is one of Glencoe’s premier streets, featuring many new custom homes built on wide, deep home sites. This particular residence is located on a generous 1.25-acre lot and offers virtually every feature and amenity imaginable, including a pool with a built-in hot tub, and separate pool house.
931 Sunset Road, Winnetka
Sold price: $5.75 million
6 beds, 6 full baths and 3 half baths
13,425 square feet
Listed by Paige Dooley of Compass; Sold by Julie Fleetwood of Jameson Sotheby’s International Realty
Similar to the Bluff Street property in Glencoe, this Winnetka home garnered an impressive price for a home off the lake, but it offers significant acreage with an absolutely perfect build inside and out. The home has many custom features and rich, tasteful details – hence the result of selling at 96% of its listing price.
451 E. Grand Ave., Unit 5509, Chicago
Sold price: $5.85 million
4 beds, 4 full baths and 2 half baths
5,130 square feet
Co-Listed by Timothy Salm and Bradley Brondyke of of Jameson Sotheby’s International Realty; Sold by Carrie McCormick of @properties Christie’s International Real Estate
The pandemic and its after-effects cooled the luxury condo market in downtown Chicago, but for high-end condo living in the city, One Bennett Park stands tall – literally and figuratively. Witness finishes hand-selected by award-winning architect Robert A.M. Stern; one of the most impressive arrays of amenities of any condo tower in the city; and a park designed by famed landscape architect Michael Van Valkenburgh (designer of Maggie Daley Park and the 606 trail).
425 E. Sixth Street, Hinsdale
Sold price: $6.05 million
6 beds, 6 full baths and 2 half baths
Square footage not reported
Listed by Dawn McKenna of Coldwell Banker Realty; Sold by Lisa Read of @properties Christie’s International Real Estate
This historic home, built in 1864, was renovated in 2018, with half of the structure being newly built from the ground up while the rest of the property was given a gut rehab full of luxury details and custom interiors. This property sitting on more than an acre in a prime location just a few minutes’ walk from downtown, also helped make it a hot commodity.
363 E. Wacker Drive, Unit 7801, Chicago
Sold price: $7 million
5 beds, 5.5 baths
6,121 square feet
Listed by Carrie McCormick of @properties Christie’s International Real Estate; Sold by Carrie McCormick of @properties Christie’s International Real Estate
The soft luxury condo market downtown presents chances for opportunistic buyers to rope some fantastic deals, as was the case with this home on one of the upper floors of the prestigious St. Regis Residences, the new condo tower by Studio Gang Architects, that sits above the just-opened St. Regis hotel. While there are still several developer-owned units for sale, this was a resale that sold for less than what the seller paid three years ago. Unfortunately, that is somewhat common these days in this segment of the market.
1112 Shamrock Court, Naperville
Sold price: $7.55 million
7 beds, 9 full baths and 3 half baths
21,709 square feet
Listed by Lauren Dayton of Jameson Sotheby’s International Realty
Homebuyers who sought baronial estates on sprawling home sites in the Chicago area used to focus on Barrington. Today, more are turning to the outskirts of Naperville and homes like this massive 21,000-square-foot mansion on 2.5 acres. It’s no simple feat to find the right buyer for these homes, as evidenced by this property’s nearly three years on the market and its sale price $3 million below original ask.
21 N. May Street, Unit 1501, Chicago
Sold price: $7.563 million
4 beds, 4.5 baths
5,187 square feet
Listed by Tim Sheahan of Compass; Sold by Philip Skowron of @properties Christie’s International Real Estate
This 15th floor penthouse set a new price record for the West Loop, one corner of the city’s luxury condo market that seems unphased by the broader malaise affecting the high end. For years, the West Loop has been the hottest downtown neighborhood for dining, nightlife, office space – and residential. The Embry is the area’s new flagship condo building, setting the benchmark for pricing, finish and amenities. Just a couple of years ago, a $7 million sale topping $1,400 per square foot would have been unthinkable in the neighborhood.
65 E. Goethe Street, Unit 8N, Chicago
Sold price: $9.3 million
6 beds, 4 full baths and 2 half baths
9,000 square feet
Listd by Jennifer Mills of Jameson Sotheby’s International Realty; Sold by Mark Icuss of Compass
This condominium, just a block from the lake, provides another example of a buyer seizing the opportunity to achieve immense value. The sale closed at just 72% of the original list price. A condo in a top Gold Coast building selling for just over $1,000 per square feet is quite a contrast to the Embry sale above – although the $13,000-per-month assessment (vs. $1,471 per month at the Embry) might have something to do with it.