Luxury Chicago Real Estate Continues to Sell in June with 30 Detached Home Sales

PRLog (Press Release) - Aug. 3, 2011 - The luxury market for Chicago real estate continued to do well in June, with sales ranging from $1 million to $4.5 million. The majority of homes that sold were in some of Chicago’s most prestigious, coveted neighborhoods, and it’s not just Chicago condos that are moving on the market—30 of the sales in June were of detached homes.

Overall, the luxury Chicago homes sold in June were in great locations in their respective neighborhoods. It’s interesting to note that 26 of the homes sold were found in sought-after neighborhoods: the Gold Coast, Lincoln Park and Lakeview. Lincoln Park experienced the most luxury home sales in the group with 17 homes sold. Not only were these homes located in one of Chicago’s favorite neighborhoods, but the individual properties each had something to differentiate themselves and several turned out to be great deals for the buyers.

At 738 W Belden in Lincoln Park, this 5,000 square foot, Chicago new construction property was appraised for $2.5 million. But it actually sold for $1.5 million, making it an incredible deal in Chicago real estate. This 4 bedroom/4.1 bath also included 10-foot ceilings, classical finishes, a custom kitchen and an 18-by-18 foot terrace.

Another home at 1814 N Burling sold for $200,000 less than its asking price. This Chicago home is certainly unique to the market—it’s on an unusual lot size of 25 feet x 131 feet (standard lot size in Chicago is 25 feet x 125 feet) and features a luxurious master suite with a spa and walk-in closet. The 5,000 square foot was also originally built by Metzler Hull, a developer known for his high-end homes with exquisite finishes and 10-foot ceilings.

At 1021 W Lill, a breathtaking 4-bedroom/2-bath home that sold for $2.65 million stood apart from the pack for several reasons. One of the most notable features is this Chicago home’s 1500-plus square feet of outdoor space. But this home had much more to offer as well, including abundant natural light, 12-foot ceilings, custom paneling and millwork throughout, multiple wet bars and security cameras. The home’s breezeway, leading from the home to its 2.5-car garage, is a rarity in Chicago real estate due to zoning restrictions—not to mention being worth its weight in gold in Chicago’s volatile weather. The property also has a huge penthouse-level space for a workout room and den.

The property at 2668 N Geneva Terrace boasts a unique, extra-large corner lot at 26.02 feet by 126.72 feet. A highlight of this home was again an all-too-uncommon enclosed breezeway, in addition to extensive built-ins, an enormous kitchen and wonderful natural light. Sold for $1.825 million, this home also has a penthouse level with two outdoor decks and a sky-lit recreation room.

Finally, the most expensive home that sold in June was at 1358 Dearborn, which sold for $4.5 million, after an original listing price of $5.25 million. This Gold Coast home was completely renovated on its 23 foot x 150 foot lot. It also features 13-foot expansive ceilings, a 3-car heated garage, high bedrooms and four—four!—outdoor spaces, including a center courtyard and a huge 39-foot by 22-foot roof deck.

From unheard-of amounts of outdoor space, to breezeways, to lot sizes and upgraded finishes, the homes that are selling on the market now each have something that makes them anything from a run-of-the-mill Chicago home for sale. Seeing the Chicago real estate that recently sold gives buyers a great look into what’s on the market and what types of Chicago homes will maintain their value by differentiating from what else is on the market. To see a list of all the homes that sold in June or to see what unique properties are available now, contact me at 312-264-5853, by email at ssalnick@rubloff.com or visit http://www.sheldonchicago.com/.