This is the last in my series on new construction single family homes in Chicago, focusing this time on homes priced above $1.5 MM. In the last year there have been 52 such homes listed for sale/ sold and as you can see in the map below they are positioned much closer to downtown than the new construction homes between $1 - 1.5 MM. With only a couple of exceptions they are located south of Irving Park but north of North Avenue and they are pretty much east of Western and Clybourn but west of Clark. There are also a few in Bucktown/ Wicker Park.
The map is interactive so you can click on any of the markers for more information. You can also find a larger version of the map here: New construction single family homes in Chicago above $1.5 MM.
Since this is a pretty broad price range from $1.5 MM to almost $7 MM there is a commensurate range of features and sizes of homes in this group. At the lower end you are typically looking at 5 bedrooms with 3 1/2 baths but the upper end homes have 6 - 7 bedrooms with 6 full baths and 3 half baths sitting on larger lots, sometimes with 4 - 5 car garages. The square footage of these homes can range from 4100 - 9000 sq ft. And somewhere just below$3 MM these homes start to feature solid masonry construction.
There are a myriad of developers working in this price range but a few stand out as really being active:
- Barrett Homes
- Mangan Builders
- Noah Properties
- Environs Development
- LG Development
Interestingly, Noah Properties has been active throughout the city of Chicago, selling new homes down to the mid 300s but here they are also selling top tier homes up to $2.9 MM as well. Who would have thought?
And the most active developer in this price range is Environs Development who has been building at the very top of this top tier, with one home at 1874 N Orchard currently listed at $5.975 MM.
Very few of these homes show interior photos because they are usually marketed well before they are completed. However, the home at 1703 N Dayton is an exception because it was on the market for 518 days before it went under contract. I put together a slideshow with some of the photos below.
Listed at $4.5 Mm the entire time this LG Development home ultimately sold for $4.275 MM in October 2012. Here is the description from the MLS:
Incredible extra-wide home on 36' parcel by renowned luxury builder LG Construction & Development. Over 8000 square feet of living area in best Lincoln Park location. Incredible room sizes with the finest level of finish throughout. Four bedrooms on one level. Tremendous outdoor space. 3 car garage attached to main level. Interior design by Kara Mann. Immediate delivery.
The key features of the home are:
- 6 bedrooms
- 6 full baths and 2 half baths
- 8200 sq ft
- 3 car garage
- Extra wide, 36 x 125, lot
It looks to me like the builder bought the lot for around $1.35 MM so the building essentially sold for around $357/ sq ft, which is just below the average for high end new construction homes in Lincoln Park.
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