Last week I posted on Chicago's most expensive single family home sales of 2016 but in reality several condo sales actually set the record last year for the overall most expensive Chicago home sales just like in 2015. In total there were 16 condos that sold above $4 MM compared to 18 in 2015, which included 2 that did not go through the MLS - that we know of. I am not aware of any condo sales in 2016 above $4 MM that did not go through the MLS.
However, 2016's top sales fell far short of the top two sales of 2015 that clocked in at $16 MM and $18.75 MM. The highest priced condo sale of 2016 was Igor Chernomzav's unit that occupied the entire 52nd floor in the Waldorf Astoria that I last wrote about in June 2015 when it hit the market. Unit 5200 at 11 E Walton originally listed for $13.9 MM but then the price was eventually reduced to $12.85 MM in March of 2016. By early May they had a contract and it closed in early July for $11.7 MM. Unfortunately, we have no information on the buyer.
The second most expensive home sale last year was also a condo - the full floor penthouse in the Ritz Carlton Residences at 118 E Erie. Originally listed as raw space for $10.85 MM in December 2013, it went under contract in June of the following year, which is not bad for a unit of that price. The only problem was that it took 2 years to close because of a lawsuit filed by a Mexican mining billionaire who allegedly had a right of first refusal on the unit which the original developer had granted him. Ultimately, he lost his case.
The buyers of the unit are a bankruptcy attorney, Peter Geraci, and his wife Holly. They paid $8.63 MM for the 6028 square foot space, which works out to $1432/ SF. Again, that's for raw space and, as such, it's the highest price per square foot ever paid in Chicago for raw condo space according to Crain's. As a point of reference most nicely finished condos in the city sell for less than $1000/ SF. Check out the photo below to see what these buyers got for their money.
That's pretty raw all right. Nevertheless, the listing showed the unit having 4 bedrooms and 3 1/2 baths, probably just so that the listing would show up in search results. The unit also came with 2 garage parking spaces. Here is the description of the unit from the listing:
One and only opportunity to live on the top floor of The Ritz-Carlton Residences, Chicago. Full-floor penthouse with over 6,000 SF of raw space, 12-18 ft ceilings & 660 SF of private, south & east facing terraces. Residents enjoy the Landmark Club, Chicago's only private residential city club located on the 10th floor. World-famous Ritz-Carlton mgmt & staff are on site to tend to every need. Experience the Difference
And then the third most expensive condo to sell last year was actually the top two floors of Vince Vaughn's Palmolive triplex penthouse that I have posted on several times in the past - floors 36 and 37 at 159 E Walton Place. Vince had been trying to sell the penthouse since 2011 but it wasn't until he split it into two pieces that he was finally able to sell it.
The final asking price for the 7880 square foot top two floors of the penthouse with 3 bedrooms and 5 1/2 bathrooms was $8.5 MM. Purchase records indicate that it was bought in September by the Tramp Rogers LLC for $8 MM cash. I can't figure out who Tramp Rogers is but the LLC is managed by Margaret Rowley who is a wealth manager.
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Gary Lucido is the President of Lucid Realty, the Chicago area's full service discount real estate brokerage. If you want to keep up to date on the Chicago real estate 'market, get an insider's view of the seamy underbelly of the real estate industry, or you just think he's the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.