At the beginning of each year I look back at Chicago's most expensive home sales from the previous year to provide a sense of the high end housing market, starting with the sale of single family homes. Somewhat surprisingly, despite a booming economy and stock market, it doesn't look like the high end was really any stronger in 2017 than 2016 - and depending upon how you look at it you might even consider it a little weaker.
11 homes sold at or above $4 MM (my arbitrary cutoff point) last year compared to 9 the previous year so that was a tad stronger. However, the highest price paid last year was $7.5 MM vs. $8.35 MM the previous year. That distinction belonged to the home at 52 E Bellevue PL which weighed in at more than 10,000 square feet spread across 5 levels on a 26 x 129 ft lot in a prime location. Here are some of the other details:
- 6 bedrooms - each with it's own full bath
- 3 half baths
- 3 car, heated garage.
- 5 outdoor decks
- 9 fireplaces!
According to the MLS description:
ABSOLUTELY AMAZING AND ONE OF THE KIND, LUXURIOUS CUSTOM BUILT PROPERTY IN GOLD COAST. THIS OVER 10,000 SQAURE FEET NEW CONSTRUCTION (COMPLETED IN SUMMER OF 2016 WITH RESTORED FACADE ) FEATURES 6 ALL ENSUITE BEDROOMS, 3 POWDER ROOMS, 5 OUTDOOR DECKS INCLUDING TOP FLOOR DECK WITH FIRE PIT AND 2 GRILLING STATIONS, CHEF'S DREAM KITCHEN WITH GAGGENAU TOP OF THE LINE APPLIANCES, MARBLE COUNTERS, TRUE MASTER SUITE WITH SPA-LIKE BATH , HIS AND HERS VANITIES, TOILETS AND HUGE CLOSETS, SITTING AREA WITH 3 WET BARS, SMART HOME AUTOMATION SYSTEM THROUGH OUT, ELEVATOR, CUSTOM WINE CELLAR, SAUNA, GYM ROOM, 3 LAUNDRY ROOMS, SEPARATE HEATING SYSTEM FOR ALL LEVELS, RADIANT HEAT THROUGHOUT 3 FLOORS POWERED BY SOLAR PANELS, MEDIA ROOM WITH 120" DROPPED DOWN SCREEN AND PROJECTOR, 3 CAR HEATED GARAGE. TRULY AMAZING HOME!!!!
I have to admit that I am actually baffled as to how they fit all this on a lot that is only slightly larger than a standard sized Chicago lot - especially that 3 car garage. I've included a slideshow of the home at the bottom of this post. As you can see it is extremely modern with the highest end finishes.
The home was purchased by Noah Properties in February 2014 as a 6000 sq ft, 5 bedroom, 4 1/2 bath home on 4 levels for $3.1 MM after sitting on the market for 514 days. Obviously they did a total gut rehab, replacing everything but the facade according to a Crain's article last year. (I believe that puts the property in a more favorable class for calculating property taxes.) I don't believe I've seen a Noah Properties gut rehab before, nor have I seen a project of theirs in this price range obviously. They do a lot of ultra modern new construction throughout the city, ranging in prices starting below $1 MM.
Interestingly, the home appears to have been purchased by Red Bull heir Jiravat Yoovidhya (his father invented it) who is believed to be worth more than $4 B.
The second highest priced sale of 2017 was the super cool 9200 square foot home at 542 W Grant Pl that I first wrote about in April 2015 when it hit the market priced at $9.25 MM and finally sold in January of last year for $7.2 MM. The building started life as a horse barn and then had several subsequent incarnations, finally ending up as a home with 5 bedrooms, 6 full baths, and 2 half baths. The home was owned by a real estate developer but the buyer is hidden behind one of those trusts.
And the third highest sale of last year was a 6900 square foot new construction home at 1922 N Howe with 6 bedrooms, 6 full baths, and 3 half baths that sold in September for $5.85 MM. It was built by Hibernian Development but we don't know who the buyer is because it was purchased through an LLC which I don't feel like researching.
Created with flickr slideshow.
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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.