Someone closed out 2010 by signing a contract for a 4,723 square-foot, southeast-corner unit unit at Lincoln Park 2520, priced at $3.55 million, says Eric Rojas. So yes, in case you were wondering, people are still buying luxury condos in Chicago, even ones that haven’t been built yet.
Since Redfin’s sales records aren’t 100% reliable, I can only say that at least 643 condos, townhomes, and single-family homes in Chicago sold for $1 million or more in 2010, amounting to almost $1.13 billion in transactions in total. From what I can tell, these homes typically sold for about 7% below their original list prices.
The biggest sale of the year came at the very end, when Bryan Glazer, co-chairman of the Tampa Bay Buccaneers and Manchester United, purchased a 6,432 square-foot condo on the 53rd floor of The Elysian for $8.6 million. In fact, 12 of the city’s top 50 sales were at The Elysian, and even the least expensive units in the building still sold for upwards of $2.7 million.
Glazer’s home joined two other homes in the $8 million club: an 11,000 square-foot mansion at 1866 N Howe St in Lincoln Park sold for $8.5 million in August, and a 6,432 square-foot unit directly below Glazer’s sold in March for $8.18 million.
Five high-rises saw at least 20 closings above $1 million: The Legacy at Millennium Park (35), Ten East Delaware (27), Trump International Hotel & Tower (22), Aqua (20), and One Museum Park West (20).
Redfin shows 146 $1 million-plus homes currently under contract, including 28 at One Museum Park West, 25 at the Ritz-Carlton Residences, and 11 at Ten East Delaware.