Ultra-luxe Gold Coast block sees priciest condo sale in 5 years

Ultra-luxe Gold Coast block sees priciest condo sale in 5 years
June 04, 2019 09:00AM

Unit 12W at 209 East Lake Shore Drive (Credit: iStock)

Unit 12W at 209 East Lake Shore Drive (Credit: iStock)

A ritzy stretch of the Gold Coast netted its priciest home sale in five years.

Unit 12W in 209 East Lake Shore Drive sold recently for $6.2 million, the most a unit has sold for on that elite block of inner Lake Shore Drive since 2014, according to Crain’s.

Selling the 7,000-square-foot home were Kristin and Phillip Elbert, who originally listed it in February 2017 at $8.5 million. The home went under contract in November, when the asking price was $6.9 million, according to Crain’s. The buyer has not been identified in public records.

The last time an East Lake Shore Drive condo sold for more was in June 2014, when $7.4 million was spent for a 10th-floor unit in the same building.

The sale was the fourth highest residential deal of 2019 and the 28th home to trade for at least $4 million, according to Crain’s.

That’s good news for a luxury market that otherwise has been slow this year. Last year saw a record number of ultra-luxury home sales, but many of those sales were confined to city high-rises. The North Shore, including lakefront mansions, has not fared as well.

Katherine Malkin of Compass represented the buyer and seller in the 209 East Lake Shore deal. [Crain’s] — Joe Ward