Three condo sales in major downtown Chicago developments show that rising mortgage rates have failed to slow the luxury market.
The three sales — one for more than $4 million and two in long-watched developments — show buyers still have an interest in high-end condo developments with ample amenities.
The buyers for all three properties haven’t yet been disclosed in public records.
The first sale, a 3,500-square-foot condo at the Orchard Private Residences, closed on April 13 for $4.2 million. It’s the 34th Chicago-area sale this year at or above $4 million. The Lincoln Park-area development includes 32 condos designed by Soucie Horner. Amenities include 10 foot ceilings, private elevators, private terraces with heaters and 24-hour door staff and concierge services. Cadey O’leary of Jameson Sotheby’s International Realty represented the developer. Christie Ascione of @properties represented the buyer.
A four-bedroom, five-bath condo at the Tribune Tower redevelopment also closed on Wednesday for $3.6 million. The renovation of the former home of the Chicago Tribune includes 162 condo units. Amenities include a 55,000-square-foot amenity space with a fitness center, indoor pool and a private park. Jeanne Martini, sales director for developer Golub Realty told Crain’s in October 2021 that about 70 of the building’s 162 units are under contract to buyers.
The Chicago Tribune’s former home on Michigan Avenue was built in stages, according to Crain’s. The most recognizable portion of the building is a 36-story Gothic tower that was finished in 1925. Tribune Media sold the tower in 2016 for $240 million to Developers CIM Group and Golub.
The third sale was a 3,200-square foot condo with three bedrooms and three baths at the St. Regis development. The condo closed on April 11 for just under $3.8 million. Leila Zammatta, of Magellan Realty, represented the developer and the buyers.
Formerly the Wanda Vista Tower, the St. Regis Chicago is a 101-story tower completed in 2020. Located at 363 E Wacker Dr, it is the city’s third tallest building. This sale follows a $9 million sale at the St. Regis in late March.
Several other major sales should be coming to the tower soon. The tower’s agents have 10 units listed at “pending” on public listing sites, including three units over $10 million. A three-bedroom, three-bath unit was sold for $2.9 million just days after the $8.9 million sale.
The sales come during a turning point for Chicago’s luxury condo market.
Deals and prices have been up, with the record-breaking $20 million sale of a penthouse at Trump Tower Chicago in March.
Five condos in Chicago sold at $4 million or more as of March 9, compared with just two during the same period last year, according to the Multiple Listing Service. In all of 2021, 42 condos sold for more than $4 million, with an $11.25 million sale of an 8,800-square-foot 26th-floor penthouse unit at 840 North Lake Shore Drive setting the highest-priced condo sale last year.
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