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Residential
Chicago

One Chicago condo closes for $5.6M in choppy condo market

The condo has been under contract since July 2021

Jameson Sotheby's Nancy Tassone and David Mahoney with 14 West Superior Street (Jameson Sotheby's Intl Realty, Zillow)
Jameson Sotheby's Nancy Tassone and David Mahoney with 14 West Superior Street (Jameson Sotheby's Intl Realty, Zillow)

A condo at One Chicago closed for $5.6 million, more than a year after the property went under contract.

The unit on the 44th floor was originally listed for $5.3 million, with the additional money on the price likely going toward a developer buildout of the unit. The 3,600-square-foot unit has three bedrooms and four bathrooms.

Nancy Tassone with Jameson Sotheby’s Intl Realty represented the developer, JDL Development, and David Mahoney, also with Jameson Sotheby’s, represented the buyer. Neither responded to a request for comment.

The condo is the 18th to sell at $5 million or more in Chicago this year. That’s three less than the 21 condos that sold for the same amount in all of 2021, which was a record year for residential real estate.

Should no more condos sell at that mark or higher the rest of this month, the 14 percent decline in sales volume in that market would mark a far less severe slide than the city’s overall condo outlook.

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In October, 926 condos sold in Chicago at a median price of just more than $320,000, with the number of sales down 32 percent compared to the same month in 2021, and the average time on market was 70 days, up 37 from last year’s average, according to Redfin. The high-end segment’s prevalence of all-cash deals is more disconnected from the skyrocketing cost of mortgage debt than the broader housing market.

Plus, substantial price cuts have been common for high-priced luxury condos as of late: Ken Griffin’s loss on a Waldorf Astoria condo in the Gold Coast he sold this fall was followed by two more deals that took price chops to close in the same building.

Luxury condos in new construction towers, though, such as One Chicago, Tribune Tower and the St. Regis, haven’t been as impacted by price cuts as units in older properties. The One Chicago condo appears to be one of the most expensive units to sell in the building so far, though the top deal at One Chicago belongs to a $6.1 million sale.

Still, another set of condos are being marketed together for $5.3 million, which would mark a loss for the property from its previous sale earlier this year, even if it sells at the full asking price. The seller of those purchased two units on one floor, a three-bedroom condo for $3.85 million and the smaller condo for $1.75 million, totaling $5.6 million.

The building’s most expensive units, a $28 million two-story penthouse and several $10 million ones that cover a full floor of the building, don’t have buyers.

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Luxury Real EstateRiver North