St. Regis Chicago Residents Test Luxury Market with Listings

Two St. Regis condos listed for resale this week for $6.8 million and $7 million.

As sales and resales pick back up at 401 East Wacker Drive, listing agents are competing to draw luxury buyers, flaunting their floorplans, cutting prices or leaning on private marketing.

The $6.8 million 61st-floor unit has four bedrooms, six bathrooms and spans over 4,700 square feet for a list price of $1,434 per square foot. It was one of the earlier units completed by the building’s developer, Magellan Development Group, in 2020 and sold to its current owners in 2021.

Since then, it has only been “lightly used as a pied-a-terre,” or second home. That makes it stand out over other available resale units, listing agent Ryan Preuett of Jameson Sotheby’s International Realty said. The unit comes with a valet parking spot in addition to a self-park spot, he said.

Preuett said he priced the condo based on recent sales of units that have the same floor plan at similar heights, while also “keeping it below the other available resale” in the building.

The 63rd-floor condo, whose sellers are represented by Jennifer Ames of Engel & Völkers Chicago, has a similar floor plan and height. Ames and her sellers decided to list the home privately in April for $7.1 million.

Ames said in April she had priced the unit below what Magellan is selling similar units for, in an attempt to attract more buyers.

The 4,850-square-foot condo was listed on the public market this week, after a slight price cut, at $1,442 per square foot, just under $7 million.

Price adjustments like these are often made to meet the demands of the market and increase buyer interest, as more resales come online at the iconic, Jeanne Gang-designed St. Regis.

Both Preuett’s and Ames’ listings are priced at slightly more than what the sellers paid Magellan for them, respectively nearly $6.4 million in 2021 and a little more than $6.5 million in 2023. It’s unclear how much either seller subsequently spent on interior finishes of each unit. The sellers aren’t identified in public records.

But Compass broker Rafael Murillo, whose RM Luxury Group often represents sellers at the St. Regis, said buyer interest in the building is up, including among out-of-state buyers.

The development has navigated the ups and downs of the last few years, and sales volume and average sale price last quarter increased year-over-year, Murillo said.

Another St. Regis condo, 75th floor, was listed for resale in the fall at an initial ask of just under $8 million. Since then, it has taken a price cut of $500,000 for an ask of about $1,300 per square foot. Susan Miner of Premier Relocation has the listing.

Aside from an $11.5 million listing on the 88th floor that is currently under contract, most other resale options currently available at the St. Regis fall within the $1 million to $3 million price range, according to public listing information.