10 Highest Priced Home Sales From 2023 Show Depth and Breadth of Chicagoland’s Luxury Real Estate Market

 

Chicago’s ultra-high-end real estate market notched another strong year in 2023 despite depleted inventory, economic uncertainty and the Fed’s aggressive inflation fight which sent mortgage rates surging to nearly 8%. Ironically, the very conditions that wreaked havoc on the greater market in 2023 made high-quality, hard assets such as luxury homes a coveted safe haven for affluent buyers with cash on hand.

 

Although the number of ultra-luxury sales (in the Chicago area, that’s homes sold at $4 million and up) decreased compared to 2021 and 2022 when that figure topped 100, we’re still tracking ahead of pre-pandemic levels. In 2019, 52 Chicago-area homes sold at or above $4 million. Through November 30^th of this year, 65 transactions had eclipsed that threshold, according to a review of closed sales from the Chicago-area MLS.

 

However, one big change vs. last year is the top end price range of those sales. In 2022, the #1 sale was a penthouse at the new St. Regis tower, which sold for $20.57 million. Another penthouse at Trump Tower was close behind at $20 million. And the 10^th most expensive sale was a condo at 9 West Walton that sold for $9.4 million. This year, the top two sales were a pair of lakefront homes in Winnetka that traded for $12.5 million and $12.25 million, while the 10^th most expensive sale was a Lincoln Park mansion priced at $6.367 million.

 

According to Mike Golden, co-founder and co-CEO of @properties Christie’s International Real Estate, the difference likely has more to do with a lack of supply than a lack of demand. “$20 million transactions are rare in Chicago. It could be years before we see another one. That’s not indicative of any type of market jolt. In fact, luxury demand in both the city and the suburbs was surprisingly strong this year, and we even saw some records broken.”

 

From luxurious urban penthouses to sprawling suburban waterfront estates, Chicagoland produced some truly extraordinary luxury home sales this year. Read on for a list of Chicagoland’s top 10 highest-priced sales for 2023, as of November 30^th. @properties Christie’s International Real Estate was involved in five of these transactions, more than any other brokerage.

 

 

Sold Price: $12,500,000

 

5 beds, 7.1 baths

 

12,500 square feet

 

Listed by Jena Radnay of @properties Christie’s International Real Estate; Sold by Edward Gobbo of Berkshire Hathaway HomeServices Chicago.

 

Built in 2005, this lavish estate sits on a little less than an acre with 94-feet of private Lake Michigan shoreline. Luxe features include a home theatre, several wine refrigerators, a heated six-car garage and an expansive primary suite with a private balcony.

 

 

Sold Price: $12,250,000

 

5 beds, 5.4 baths

 

6,174 square feet

 

Listed by Jena Radnay of @properties Christie’s International Real Estate; Sold by Jena Radnay of @properties Christie’s International Real Estate.

 

This Mediterranean-style four-level mansion originally built in 1912 offers a 168-foot-wide private sandy beach, a sauna, pool, basement speakeasy bar and a two-story cabana house. The new owner will almost certainly undertake a multi-million-dollar renovation.

 

 

Sold Price: $11,200,000

 

5 beds, 5,2 baths

 

8,000 square feet

 

Listed by Susan Miner of Premier Relocation; Sold by Katherine Malkin of Compass.

 

This penthouse condominium on the prestigious Magnificent Mile was owned by Ken Griffin, Illinois’ wealthiest resident before he disembarked for Florida. The home was marketed as raw space, as Griffin never finished his plans to combine the unit with his residence on the floor above.

 

 

Sold Price: $10,650,000

 

7 beds, 6.2 baths

 

11,000 square feet

 

Listed by Suzanne Gignilliat of @properties Christie’s International Real Estate; Sold by Sharyl Mackey of Baird & Warner.

 

This luxe home sits on a triple lot in the heart of Lincoln Park, and features a three-story atrium, two kitchens, and a home gym, Outside, residents enjoy a half basketball court, several entertainment spaces, and a rooftop deck. There are two separate garages offering two- and three-car parking.

 

 

Sold Price: $8,076,000

 

5 beds, 6.3 baths

 

15,451 square feet

 

Listed by Katie Minott and Kim Marino of @properties Christie’s International Real Estate; sold at auction by Concierge Auctions.

 

The most expensive home ever sold in DuPage County, this mansion is located steps from downtown Naperville. The home was designed by Chicago-based Cook Architectural Design Studio and features three fireplaces, cathedral ceilings, skylights, a pool and an outdoor kitchen.

 

 

Sold Price: $7,750,000

 

7 beds, 6.2 baths

 

7,566 square feet

 

Listed by Katie Hauser of Compass; Sold by Joanne Hudson of Compass.

 

Designed by renowned architect David Adler in 1928, this home has been updated for modern living while maintaining its original charm. Sitting on almost 3 acres with stunning lake views from nearly every room, the home features a brand-new kitchen, several fireplaces and a boardwalk that leads to 288 feet of private sandy beach.

 

 

Sold Price: $6,820,000

 

4 beds, 5.1 baths

 

Listed by Julie Busby and Pamela Moran of Compass; Sold by Lisa Finks of Compass.

 

This one-of-a-kind, three-level penthouse boasts lake views and one of the best private outdoor spaces in all of Chicago. The meticulously designed floor plan includes an all-glass solarium, private roof deck, a soundproofed studio/recreation room, family room with home theater, four wet bars and smart-home integration.

 

 

 

Sold Price: $6,537,000

 

4 beds, 5.1 baths

 

4,850 square feet

 

Listed by Leila Zammatta of Magellan Realty; Sold by Danielle Dowell of Berkshire Hathaway HomeServices Chicago.

 

Sharing an address with the new 5-star St. Regis Chicago hotel, this condominium boasts a modern design and impeccable attention to detail. Amenities of the luxe building include indoor and outdoor pools, a hot tub, fire pit, fitness and training rooms, private dining room, and a wine tasting room.

 

 

Sold Price: $6,500,000

 

5 beds, 6.1 baths

 

10,400 square feet

 

Listed by Jennifer Ames of Engel & Voelkers Chicago; Sold by Mark Icuss of Compass.

 

Situated on an oversized lot in Chicago’s historic Astor Street District, this contemporary home boasts plenty of unique features, including a steampunk-style game room, a gift-wrapping room and a dramatic multi-story glass atrium that fills living space with natural light.

 

 

Sold Price: $6,367,000

 

7 beds, 6.4 baths

 

11,000 square feet

 

Listed by Emily Sachs Wong of @properties Christie’s International Real Estate; Sold by Susan Miner of Premier Relocation.

 

This Lincoln Park home is designed for entertaining with an expansive open living space, adjacent outdoor space and a garage roof deck. The star of the show in this home is the primary suite, which features two massive walk-in closets, soaking tub and an exercise room.