65 East Goethe

Bill Wrigley's penthouse space, which is listed by Jim McKinney and Brian White of Baird & Warner, was recently placed on the MLS as separate units. The 8th floor penthouse (8WNE) has over 12,000 square feet of raw space and an additional 3000 square feet of private roof top. It has been on the market for $14 million since last October. While it is certianly one of the best spaces in the entire city, I don't see a buyer spending anywhere near that asking price for raw space. The potential buyer would most likely spend around $1000 / square foot to finsish the space, which puts them into the property for over $25 million. By comparison, the 61st floor penthouse in 800 North Michigan was listed for $10.95 million and closed for $8.25 million in 2006. While 800 North Michigan doesn't have the neighborhood feel of 65 East Goethe, it was a finished space and has spectacular uninterupted lake views.

This is why I wasn't too suprised to see 8N come on the market for $5 million and 8W come on the market for $6 million last week. 8N is a 5500 square foot unit, and 8W is a 3500 square foot unit and includes 1500 square feet of exterior roof space.

179 East Lake Shore Drive

One of Chicago’s top properties came off the market last week.

Marie Campbell of Koenig & Strey Real Living’s $7.5 million penthouse listing in the Drake Tower was cancelled on June 7th. This beautiful property is located on the 29th floor and has amazing panoramic views of the city and lake. The 5000 square foot full-floor property has three bedrooms, 4.2 bathrooms, and elegant traditional finishes.

Where are luxury properties turning in the Chicago area?

Many homeowners have been asking me lately, "In which areas are properties selling, and which areas are they stagnant?" Lincoln Park and Winnetka would generally be my first answers, however after that I was a little unsure. So today I finally found some time to further research this. This is the product of today's study.

Some things were expected, however others came as a surprise to me. As with any statistics you really must read between the lines, though.

The Loop being at number three was my biggest surprise. When I thought about it and looked into it further I realized both properties that sold in the last year were located in the New East Side (the area east of Michigan, south of the river, and north of the park). In the proper Loop there have been no sales and there are three properties currently on the market over $3 million.

Hinsdale was another major surprise to me. It is the only suburb not on the North Shore that is continuing to hold strong (you could maybe consider Burr Ridge and Oak Brook but I would consider 1:5 average at best).

In general, your prime luxury markets are continuing to be centered around Armitage and Clark in Chicago. On the North Shore, Winnetka continues to be in high demand. The further north you get, though, the lower the demand for properties.