Cook County’s condo sales maxed out at $5.8 million last week as industry heavyweights warned of a cooling housing market.
The top 10 condo sales registered in the MLS, accessed via Redfin, for the county ranged from $1.5 million to $5.8 million, with a sale at Lincoln Park Twenty Five Fifty taking the top spot after it was listed a month earlier for $6 million.
Tim Salm with Sotheby’s International Realty had the listing and Suzanne Gignilliat with @properties Christie’s International Real Estate worked with the buyer for the 35th-floor unit. The price breaks down to $1,239 per square foot.
Waldorf Astoria Condo 4002 at 11 East Walton Place ranked as the second priciest buy with a $5.3 million price tag and comes to $1,333 per square foot. Julie Harron with Jameson Sotheby’s International Realty represented both sides of the deal.
Like the Lincoln Park sale, this one closed after a markdown in price — this time by 18 percent. The condo was listed on the market for $6.5 million in 2019.
The average price for the top 10 sales was $2.7 million, with a median price of $2 million. In total, the top ten sales came to $27.3 million trading a square foot total of 27,637.
Industry scions have warned that the housing market is headed for a downturn. At The Real Deal’s real estate showcase in Miami, Florida, real estate pros — including one who invoked the iconic Game of Thrones catchphrase “winter is coming” — voiced pessimism about the near future of the market.
The cracks are showing in other markets. Prices for the top 10 sales in Florida’s Miami Dade county ranged from $1 million to $5 million, compared with $1.7 million to $11 million the previous week.
This continues a broader trend from October, where metrics for luxury condo sales showed a downturn in the market.
Here’s a breakdown of the top 10 Cook County sales from Nov. 6th to Nov. 12th:
Most expensive
Lincoln Park 2550, 2550 North Lakeview Avenue, unit T3501 | $5.8M | $1,239 psf | Listing agent: Tim Salm with Sotheby’s International Realty | Buyer’s agent: Suzanne Gignilliat with @properties Christie’s International Real Estate
Least expensive
2350 North Orchard Street Residences, 2350 North Orchard Street, unit MZ102 | $1M | $744 psf | Listing agent: Cadey O’Leary and Gabrielle Cavalier with Jameson Sotheby’s Intl Realty | Buyer’s agent: Lucas Blahnik with @properties Christie’s International Real Estate
Data from Redfin