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The 10 Most Expensive Chicago Residential Buildings in 2017

The Palmolive Building Photo

The Palmolive Building

Here’s my 7th annual list of the most expensive condo and co-op buildings in Chicago. Each January while reviewing the previous year’s sales statistics I rank the median sale price for the most expensive buildings. The reasons why I don’t rank by price per square foot are below the rankings.

Only condo and co-op apartment buildings that had at least 2 sales recorded in Chicago’s multiple listing service (MRED) that closed in 2017 were considered. Only listed sales were used in determining median sale price for a building.

To make the top 10 in the rankings for 2016 a building needed a median sale price of $2,292,500 or higher. For 2017 it rose to $2,390,000 or more, a increase of 4.3%. All 10 buildings that made the list are in downtown Chicago’s Near North Side area in either the Gold Coast or Streeterville neighborhoods.

The top 5 ranking buildings in 2016 all made the list again. However, there was a new building in the top spot that didn’t make the list last year. The Palmolive Building at 159 E Walton had the highest median sale price in 2017 at $4,371,250.

One co-op apartment building made the list, 1500 N Lake Shore Drive. See my list of the differences between Chicago condos and co-ops for more information on co-ops.

THE 10 MOST EXPENSIVE CHICAGO RESIDENTIAL BUILDINGS IN 2017

RANKBUILDING2017 MEDIAN SALE PRICENEIGHBORHOOD2016 RANK
1Palmolive$4,371,250Streeterville
2Park Tower$4,105,000Gold Coast5
3Waldorf Astoria$3,850,000Gold Coast1
4Residences at 900$3,550,000Gold Coast4
5Mayfair$3,400,000Gold Coast/Streeterville
6 50 E Chestnut$3,262,500Gold Coast2
7 4 E Elm$3,225,000Gold Coast3
8 30 W Oak$2,875,000Gold Coast
91500 N Lake Shore Drive$2,687,500Gold Coast
1033 E Bellevue$2,390,000Gold Coast

QUESTIONS?

Call me at 773-793-4516 or email me.

Several people have asked why I don’t rank the buildings using price per square foot. First, many listings don’t provide square footage. Second, as I wrote about square footage in 2012 measurements even by professional appraisers can vary widely. Developers often calculate it from the center inside walls. Listing agents often round it up. It is far from being an accurate measure.

The post The 10 Most Expensive Chicago Residential Buildings in 2017 appeared first on Chicago Metro Area Real Estate.



This post first appeared on Chicago Metro Area Real Estate - Buy & Sell Smarte, please read the originial post: here

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The 10 Most Expensive Chicago Residential Buildings in 2017

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