There’s been a lot written lately about highest real estate prices. Here’s what I found for highest downtown Chicago condo prices per square foot.
There are different ways of looking at what’s the priciest real estate. One way is highest price. Last week David Lee Matthews wrote in Crain’s Chicago Real Estate Daily about a lakefront Glencoe estate that sold for $19.5 million likely setting a record for the Chicago Metro Area. However, with 15,800 square feet (SF) it wasn’t the highest price per square foot sale at $1,234/SF.
In August the Chicago Real Estate Daily (author unknown) quoted Chezi Rafaeli of Coldwell Banker Residential Brokerage. According to Chezi, his sale of a 54th floor apartment at 55 E. Erie in August “was the highest per-square-foot price for luxury condominiums in premium downtown towers without access to hotel amenities in the same building.”
The article said the sale price was $4.25 million and the condo had 4,100 square feet. So it sold for about $1,036/SF. According to Chicago’s multiple listing system (MRED) the property had 4,200 SF which would give it a slightly lower sale price of $1,012/SF.
Mr. Rafaeli also stated, “Prices run higher in the Trump, Four Seasons, Waldorf Astoria and other buildings that provide hotel services to residents.” I agree with him on that point. I’ve identified at least 32 sales in Trump Tower, the Waldorf Astoria, the Park Tower (Park Hyatt Hotel) and Aqua (Raddison Blu Hotel) that sold for more than $1,036/SF. See below for some of the most expensive sales for downtown condos with hotel amenities.
DOWNTOWN CHICAGO CONDOS WITH ACCESS TO HOTEL AMENITIES
| Unit | Year Sold | Sale Price | Square Feet | $/SF |
|---|---|---|---|---|
| Park Tower 66PH | 2012 | $15,000,000 | 7900 | $1,899 |
| Trump 2414 | 2008 | $894,524 | 604 | $1,481 |
| Trump 2730 | 2008 | $894,375 | 604 | $1,481 |
| Trump 2110 | 2008 | $890,000 | 607 | $1,466 |
| Trump 2634 | 2008 | $978,500 | 684 | $1,431 |
| Trump 2604 | 2008 | $1,292,650 | 907 | $1,425 |
| Waldorf Astoria 5801 | 2014 | $3,650,000 | 2579 | $1,415 |
| Trump 2600 | 2008 | $3,093,200 | 2245 | $1,378 |
| Trump 2320 | 2004 | $830,489 | 604 | $1,375 |
| Trump 2616 | 2008 | $816,300 | 604 | $1,351 |
However, I disagree that $1,036/SF is a record for condos in premium downtown towers without a hotel in the same building. Below are 10 sales in 10 E Delaware, the Palmolive and 30 W Oak all higher. None of these luxury condominium towers are in the same building as a hotel.
DOWNTOWN CHICAGO CONDOS WITHOUT ACCESS TO HOTEL AMENITIES
| Unit | Year Sold | Sale Price | Square Feet | $/SF |
|---|---|---|---|---|
| Palmolive 18A | 2007 | $6,265,000 | 4984 | $1,257 |
| Palmolive 31A | 2013 | $6,750,000 | 5500 | $1,227 |
| Palmolive 18B | 2005 | $4,815,000 | 3939 | $1,222 |
| 10 E Delaware 34A | 2014 | $3,695,000 | 3100 | $1,192 |
| Palmolive 32A | 2011 | $6,350,000 | 5500 | $1,155 |
| Palmolive 21A | 2014 | $5,250,000 | 4732 | $1,109 |
| Palmolive 30A | 2008 | $5,875,000 | 5400 | $1,088 |
| Palmolive 29A | 2008 | $5,875,000 | 5400 | $1,088 |
| 30 W Oak 15B | 2014 | $3,635,000 | 3349 | $1,082 |
| Palmolive 32A | 2014 | $5,615,000 | 5400 | $1,040 |
The tables above may be missing sales since square footage is not required in real estate listings. They also do not include any sales outside of MRED.
So the highest dollar per square foot condo price in downtown Chicago is at least $1,899. It was paid for unit 66PH at the Park Tower in 2012, a full floor unit.
For residential condos without access to hotel amenities the highest price per square foot in downtown Chicago is at least $1,257. That was paid in 2007 for unit 18A at the Palmolive Building. The 3 bedroom 3 1/2 bath condo included a library, study and 1,626 SF terrace.
Keep in mind with dollar per square foot metrics that square footage depends on who’s measuring and how it’s reported. For more on this see my article on square footage issues.
Another way to look at highest prices is by median sale price for buildings. Look for my 4th annual list of the most expensive condo buildings in Chicago (by median sale price) in mid January 2015.
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Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
