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
|RANK||BUILDING||2017 MEDIAN SALE PRICE||NEIGHBORHOOD||2016 RANK|
|2||Park Tower||$4,105,000||Gold Coast||5|
|3||Waldorf Astoria||$3,850,000||Gold Coast||1|
|4||Residences at 900||$3,550,000||Gold Coast||4|
|6||50 E Chestnut||$3,262,500||Gold Coast||2|
|7||4 E Elm||$3,225,000||Gold Coast||3|
|8||30 W Oak||$2,875,000||Gold Coast|
|9||1500 N Lake Shore Drive||$2,687,500||Gold Coast|
|10||33 E Bellevue||$2,390,000||Gold Coast|
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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.