Here’s my 6th 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. Only condo and co-op apartment buildings that had at least 2 sales recorded in Chicago’s multiple listing service (MRED) that closed in 2016 were included in the rankings. Only listed sales were used in determining median sale price for a building.
To make the top 10 in the rankings for 2015 a building needed a median sale price of $1,999,999 or higher. For 2016 it had to be nearly $300,000 higher at $2,292,500 or more. Nine of the 10 buildings that made the list are in downtown Chicago’s Near North Side. All of those 9 buildings are in the Gold Coast neighborhood or on East Lake Shore Drive which is considered the Gold Coast by some and the Streeterville neighborhood by others.
The one building making the list not in the Near North Side was 328 W Wisconsin, a boutique development by the Belgravia Group in Lincoln Park. Sales concluded last year.
The most expensive Chicago residential building in 2016 was The Waldorf-Astoria at 11 E Walton. It was also the most expensive Chicago residential building in 2012, 2013 and 2014. With a median sale price of $4,380,000 in 2016 it had the highest median sale price of any building since I started ranking buildings. The previous highest median sales price was $4,176,667 last year for The Ambassador at 1300 N State.
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50 E Chestnut was the second most expensive building in 2016 with a median sale price of $3,722,000. The only other buildings with median sale prices of $3M or higher were a new development at 4 E Elm and the Residences at 900 at 77 E Walton. All of the buildings that made the top 5 rankings last year made the top 10 list again this year.
Two co-op apartment buildings made the list, 209 & 229 E Lake Shore Drive. One co-op apartment building, Drake Tower at 179 E Lake Shore Drive, made the list last year.
THE 10 MOST EXPENSIVE CHICAGO RESIDENTIAL BUILDINGS IN 2016
|RANK||BUILDING||2016 MEDIAN SALE PRICE||NEIGHBORHOOD||2015 RANK|
|1||Waldorf Astoria||$4,380,000||Gold Coast||3|
|2||50 E Chestnut||$3,722,000||Gold Coast||4|
|3||4 E Elm||$3,275,172||Gold Coast|
|4||Residences at 900||$3,110,000||Gold Coast||2|
|5||Park Tower||$2,862,500||Gold Coast||5|
|6||328 W Wisconsin||$2,660,000||Lincoln Park|
|7||209 E Lake Shore Drive||$2,600,000||Gold Coast/Streeterville|
|8||The Ambassador||$2,510,000||Gold Coast||1|
|9||229 E Lake Shore Drive||$2,442,500||Gold Coast/Streeterville|
|10||The Carlyle||$2,292,500||Gold Coast|
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