Here’s my 8th annual list of the most expensive condo and co-op apartment 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 2018 were considered. Only listed sales were used in determining median sale price for a building.
What’s different about the 2018 list are the new neighborhoods represented. In the past 7 years almost all 10 buildings that made the list were in downtown Chicago’s Gold Coast or Streeterville neighborhoods. There only exceptions were 2 buildings in Lincoln Park. Three new areas had a building in the top 10 in 2018, River North, the West Loop and Lake View.
The most expensive Chicago building in 2018 was the Park Tower at 800 N Michigan Avenue which resides atop the Park Hyatt Hotel. It had a median sale price of $4,050,000. It’s been on the top 10 list several times, but this is the first time it had the highest median sale price.
Four of the top ranking buildings in 2017 all made the list again in 2018. No co-op apartment buildings made the list.
THE 10 MOST EXPENSIVE CHICAGO RESIDENTIAL BUILDINGS IN 2018
|RANK||BUILDING||MEDIAN SALE PRICE||NEIGHBORHOOD||2017 RANK|
|1||Park Tower||$4,050,000||Gold Coast||2|
|2||Waldorf Astoria||$3,837,500||Gold Coast||3|
|3||No. 9 Walton||$3,795,865||Gold Coast|
|4||4 E Elm||$3,650,000||Gold Coast||7|
|5||65 E Goethe||$3,050,000||Gold Coast|
|6||50 E Chestnut||$2,975,000||Gold Coast||6|
|7||351 W Huron||$2,850,000||River North|
|8|| 20 N Loomis||$2,222,500||West Loop|
|9||1550 N State Parkway||$2,112,500||Gold Coast|
|10||647 W Melrose||$2,099,000||Lake View|
CHICAGO LUXURY CONDOS & CO-OP APARTMENTS FOR SALE
|$10M or More||$5M - $10M||$4M - $5M|
|$3M - $4M||$2.5M - $3M||$2.25M - $2.5M|
|$2M - $2.25M||$1.8M - $2M||$1.6M - $1.8M|
|$1.4M - $1.6M||$1.2M - $1.4M||$1M - $1.2M|
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.