Palmolive 1 bedroom condo sale set record in 2014

Entrance of The Palmolive Building

The sale of a condo at the Palmolive Building last year set a new record for listed 1 bedroom condo and co-op apartment sales in Chicago. Unit 21B, a 1 bedroom plus den, sold for $1,851,875.^* The previous highest price for a 1 bedroom unit in Chicago was $1,801,625 in 2013. That was the price paid for unit 9W, a co-op apartment at 229 E Lake Shore Drive.

Unit 21B at the Palmolive had approximately 2,144 square feet including a family room and gallery. Facing north it has views of the lake, Oak Street Beach and Lake Shore Drive to the north. It featured 4″ wood floors, a custom kitchen and surround sound through-out the condo.

Prior to 2013 no 1 bedroom condo or co-op apartment in Chicago sold for more than $1,500,000. Since then 5 one bedroom condos have sold for more than that at the new Ritz-Carlton Residences in Chicago.

The median sale price of Chicago 1 bedroom condos and co-op apartments last year was $206,000. 3,435 one bedrooms sold last year. Only 12 sold for $1M or more. On average 1 bedroom condos sold for 96% of original sale price. The average days on market was 74 days.

There were no record sales prices in 2014 for studios, 2 bedroom, 3 bedroom or 4 bedroom condos and co-op apartments. The sale of the top floor penthouse at Trump Tower Chicago for $15M set a new record for 5+ bedroom condo sales and all condo and co-op apartment sales.

The 1 bedroom condo and co-op apartment sales record could be broken again this year. Currently, another 1 bedroom condo at the Palmolive is on market for $2,250,000.

DOWNTOWN CHICAGO LUXURY CONDOS FOR SALE

DOWNTOWN CHICAGO 1 BEDROOM CONDOS FOR SALE

^*Based on data from Midwest Real Estate Data (MRED), the multiple listing service for the Chicago area.