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1. 800 N. Michigan Ave #66PH, Chicago, Il 60610

Closed on 11/16/2012.

This is at the top of the list with a sold price of $15,000,000, with a market time of 1 day. This home breaks a record for the most expensive condo ever sold in the city of Chicago and is a full floor residence at The Park Tower in the Park Hyatt Hyatt Hotel. 7900 sq. ft. 3 bedrooms 4.5 baths plus a 660 sq. ft. terrace, 3 garage spaces and 360-degree panoramic views of the city. $1898/sq. ft.

2. 209 E. Lake Shore Dr. #12E Chicago, Il 60610

Closed on 7/6/2012

Sold for $6,550,000 (The asking price was $7,250,000). Market time of 133 days. There is quite a gap between the #1 selling price and this home, $8,450,000 to be precise. 209 E. Lake Shore Dr. is 5800 sq. ft. 3 bedrooms, 3.2 baths. This Lake Shore Dr East address boasts some of the most coveted high-end real estate in the city. $1129 sq.ft.

3. 25 E. Superior #PH4700, Chicago, Il 60611

Closed on 7/31/2012

Sold for $6,400,000 (The asking price was $6,950,000). Market time of 34 days. This home is 8100 sq. ft., 3 bedrooms, 4.2 baths, included 4 garage spaces and located in The Fordham. It is noted that the owner spent $10,000,000 creating this space. $790 sq. ft.

4. 11 E. Walton #5400, Chicago, Il 60611

Closed on 7/9/2012

Sold for $6,000,000. (The asking price was $6,500,000). Market time of 54 days. This home is 6432 sq. ft. 4 bedrooms and 5.1 baths, 3 huge terraces providing 360-degree views of the city and is located in The Elysian (The Waldorf Astoria Hotel Building). This residence was only partially finished. $932 sq. ft.

5. 57 E. Delaware #4100, Chicago, Il 60611

Closed on 6/26/2012

Sold for $6,000,000 (The asking price was $6,975,000). Market time of 268 days. This home is 6700 sq. ft., 4 bedrooms, 5 baths, included 3 garage spaces and located in The Bristol. 2 “Sky Top” terraces were included . $895 sq. ft.

6. 11 E. Walton #PH56, Chicago, Il 60611

Closed on 4/30/2012

Sold for $5,950,000. (The asking price was $6,350,000). Market time of 53 days. This home is 6000 sq. ft. 4 bedrooms and 4.2 baths, no parking included. This home was sold as a “plain vanilla box”. 360-degree views of the city and is located in the Elysian (The Waldorf Astoria Hotel Building). $991 sq. ft.

7. 1956 N. Orchard, Chicago, Il 60614

Closed on 6/8/2012

Sold for $5,300,000. (The asking price was $5,999,000). Market time of 254 days. This home is 9890 sq. ft. 7 bedrooms and 6.1 baths with a 3-car garage. This is one of only 2 that are single-family homes on the list and built on a double lot. $535 sq. ft.

8. 1340 N. State Parkway, Chicago, Il 60610

Closed on 5/1/2012

Sold for $5,200,000. (The asking price was $5,800,000). Market time of 246 days. This home is 7874 sq. ft. 4 bedrooms and 5 baths with 2 garage spaces. This condo is located in the original Playboy Mansion. $660 sq. ft.

9. 800 N. Michigan Ave., #2601 Chicago, Il 60611

Closed on 7/9/2012

Sold for $4,900,000. (The asking price was $5,750,000). Market time of 431 days. This home is 5239 sq. ft. 3 bedrooms and 3.1 baths with 2 garage spaces. This condo is located in the Park Tower in the Park Hyatt Hotel. $935 sq. ft.

And last but not least…

10. 1521 N. State Parkway, Chicago, Il 60610

Closed on 1/6/2012

Sold for $4,725,000. (The asking price was $4,900,000). Market time of 35 days. This home is 9155 sq. ft. 6 bedrooms and 5.3 baths with 2 garage spaces. This home was sold “in need of renovation”. These stately masterpieces in the Gold Coast are generally worth every penny it takes to restore them as they are far and few between. $516 sq. ft.

Well there you have it, those are the top 10 most expensive homes sold in Chicago in 2012. Some observations about this list:

1. Average market time is 150 days or 5 months, I will predict with the lack of inventory in Chicago that market time will be reduced in 2013??
2. Not one of the top 10 homes sold were in the Trump Building. This really surprises me, The Trump building is one of the nicest buildings, imo, plus they sold many units in the building this year. Maybe all the higher priced condos were sold before 2012? They did hold the record for the most expensive rental in Chicago in 2012 and most likely the most expensive rental of all time, but that would take some research to verify.
3. Chicago broke the $1000/sq. ft. ceiling with the homes at the #1 and #2 spot.

Christine Hancock, Broker Associate with Prudential Rubloff specializing in downtown Chicago Real Estate for over 10 years. Call/email me today at 312-296-9300/ chancock@rubloff.com, or visit my website at www.DowntownChicagoRealEstate.com

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Christkindmarket at Daley Plaza

This market lets you experience authentic German traditions without traveling to Germany. My son lived in Germany for 2 years and apparently there is “No other place to enjoy Christmas” like Germany. The food, hot chocolate, hot apple cider as well as the shopping for traditional German Christmas decorations make the Christkindmarket a must see when you are visiting Chicago. You can even catch Santa Claus hanging around.
Located at Daley Plaza and open 11/22/2012 until 12/24/2012.

Lincoln Park Zoo Lights

This is not to be missed if you are in Chicago during the holiday season. The entire grounds at the zoo are decorated and it is spectacular. 11/23/2012 thru 1/6/2013

Museum of Science & Industry Christmas around the World & Holiday of Lights

The museum decorates 50 tress to represent 50 different cultures celebrating Christmas. The museum also puts up their “Grand Tree” and music from different dance and choral groups play. You may even experience some falling snow. 11/17/2012 thru 1/8/2013

Macy’s Christmas Window Displays

This is a very long tradition in Chicago as Macy’s dresses up their windows to the nines. Many families visit downtown and spend the entire day browsing the windows..Lunch in the Walnut room with the 10 story tree tops off the day.

Millennium Park Ice Rink

Skate on Michigan Avenue and it is free! There could not be a more beautiful setting in Chicago to skate than this ice rink at Millennium Park. Skate rentals are available. 11/18/2012 thru 3/11/2013

Winter Wonderfest at Navy Pier

Navy Pier has an indoor skating rink, inflatable slides, rides and much more, 17,000 sq, ft. of winter wonderland fun!

Looking for Santa, check out this site…LookingforSanta.com

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I am concentrated in the West Loop/South Loop/Downtown area but I am hearing the same from many agents that work in other areas of the city. There is such a low amount of inventory available right now that new listings have multiple offers within a few days and go on to sell at or even above asking price.

I have a client that has put in 3 offers in the last 3 weeks losing all three to properties that had multiple offers and two of those places were sold at asking price, one even slightly higher than asking price.

Two things that you can do to help your offer be accepted is:

#1 Go in with your best offer as most likely there will be no negotiation. With multiples offers the seller will most likely just accept the best offer so do not think there will be another round with counter offers.

#2 Talk to your lender and give him all the necessary documentation so that you can go into these offers with a loan approval, not just a pre-approval. It helps your offer look stronger than a similar offer that only has a pre-approval.

While the inventory in Chicago remains low, we are seeing all the signs that prices are remaining stable and even starting to go up in some buildings. That combined with the record low interest rates only further reinforces that NOW is the time to buy.

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Mistake #1: Working Alone

Some people believe that they have what it takes to find and negotiate for the property they want all on their own. While you might have some great negotiating skills, there is a good chance that you will have no idea how to complete all of the paperwork. Many who try to navigate the waters of Chicago real estate on their own find trouble after trouble threatening to capsize them. It’s much better to choose a qualified realtor early in the game to let them help you. In fact, you will find that you can avoid just about every mistake buyers make when you have a good real estate agent.

Mistake #2: Believing Cheaper is Always Better

You want to get a good deal on your home. Everyone does. However, if you are simply looking for the cheapest property, then you could have quite a few issues. You have to question why the property is so cheap in the first place. Does the home have structural damage? Is there an issue with the plumbing, the home’s history, or the location? You have to make sure that you investigate the property, have an inspection of the home, and look into the community. Know as much about the neighborhood as possible to make sure it is where you want to live. This includes knowing about the schools.

While realtors will usually have knowledge about neighborhoods, you will want to do your own research as well. Only you are going to know all of the things about a community that will be important to you!

Mistake #3: Underestimating the Cost of the Home

When you buy a home, you need to know that you can afford it. For many people, this simply means that they look to see that they can afford the mortgage and the HOA fees if there are any. However, you have to consider all of the other costs associated with owning a home, such as repairs and maintenance. Set money aside that is specifically for those issues that might crop up with the home.

These are just three of the mistakes that many homebuyers make when they are getting into a new property. You do not want to make these or other mishaps when you are buying. Educate yourself about the process of buying a home in Chicago and make sure that you have your realtor available to answer questions and keep you from making a huge mistake!

I am a downtown Chicago Real Estate Specialists focusing on West Loop, South Loop, Gold Coast, Lincoln Park and the Downtown Chicago Loop. If you are looking to buy a new home in Chicago get started here.

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