Chicago Luxury Condos For Sale

Search luxury condominiums in Chicago 

What do luxury homes mean to you? If you glance through the latest listings for Chicago luxury homes for sale, luxury condos are listed featuring tantalizing amenities, such as: Zen parks, in-home movie theaters, and pet spas. Frivolous perhaps? With frivolity comes the potential for such listings to lose their value during a downturn.

Chicago Luxury Condos Defined

To me, luxury means something other-worldly, a property with big pluses and eye-popping amenities that don’t easily depreciate. Read on to learn more about what amenities we recommend you look for in Chicago luxury apartments in our guide to Chicago luxury condos:

• Cubic footage: Although square footage is important, I look at cubic footage. Why? Because with cubic footage, you’re factoring in ceiling height. And when it comes to Chicago luxury condos, you’re unlikely to find anything with less than 8-foot ceilings. If you can find a luxury unit with upwards of 12-feet that’s excellent, anything higher you get diminishing returns.
• Unobstructed views: Vitamin Ds? Yes please! You need ‘em – sunlight boosts your mood and your resale value. Unobstructed views are crucial, as well as what the view is, exactly. A coastline? A green space? A skyline? When swooning over the luxury unit’s unobstructed views, check the air rights and zoning allowances of nearby buildings so you can be sure your unobstructed views stay that way - unobstructed.
• Architectural uniqueness: Museum-quality finishes always stand the test of time. When searching for Chicago luxury homes, you can take the backdoor approach and follow the architect, that is research architects or firms with solid reputations and see which luxury condo developments they’ve been involved in. You’re looking for architects with discriminating taste, excellent track records, and an eye for detail while favoring the highest-quality materials. In terms of identifying unique finishes within a luxury condo, go with your gut. However, in terms of retaining value, it’s best to consider how the unit will be regarded several decades from now. Trendy here-today, gone-tomorrow details may be more difficult to unload in a buyer’s market down the road.
• Windows: Other than expansive windows that let the light shine in, you’ll also want to look for double-paned, insulated windows to block out noise. As windows contribute to heat and cooling losses, you want double-paned and insulated to protect against weather.
• Spacious layout: This is luxury, so think roomy, spacious layout. You’ll want to have plenty of space for entertaining while still maintaining a distinctive personal area for sleeping and family time. Ensure your guests have access to a bath without having to cruise through your bedroom to get to it. The entire space should be functional, meaning don’t go for a unit with meandering corridors or funky passages.
• Storage: You’re in a luxury condo, which means you don’t have access to a creepy basement or attic. That’s a good thing in the haunted house department, however, when it comes to storage space you may need to simplify. Otherwise, ensure your luxury condo includes plenty of closet space or an in-building storage unit.
• Fitness: Gyms are one amenity you really don’t want to skip, particularly in cities like Chicago where the weather may not cooperate with your morning run. If your luxury unit does have a fitness area, ensure that it is proportionate to the number of condo dwellers in the building. The last thing you want is to fight over the only available Stairmaster with other luxury condo owners.
• Laundry facilities: What’s luxurious about schlepping your laundry two blocks to the launderette? Nothing. That’s why you must ensure your new condo has an in-unit laundry.
• High-end finishes: Luxury apartments outfitted with high-quality appliances, such as Viking, or fancy finishes like Italian marble are ideal. As well, more and more developers are hiring interior designers to design and fashion the luxury condos. Why do-it-yourself when you can save time, money, and headache by purchasing a luxury condo that’s already been done up.

Guide to Chicago Luxury Homes: How to Find Unlisted Luxury Condos?

The fact of the matter is, most Chicago luxury condos are unlisted. Why? Often the sellers want to protect their privacy. The usual concern is once the luxury unit is listed, it will attract a bunch of lookie-loos, and not serious buyers; or worse, an open listing may encourage thieves to break in, posing a security threat. Consequently, sellers often put feelers out on the grapevine that their property is on the market. That means, luxury condo listings are often not put on the MLS or Zillow.

How do you tap into this word-of-mouth world? Identify the agents that deal in luxury properties. Most of the luxury agents focus exclusively on luxury homes; not only do they understand the market intimately, but they’re well-connected to other luxury agents. It’s a small world. Find a reputable luxury agent and in an instant, you have access to their personal connections.

Anything Else? Final Considerations

As with any home purchase, luxury condos and apartments are no different – there are several considerations to factor in before signing on that dotted line. These considerations include:

Flood insurance: The more expensive the house, the higher the insurance costs will be. When calculating how much your luxury mortgage will be, you may need to factor in as much as $500 per month to cover things like flood insurance.

Property taxes: Where do you live? This plays a big role in property taxes. As well, the more expensive the property, the more property taxes you may pay.

Luxury apartments Chicago? Yes please! As with any home purchase, no matter your personal wealth or budget, there are many things to consider when purchasing a property. The luxury apartment landscape is no different. However, if you’re ready to go “all-in,” then it pays to do some homework and know what amenities you’re looking for and what you can do without; then find a well-connected agent that specializes in luxury condos and tap into their personal network. The sky’s the limit, kid!