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Chicago Magazine

Three Eight-Digit Penthouses Hit the Market in One Week

Ian Spula | Published November 4, 2014 on ChicagoMag.com

Competition between these properties, the three
priciest to list in 2014, may not be so evident, but their
sellers would certainly invite multiple bids and the pool
of buyers is pretty small to begin with.
A sudden proliferation of eight-digit penthouse listings
in the last week is helping prove the strength and
durability of downtown Chicago’s luxury microclimate.
One year-topping offering is an anomaly, but the three
priciest condos of 2014 going to market in a seven-day
span demonstrates a new giddiness at the high end. It
also gives a window into marketing strategy and competition for a tiny pool of qualified buyers.
“There are enough high prices now that buyers are getting used to seeing them,” says KoenigRubloff’s
Janet Owen, representing not only the new highest-priced condo of the year at 189 East Lake Shore
Drive but also the most expensive single-family home: 1955 North Burling Street.
The first place to list last week, a 12,506 square foot duplex at Lincoln Park 2550 selling for $13
million, won early press from yours truly. A second offering, at the Ritz-Carlton Residences at Michigan
Avenue and Erie Street, just hit the market for $11.2 million. Both of these are the raw spaces. Their
buyers will differ somewhat from the buyer of the triplex penthouse at 189 East Lake Shore Drive. “It
can take upwards of $300 a square foot to build out an ultra-high-end space,” says Jane Shawkey,
Coldwell Banker listing agent for the Ritz penthouse and many other units in this 30 percent-sold, 89-
unit tower. “But you get absolute freedom to customize the only space like it in the downtown area.”
The final new listing is very much a finished masterpiece, measuring 7,662 square feet on three levels
with another 3,000 square feet of intertwining terrace. The asking price is $15.5 million. “I love that
those raw spaces are on the market,” says Owen. “Because it makes mine look so good.” This wasn’t,
however, the intention of Owen or her sellers. “Quite frankly, it’s pure coincidence. I caution myself
not to follow what other brokers and developers might be doing. We waited for our photos and listing
materials to be ready. There wasn’t a strategy otherwise.”
Original Link: http://www.chicagomag.com/real-estate/November-2014/Three-Eight-Digit-
Penthouses-Hit-the-Market-in-One-Week/