The sale of a condominium at the St. Regis Tower for almost $6.54 million demonstrates that the extreme upper end of the Chicago-area housing market has cooled off after two roaring years.
The condo, a four-bedroom, 4,850-square-foot unit on the 63rd floor of the multi-hued tower designed by Studio Gang and its principal, Jeanne Gang, sold May 12.
The buyers paid $6.537 million, the second-highest price recorded for a home sale so far in 2023 in the Chicago metro area.
By the same time in 2022, 11 homes had sold for more than that price, and by this time in 2021 there were seven such sales. The crazy early months of 2020 don’t really count, but in 2019, before the boom, there were four sales at this price or higher by mid-May.
A $12.5 million Lincoln Park mansion and other big-dollar homes are waiting in the wings with contracts signed but deals not yet closed.
A cool-down at the upper end seemed inevitable, given jitters about both the U.S. economy and the Chicago-area economy. The dearth of extreme upper-end sales is a sign that the cool-down has come.
Another data point that bolsters this observation: At $4 million and up, there have been 24 local home sales so far this year. The comparable figure for 2022 is almost twice that, 46. Last year turned out to be a record year for $4 million-and-up home sales, on top of the record set the previous year.
Magellan Development Group, the development firm behind the 92-story St. Regis tower, put the condo on the market in early March priced at a little under $7.3 million. The buyers paid about 9.5% below that.
Leila Zammatta, the Magellan Realty agent who leads sales in the building, did not respond to a request for comment. The buyers are not yet named in public records. Jaclyn Kelly, the Berkshire Hathaway HomeServices Chicago agent who represented them with fellow Berkshire agent Danielle Dowell, declined to comment.
The listing for the condo does not show any interior details.
In 2022, at least six buyers paid more than that price for St. Regis condos. That includes the billionaire Mexican mining familly member who paid $20.56 million, the highest Chicago-area home price of 2022, for two full floors, the 71st and 72nd.
In 2021, nine buyers paid more than $6.54 million for St. Regis condos. If those sales numbers are correct, that makes the latest sale the 16th-highest-priced condo sale in the tower.
The developers have recorded sales of 10 other units at St. Regis so far in 2023, at prices from about $1.18 million to $3.9 million.