While home prices in greater Illinois go for a median price of 340K, some in prestigious neighborhoods go for millions. On the other hand, the commercial real estate market costs an average of $100 million despite the sector experiencing a significant slowdown due to low demand for office spaces.
Amid the high price tags, some people seem not to mind expectations that the real estate sector will bounce back and the property’s value will increase significantly. But, likewise, the filthy rich continue to spend millions of dollars to acquire some of the finest pieces of real estate in Illinois.
110 North Wacker Drive $210 million
The sale of the second most valuable skyscraper in Chicago for $210 million was arguably one of Illinois’s most surprising 2022 real estate deals. Investor Tim Callahan and New York’s Oak Hill Advisors bought a controlling stake in the 55-story tower valued at over $1 billion.
The transaction was the largest for an office building in Chicago. Opened in 2020, the 1.5 million square foot tower is more than 82% leased to long-term tenants. Its biggest tenant is Bank of America, which has leased over 500,000 square feet.
801 South Financial Place $180 million
Another commercial real estate deal that sent shockwaves in Illinois was the sale of the 801 South Financial Places for $180 million. American Landmark Properties and Dallas Evergreen joined forces to purchase the South Loop apartment tower. It was the biggest downtown apartment sale in Chicago, as Wood Partners listed it for sale.
The 34-story building with 496 units boasts a 95% occupancy rate, with rents ranging between $2000 for a studio apartment and $4300 for a three-bedroom. The story building also features office properties.
1932 N Burling St in Lincoln Park
It is arguably the most expensive single home for sale in Chicago, listed for $45 million in 2022. Built in 2010, It is a prestigious home in the Illinois real estate market featuring six bedrooms and 11 bathrooms. In addition, it features beautiful limestone facades, balconies, landscaped private grounds, and gardens.
The interior features a game room, a media room, and a sitting room, all linking to an inviting back terrace. On the second floor, there is a family room, a library, a music room, and a dining room connected to a stunning chef’s kitchen. The third floor of the mansion houses multiple lounge and dining rooms as well as a wood-burning and outdoor fireplace.
Other unique features include 1,000-pound house bronze entry doors and an Italian plaster ceiling. There is also custom millwork and polished burled walnut. Additional features include a three-car customer garage and a gated motor court.
401 N Wabash Ave Unit 89A In River North
It is one of the most surprising 2022 real estate deals on holding the record for the highest price per square foot. The extraordinary condo at 401 N Wabash Ave in the Trump Tower goes for 2,103 per square foot with a total asking price of $30 million.
The premium price tag has to do with the fact that the house offers a 360-degree view of Lake Michigan and is served by a private elevator. Some unique features include a 14,000 sq feet fitness center and a four-penthouse-level parking space.
West Loop property for $104 million
Marquette Cos was one of the biggest winners and the front-runner for Illinois’s most surprising 2022 real estate deals. The company associated with Nick Ryan cashed out of the West Loop property on receiving $104 million, a bumper reward for a risk taken at the height of the COVID-19 pandemic.
The company obtained financing at the height of the pandemic to build the 242 luxury apartments on the western edge of the Fulton Market district. It initially secured financing from Stifel Bank & Trust, which injected $40.9 million, followed by an additional $17 million from JPMorgan and a check. While the firm spent $85 million on a building project, it was worth every cent given the 22% more paid by the new owners.
Demand for luxurious properties and higher-end commercial places will always be high as they are always seen as a solid investment. Consequently, people and firms spending millions of dollars for some of the most surprising 2022 real estate deals in Illinois do not surprise. The trend is expected to continue as the overall sector recovers.