Penthouses in Chicago Suburb Highland Park Break Price Record

Highland Park just set a new high for suburban condo sales.

Two penthouses at the newly built Park Sheridan Residences sold for $3.7 million each this week, about $822 per square foot, marking the most expensive condo transactions ever recorded in Chicago’s suburbs, Crain’s reported.

The fourth-floor units, at 1950 Sheridan Road, each span about 4,500 square feet, plus 700-square-foot covered terraces. They each come with three garage spaces and access to amenities, including a club room facing a private garden, said developer Mark Muller of Fulton Developers.

The sales shattered previous condo records in North Shore towns like Wilmette and Lake Forest and also eclipsed nearly every residential sale in Highland Park in the past year.

Of 529 sales, only two homes traded for more than $3.7 million, one of them being Michael Jordan’s estate, which sold for $9.5 million in December.

The Park Sheridan condos were designed for affluent downsizers reluctant to relocate to downtown Chicago, Muller told the outlet. He cited unmet demand for large, single-level units with high-end finishes and private terraces.

Sales were handled by Shari Saratovsky of Diplomat Realty, who is also leading sales at Fulton’s nearby Wolbright project, six blocks away at 650 Walnut Street. That building is scheduled to deliver in about a year and already has three units under contract at $3 million or more, including one that’s expected to surpass the $3.7 million benchmark.

The buyers of the Park Sheridan units have not been identified in public records. Only one of the two sales listed a buyer’s agent, Beth Wexler of @properties Christie’s International Real Estate.

Demand has decreased for high-end condos in Chicago’s core, amid high interest rates and crime concerns, leading to significant price reductions and a lack of development. Meanwhile, demand is picking up in the suburbs.

— Judah Duke