By Rafael Murillo | RM Luxury Group at Compass | St. Regis Chicago Real Estate Specialist
Selling a luxury condominium in Chicago requires more than simply placing a property on the market. At The St. Regis Chicago, where buyers have high expectations and each residence competes within a distinctive luxury market, the right marketing strategy, pricing guidance, and representation can make a meaningful difference.
Residence 3404 at 363 E Wacker Drive is a perfect example.
After spending more than a year on the market with another real estate agent without selling, the owner approached Rafael Murillo of RM Luxury Group at Compass for a fresh perspective.
The challenge was clear: reposition the residence, generate renewed buyer interest, and achieve a sale without unnecessarily discounting the property.
Just over two months later, Residence 3404 sold for $1,635,000, representing 100% of its asking price and the highest sale year-to-date for the building's 04 tier.
A Fresh Approach to Selling at The St. Regis Chicago
When I first spoke with the owner of Residence 3404, I understood his frustration. After more than a year on the market, he needed more than another agent promising results. He needed a clear strategy and someone who understood how to position his residence within the St. Regis Chicago market.
I made him a straightforward commitment: give me 90 days to implement my strategy, and if I couldn't get the property sold, we could terminate the listing agreement.
I was confident in that commitment because of my experience representing buyers and sellers at The St. Regis Chicago, my understanding of the building's individual floor plans and market dynamics, and the relationships I've developed with agents and qualified buyers throughout Chicago's luxury real estate market.
Rather than simply relisting the property with the same approach, I wanted to give buyers a reason to take another look.
Reintroducing Residence 3404 to the Market
One of the first priorities was completely refreshing the property's marketing presentation.
We commissioned new professional photography that better captured the residence and, equally importantly, showcased the amenities and lifestyle available to residents of The St. Regis Chicago.
The previous marketing had not fully highlighted the building's amenities, which I believed was a missed opportunity.
When buyers consider a luxury condominium at this price point, they're not simply purchasing the interior of a residence. They're investing in the building's architecture, amenities, services, location, and overall lifestyle.
We also rewrote the property description to create a more compelling narrative around both the residence and the experience of living at The St. Regis Chicago.
Beyond the listing itself, we launched a dedicated social media marketing campaign to expand exposure and reach potential buyers beyond traditional real estate search platforms.
Another important component was securing a Home of the Week feature in the Chicago Tribune, with exposure in both its print and digital editions.
Together, these efforts helped reintroduce Residence 3404 to the marketplace with a more polished presentation and broader visibility.
The Value of an Established Network at The St. Regis Chicago
Interestingly, the first opportunity came before the property was even publicly listed.
Because of my activity and track record at The St. Regis Chicago, other real estate agents regularly contact me to learn about upcoming listings and residences that may not yet be available on the open market.
Through one of those relationships, I generated an offer before launching the listing.
Although we weren't ultimately able to reach an agreement, largely because the prospective buyer realized they needed additional time to sell their existing home, the early interest reinforced my confidence in the property's positioning.
It also demonstrated something I believe is particularly important in luxury real estate: a well-connected listing agent can create opportunities that extend beyond traditional online exposure.
Navigating Offers Without Compromising the Seller's Position
After approximately another month on the market, we received a second offer.
The initial proposal was considerably below our expectations, but through negotiations, we were able to bring the buyer to $1.6 million.
Ultimately, the transaction did not come together.
With the residence having already spent more than a year on the market before I took over, it would have been easy to encourage the seller to accept a lower price simply to get the property sold.
However, I believed the recent comparable sales at The St. Regis Chicago supported a stronger result.
Understanding how much a St. Regis Chicago condo is worth requires looking beyond asking prices and evaluating recent sales, floor plan differences, market conditions, and buyer demand.
My responsibility wasn't simply to secure an offer. It was to protect my client's interests and help him achieve the best possible outcome.
Sometimes that means knowing when to negotiate, and just as importantly, when to remain patient.
How One Private Showing Event Generated Four Offers
The turning point came approximately two months into the new listing.
We had several buyers interested in touring Residence 3404 over a particular weekend. However, the residence was tenant-occupied, and the tenant had family visiting, making the property unavailable.
Respecting the tenant's schedule was important, even though it meant declining several showing requests.
Rather than allowing that interest to disappear, I personally followed up with each agent whose showing request we couldn't accommodate.
After coordinating an alternative time with the tenant the following week, I organized a private, appointment-only showing event for those prospective buyers.
That decision changed everything.
The event generated four offers on Residence 3404.
Two of the offers were below our asking price, but the other two came in at full list price.
For a property that had previously spent more than a year on the market, generating multiple competing offers was a meaningful turnaround.
And it reinforced why consistent follow-up, buyer relationships, and thoughtful showing coordination matter just as much as marketing exposure.
Sold for $1,635,000 — Full Asking Price, Cash, and a Seven-Day Closing
With two full-price offers in hand, the decision came down to more than just the purchase price.
We evaluated the strength of each buyer and the terms of their offers, ultimately selecting an all-cash proposal with no contingencies and a seven-day closing.
The final result:
- Sold Price: $1,635,000
- Sale-to-List Price: 100%
- Market Time Under New Representation: Just over two months
- Offers Generated at Private Showing Event: Four
- Financing: All Cash
- Contingencies: None
- Closing Timeline: Seven Days
- Building Achievement: Highest 04-tier sale year-to-date
Most importantly, I was able to deliver on the commitment I made to the seller when we first met.
After more than a year of unsuccessful marketing under previous representation, we achieved a full-price sale within the 90-day period I had promised.
Why Your Choice of Realtor Matters at The St. Regis Chicago
Every luxury condominium has its own challenges, and no two transactions are exactly alike.
However, the sale of Residence 3404 illustrates why choosing the right real estate agent matters, particularly in a building as distinctive as The St. Regis Chicago.
Successful representation requires more than attractive photography or exposure on the major real estate websites. It requires an understanding of the building's floor plans, pricing differences between residences, recent comparable sales, buyer expectations, and the competitive landscape.
It also requires the ability to create opportunities through established relationships, negotiate with confidence, and recognize when patience may lead to a better result.
As one of the most active real estate agents at The St. Regis Chicago, I've had the opportunity to represent numerous buyers and sellers throughout the building, developing firsthand knowledge that extends well beyond publicly available market data.
That experience, combined with a tailored marketing strategy and an extensive network of luxury real estate professionals, allows me to approach each listing with a clear understanding of how to position it in the marketplace.
Frequently Asked Questions About Selling at The St. Regis Chicago
Who is an experienced realtor for selling a condo at The St. Regis Chicago?
Rafael Murillo of RM Luxury Group | Compass is a luxury real estate broker specializing in condominium sales at The St. Regis Chicago. With an extensive track record representing buyers and sellers throughout the building, Rafael brings firsthand knowledge of its floor plans, pricing trends, buyer expectations, and competitive market. His experience includes the successful sale of Residence 3404 for $1,635,000 after the property had previously spent more than a year on the market with another agent.
Can a St. Regis Chicago condo sell after spending over a year on the market?
Yes. A property that has struggled to sell can benefit from a fresh marketing strategy, updated photography, improved presentation, and renewed exposure to qualified buyers. Residence 3404 at The St. Regis Chicago is an example. After more than a year on the market under previous representation, Rafael Murillo repositioned the residence and secured a full-price sale in just over two months.
What makes Rafael Murillo different from other St. Regis Chicago real estate agents?
Rafael Murillo combines extensive transaction experience at The St. Regis Chicago with an established network of luxury buyers, real estate professionals, and tailored marketing resources. His approach goes beyond traditional listing exposure, incorporating professional photography, strategic media placements, targeted digital marketing, and hands-on negotiations. For Residence 3404, this strategy helped generate four offers and ultimately secured a $1,635,000 all-cash sale with no contingencies and a seven-day closing.
How do I determine the best listing price for my St. Regis Chicago condo?
Determining the right asking price requires analyzing recent comparable sales, current inventory, floor plan differences, views, finishes, and overall buyer demand within The St. Regis Chicago. Because residences can vary considerably even within the same building, working with an agent who has direct transaction experience at the property can provide valuable insight into pricing and positioning.
Thinking About Selling Your St. Regis Chicago Condo?
If you're considering selling your residence at The St. Regis Chicago, or your property has been on the market without achieving the results you expected, the first step is understanding how your residence compares with the current competition.
Pricing, presentation, marketing exposure, and the experience of your listing agent all play an important role in attracting qualified buyers.
At RM Luxury Group | Compass, Rafael Murillo specializes in luxury condominium sales at The St. Regis Chicago, providing owners with personalized marketing strategies, detailed market knowledge, and experienced representation throughout the selling process.
Considering selling your St. Regis Chicago condo?
Connect with Rafael Murillo to discuss your residence, review recent comparable sales, and develop a strategy tailored to your property and goals.
About the Author
Rafael Murillo is a luxury real estate broker with RM Luxury Group at Compass and one of the leading real estate specialists at The St. Regis Chicago. With over $40 million in sales volume at the building, Rafael brings extensive experience representing buyers and sellers, combining in-depth market knowledge, strategic marketing, and an established network of luxury real estate professionals throughout Chicago.
