Chicago mansion pending sales up 400% in Q1

The number of pending sales for Chicago mansions in the first quarter rose 400% from first quarter 2013.* There were 5 houses with a minimum of 8,000 square feet with pending sales compared with 1 a year ago.

Actual sales were also up. There were 3 mansions sold in the first quarter compared to 1 a year earlier. Sales included:

  • 469 W Superior, a newer mansion in River North, sold for $4,100,000.
  • 4815 S Woodlawn, which was built in Kenwood for Thomas Wilson of Wilson and Company Meat Packing and Wilson Sporting Goods, sold for $2,702,000.
  • 3806 S Michigan, the original home of the DuSable Museum of African American History, needed a complete rehab and sold for only $200,000.
Chicago Mansions Pending & Sold 1st Qtr. 2011 - 1st Qtr. 2014 Chart

Chicago Mansions Pending & Sold 1st Qtr. 2011 - 1st Qtr. 2014

The inventory of Chicago mansions for sale in the first quarter rose 3.1% from first quarter 2013. There were 33 mansions for sale compared with 32 a year earlier. The number of distressed listings (short sales and foreclosures) dropped from 2 to 1. Back in February I wrote about how inventory levels for Chicago mansions in the fourth quarter fell over 17%.

Chicago mansions are scattered around the city, but most are in Lincoln Park, the Gold Coast or River North

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Chicago Luxury Homes For Sale

WHAT THIS MEANS FOR CHICAGO MANSION BUYERS

You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO MANSION SELLERS

If your home is priced right when it goes on market, it should sell in less than 4 months. The average days on market was 122 days.

Mansions take longer to sell due to a smaller market for them. The inventory has only varied by a few homes during the past few years. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO MANSIONS FOR SALE

$5M+$3M - $5M$1M - $3M$1M & Below

CHICAGO LUXURY CONDOS FOR SALE

Click below to see the downtown Chicago luxury condos for sale in your desired price range.

$5M & Above$3M to $5M$2M to $3M$1.8M to $2M
$1.6M to $1.8M$1.4M to $1.6M$1.2M to $1.4M$1M to $1.2M

QUESTIONS?

Call us at 773-793-4516 or email us.

*Information is based on data from Midwest Real Estate Data (MRED).

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More