While the inventory of luxury condos was up in the second quarter the inventory of mansions for sale dropped 14.0% from second quarter 2013.* There were 37 mansions for sale compared with 43 a year earlier. The number of distressed listings (short sales and foreclosures) stayed at 1.
The number of pending sales for Chicago mansions in the second quarter rose 200% from second quarter 2013. There were 6 houses with a minimum of 8,000 square feet with pending sales compared with 2 a year ago.
Actual sales were also up. There were 3 mansions sold in the second quarter compared to 1 a year earlier. Sales included:
- 2138 N Hudson, a former artist colony in Lincoln Park, sold for $5,100,000.
- 1239 N Wood, a 22,000 square foot home in West Town, sold for $3,100,000.
- 3737 S Normal, a home in Bridgeport, sold for $1,065,000.
CHICAGO MANSIONS FOR SALE
|1955 N Burling||Lincoln Park||$18,750,000|
|1547 N Dearborn||Gold Coast||$13,750,000||Vintage Mansion - My Report|
|1909 N Orchard||Lincoln Park||$13,500,000|
|1508 N State||Gold Coast||$8,995,000||Vintage Mansion - My Report|
|1944 N Howe||Lincoln Park||$8,600,000|
|1400 N Astor||Gold Coast||$6,500,000|
|469 W Superior||River North||$4,900,000|
|1841 N Sedgwick||Lincoln Park||$4,750,000||Newer Mansion - My Report|
|2036 N Kenmore||Lincoln Park||$4,499,000|
|701 N Kingsbury||River North||$4,250,000|
|1735 N Honore||Bucktown||$3,950,000|
|2333 N Cleveland||Lincoln Park||$3,950,000|
|1345 W Wolfram||Lakeview||$2,850,000||Newer Mansion - My Report|
|1424 W Ohio||West Town||$2,500,000|
|5820 N Paulina||Edgewater||$2,375,000|
|6135 N Knox||Sauganash||$2,199,900||Vintage Mansion - My Report|
|3214 S Canal||Bridgeport||$1,899,999|
|1000 E 48th||Kenwood||$1,899,000|
|3300 S Normal||Bridgeport||$1,599,000|
|4179 S Lowe||New City||$1,499,000|
|6302 N Montecello||North Park||$1,300,000|
|4518 S Drexel||Kenwood||$1,269,000||Vintage Mansion - My Report|
|4512 S Drexel||Kenwood||$1,200,000|
|4805 S Drexel||Kenwood||$1,100,000|
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WHAT THIS MEANS FOR CHICAGO MANSION BUYERS
Less inventory and rising sales mean 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.
Chicago Luxury Homes For Sale
WHAT THIS MEANS FOR CHICAGO MANSION SELLERS
If your home is priced right when it goes on market, it should sell in less than 9 months. The average days on market was 263 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.
*Information is based on data from Midwest Real Estate Data (MRED).