Have about $2 million to spare? Then you can buy what Chicago Magazine calls the “most outlandish mansion” in Chicago’s Lincoln Park neighborhood.
The mansion, a 7,500-square-foot postmodern home on the 1900 block of North Mohawk in Lincoln Park, boasts a stunning 83 windows. It also has five cascading roof decks, an elevator that serves four of the home’s levels and a seemingly unending series of curves and unusually shaped rooms. The Chicago Magazine story says that the home is reminiscent of a high-end ocean liner because of its bow-like facade.
What is most intriguing to me, though, is the home’s asking price of $1.95 million.
$1.95 million is a lot of money. But it’s not a sky-high price. And it’s more evidence that the owners of high-end real estate — generally those homes priced at $1 million or more — are today more realistic about what their homes are really worth. Those who are serious about selling their estates are placing more realistic price tags on their high-end homes.
The Chicago Magazine story points out that the sellers of this home understand that the number of buyers willing to spend big on such an unusual home is limited. The story quotes a REALTOR® as saying that it’s rare to get a home of more than 7,000 square feet in the east portion of Lincoln Park for such a “low” price.
This is a good lesson for the sellers of all homes, even those priced at more modest levels. Buyers today are shrewd. They won’t pay more for a home than what the market says it is worth. So even if you paid $300,000 for your Lincoln Square condo in 2004, buyers might not pay more than $250,000 for it today. The housing market in Chicago has changed.
If you want to succeed in today’s housing market, take a lesson from the owners of multi-million-dollar homes: Don’t price your residence too high for today’s buyers.