A $5 million price cut? It just happened in Lincoln Park

It’s not unusual for home sellers to reduce their asking price to help move their condos or single-family homes off the market. But a $5 million price cut? That’s a bit rarer.

Crain’s Chicago Business recently reported on a mansion in Chicago’s Lincoln Park neighborhood whose owners reduced their asking price by exactly that amount. Thing is, even with that price cut, the mansion remains the highest-priced listing in Chicago.

The mansion, owned by sellers Richard and Michaela Parrillo, was listed at $50 million before the price cut. Now, of course, the asking price is $45 million. That’s still an amazing figure. As Crain’s reports, the home with the second-highest asking price in the city is a mansion near Chicago’s Newberry Library that currently is listed for $21.9 million.

The home does offer a lot for that $45 million price tag. It has six bedrooms and 25,000 square feet of living space. It’s also relatively new, having been built in 2008.

Crain’s reports that the home first went on the market in December of 2016. When it didn’t sell, the owners took it off the market last November. In January, they put it back on the market with the $5 million price cut.

Again, price cuts are far from unusual, even in strong housing markets. A well-timed reduction in your asking price can fuel increased attention for your Chicago home listing. It might be the key in generating the additional showings that could result in an offer for your property.

If your home has been sitting on the market for a while, and activity is drying up, you might want to speak with your REALTORĀ® about the possibility of a price cut. The time might be right to make a move to drum up more interest in your Chicago home.