Another Lincoln Park Mansion Nabs a Big Price Tag

Chicago’s high-end housing market continues to rack up big sales this year. The latest? The Chicago Tribune reported that a 6,900-square-foot mansion in Lincoln Park sold earlier this month for a hefty price tag.

 

The mansion sold for $5.85 million. That ranks as one of the highest prices notched for a single-family home this year in the city of Chicago.

 

What did the buyers get for their millions? The mansion sits on an oversized lot that is 33 feet wide. It also boasts seven-and-a-half bathrooms, an elevator and three fireplaces. The kitchen is appropriately high-end, while owners can also take advantage of a media room on the penthouse level.

 

There’s also a green roof terrace, a roof deck featuring views of the Chicago skyline, a rec room, a mudroom and an attached garage that is large enough for three cars.

 

It’s true that most Chicago residents will never be in the market for a home fetching a price of more than $5 million. But that doesn’t mean that Chicago homeowners shouldn’t be concerned with the state of the luxury housing market.

 

If you’re ready to list a home, you want the entire Chicago housing market to be performing well. If the higher end of the market is fetching big sales, it bodes well for the strength of the more moderate end of the Chicago housing market, too.

 

The good news for sellers is that housing prices in the Chicago market have been rising steadily, showing year-over-year increases for more than four years. The challenge? While housing prices here have been rising, they haven’t been increasing quite as quickly as they have in most other major cities.

 

This means that it’s important for owners to work carefully with REALTORS® to set the right asking price for their homes, whether they’re selling a luxury product or a home with a more moderate price tag.