Chicago’s Most Expensive Home Found a Buyer
How strong is Chicago’s high-end real estate market today? Well, the highest-priced home listed in the city just sold, according to a recent story by DNAinfo.
According to the story, the mansion at 1955 N. Burling St. in Lincoln Park sold earlier this month. The property was listed at $18.75 million. But the official sales price has not been released.
The home is certainly a special one. It includes seven bedrooms and covers five city lots. Amenities, according to the DNAinfo story, include a movie theater with its own lobby, a garage that holds six cars and a separate guest house with two bedrooms. There’s also an indoor swimming pool.
In all, the home includes 20,000 sqft of living space.
Timothy Mullen, part-owner of the Tampa Bay Rays Major League Baseball team, was the seller. The buyer has not been listed.
If you’re selling a more traditional condominium or single-family home in Chicago, you might not think that the sale of an $18 million home has any impact on the likelihood of you finding a buyer. But it actually does.
When a market’s most expensive homes are finding buyers, that’s a sign that the wealthiest of individuals believe in the strength of that market. This means that wealthy buyers believe that Chicago is a strong real estate market.
I, of course, agree with them. Median housing prices in the city have been on the rise for a long time now. At the same time, there isn’t enough housing inventory to satisfy the demand for condos and single-family homes in neighborhoods such as Lincoln Park, Roscoe Village, Wicker Park, Logan Square and Lincoln Square.
This all adds up to a seller’s market today. If you’ve been debating whether now is the right time to list your Chicago home it might be time to take the plunge.