Lakeview home sells for record price: Big deals still happen in Chicago housing market

We hear a lot of glum news about the Chicago housing market. Prices here just aren’t rising as quickly as they are in other major markets. That doesn’t mean, though, that people aren’t willing to spend their housing dollars in Chicago. Just consider a recent story by Crain’s Chicago Business.

Crain’s reports that a 10,000-square-foot mansion in Chicago’s Lakeview neighborhood recently sold for a bit more than $4.3 million. That’s a hefty price tag. In fact, as Crain’s reports, it’s the highest price ever paid for a home in Lakeview.

Crain’s says that the only other residential property in Lakeview that has ever sold for more than $4 million is a house on Hawthorne Place that sold in 2015 for $4.15 million.

The house that recently sold for $4.3 million, was built in 2005 and sits on Hermitage Avenue in Lakeview. It was part of the redevelopment of a former industrial site into luxury homes. The brick home features a French-style mansard roof, pillared entry porch, five bedrooms, wood paneling, three fireplaces and an elevator.

The home also comes with a significant amount of land, at least by city standards. Crain’s says the home’s lot is 50 feet by 125 feet. That’s twice the width of a standard size lot in Chicago.

The sellers purchased the home in July of 2011, spending $3.65 million.

Crain’s said the house is the 52nd Chicago-area residential property to sell for a price tag of $4 million or more in 2019. That’s a sizable number but is actually down from last year. At this time in 2018, the Chicago area saw 70 home sales of $4 million or more and ended the year with 73. That was an all-time record.