Lincoln Park mansion the latest $5 million home sale in Chicago

Chicago has seen plenty of big housing sales this year. The latest? The Chicago Tribune reported that a 10,600-square-foot mansion in Lincoln Park sold earlier this week for $5.5 million. This continues the solid string of home sales of $5 million or more in Chicago this year.

This home, though, didn’t exactly sell for what its owner had expected. The Tribune reports that the owner originally tried to sell the property for $9.2 million. Yes, that’s a price drop of nearly $4 million.

The home was built in 1992 and sits on three city lots, a rarity in Lincoln Park. The seller purchased the home in 1996 for $2.27 million.

What does this impressive home feature? Try eight-and-a-half bathrooms, cherry wood floors, a library with a wood-burning fireplace, two-story dining room and a second-story living room. The Tribune also reported that the home features a kitchen with a stainless steel center island, six-burner Viking range and wood from the Ivory Coast.

The home’s master suite comes with its own balcony. The home also features an entire children’s level with five bedrooms, four full bathrooms and a study area. The residence’s lower level comes with a media room, game arcade, fitness center, massage room and an arts-and-crafts center.

The Lincoln Park neighborhood remains a strong one for Chicago home sellers. If you’re selling a single-family home or condo here, you have a good chance of fetching a solid price for it. Of course, the key, as always, is to work with a REALTOR® to set the right asking price. If you overprice your home, no matter where it is located, you’ll struggle to earn any reasonable offers. If you set the right price, though? Those offers should come streaming in when you’re selling in a desirable neighborhood such as Lincoln Park.