Will mansion just hitting the market set a Hyde Park sales record?

A new mansion hitting the market might nab a record-setting sales price for Chicago’s Hyde Park neighborhood, according to a recent story by Crain’s Chicago Business.

The mansion, originally built in 1899, includes 8,000 square feet of living space and six bedrooms. Sitting on Woodlawn Avenue, the property comes with a steep asking price of $4.2 million.

If someone pays that much, it will easily set a Hyde Park sales record. As Crain’s reports, the highest any buyer has paid for a home in Hyde Park is $3.75 million. That big sale happened in 2013, when buyers spent that much for an 11,000-square-foot home on Greenwood Avenue.

The home has been rehabbed extensively during the last four years. The work includes new utilities, a recreation of the property’s old stained-glass windows and a 2,000-square-foot addition that features a kitchen and glassed-in indoor/outdoor room.

The owners of the home bought the property in 2015, spending $1.75 million to get it. They listed the home for sale on Jan. 3.

There’s no guarantee that the owners of the home will actually sell the property for the full $4.2 million asking price. It’s not certain, even, if the owners will land a sale that breaks that previous $3.75 million record.

What’s interesting, though, is the confidence these owners are showing in the Hyde Park market. They are confident enough to ask for a record-setting price here. And maybe that optimism is well-placed.

The Chicago housing market made plenty of headlines in 2019 for its rather sluggish price growth. Home values did rise, but not as quickly as they did in other major cities in the United States. But mortgage interest rates remain low and the economy is still strong. This year might see home prices in Chicago continue to rise. And that might be inspiring owners such as the ones angling for a record in Hyde Park.