Your Lincoln Park Dream Home Might Come With an $8 Million Price Tag
How much are you willing to spend to buy a home in Chicago’s red-hot Lincoln Park neighborhood? Does $8 million or so sound fair?
That’s about what the owners of a 7,800 square foot mansion in Lincoln Park are asking for their residence, according to a recent feature story in Crain’s Chicago Business.
The owners are actually listing the home for $8.1 million. This represents the second-highest current listing price for an existing home in Chicago’s Lincoln Park neighborhood, according to the story. Crain’s reports that another home in Lincoln Park, on Deming Place, is listed for $8.45 million.
Now, I know that you probably aren’t going to drop $8 million for a home. But the fact that the owners are asking for this figure is yet more evidence that the city’s Lincoln Park neighborhood remains one of the most desirable places to live in Chicago. If you can get into this neighborhood, the odds are high that the condo or single-family home that you purchase will be a solid investment.
Of course, no one can guarantee that any home will appreciate in value, even in the strongest of Chicago neighborhoods. But over time, and with just a few exceptions, residential real estate has been proven to be one of the safest investments.
What will you get if you do plunk down $8 million for this latest multi-million dollar property in Lincoln Park? According to the Crain’s story, the home comes with a wine room with space for 900 bottles, a rooftop deck with some impressive views of the Chicago skyline, a zinc-roofed cookhouse on the home’s second outdoor deck, an elevator and what the story calls “extensive” millwork detailing.
The owners bought the home in 2010 for $5.1 million. The home wasn’t finished then, but if the owners are able to sell the property for near $8 million, the home should represent a solid investment for them.
A home selling for $8 million isn’t out of the question in Lincoln Park. According to Crain’s, two homes in this neighborhood have already fetched this price. One sold for $8.35 million in February, while the other earned an $8.3 million sales price in July.