Two Gold Coast mansions have hit the market north of $10 million in the past two days — one a price markdown, and the other a fresh rehab.
Compass agent Katherine Malkin on Wednesday listed a 9,000-square-foot home once owned by Playboy Enterprises at 1336 North State Parkway at $10.9 million, the second time its price has been bumped down since it first was listed in 2015, according to Crain’s.
Retired pharmaceutical executive Jack McGinley and his wife, Julie, bought the five-story brick-and-limestone townhome in 2013 for $7.12 million and invested about $2 million in updates.
A day after the listing re-emerged, dentist Enrique Hernandez put his 9,100-square-foot mansion on the market just two blocks up the road, at 1521 North State Parkway, for $10.3 million, according to Crain’s.
That house was designed in 1895 by architect George Washington Maher for Gilded Age developer John Lewis Cochran, who built up much of the area on the far North Side now known as Edgewater. Subsequent owners divided it into apartments, but @properties agent Doug Smith said Hernandez spent an untold amount on renovations aimed at restoring the home to its former glory. He bought the home in 2012 for $4.6 million.
The six-bedroom home features a 500-square-foot rooftop deck, a French-style limestone facade and two glass double doors.
One block over, TV actor Alexandra Meneses and her ex-husband, hedge fund manager John Simpson, sold their 6,800-square-foot Gold Coast greystone in June for $6.58 million.
In May, the nearby Queen Anne-style Thompson Mansion became the city’s second-highest residential listing when it hit the market for $21.9 million.
The homes on State Parkway hit the market at a tough time for luxury home sales, with new data showing prices peaked around 2015 and have been skidding ever since. A July report by Re/Max on home sales above $1 million pegged the city’s median price around $1.3 million during the second quarter, an 8 percent decline from three years ago and the lowest point since 2012.[Crain’s] — Alex Nitkin