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Lincoln Park mansion sells for $5M, continuing stretch for high-priced sales
The home is the 31st in Chicago to sell for $5M or more this year, triple 2017's total
A Lincoln Park mansion that sold this month in a whisper listing was the 31st home to sell for more than $5 million this year, more than tripling 2017’s number.
Pat McGarvey, an executive with asset management firm GCM Grosvenor, and his wife, Robin Josephs, sold their home at 1861 North Orchard Street for a little more than $5 million, according to Crain’s.
They bought the five-bedroom, 5½-bath home in 2001 for $2.9 million, according to Cook County records.
The couple did not respond to requests for comment from Crain’s. Their broker, Tim Salm of Jameson Sotheby’s International Realty, said the extra-wide home was built in the early 1990s and has a three-car garage.
The buyers used a trust that conceals their name in public records. Their agent, Brian Loomis of Coldwell Banker, did not respond to a request for comment.
The sale continues a hot streak for luxury homes in the Chicago area, with JDL Development’s luxury condo tower No. 9 Walton dominating the list of high-priced sales for the last year.
But a recent Re/Max report said the picture isn’t nearly as rosy for the starter home market, and even some luxury homeowners have to employ creative tactics when their property languishes on the market. [Crain’s] — John O’Brien