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Luxury market malaise: Winnetka mansion lists for 25% under purchase price
The 8.3K sf home, in Indian Hill Club, is on the market for $2.25M, as Chicago’s high-end market continues to sputter
In another sign of Chicago’s sputtering luxury market, an 8,300-square-foot Winnetka mansion hit the market asking nearly 25 percent under the purchase price.
William Davis, former CEO of communications and printing company R.R. Donnelley, listed his six-bedroom home at 130 Woodley Road in Winnetka for $2.25 million, Crain’s reported. He bought the house for $2.93 million in August 1997, according to the report.
At that original price and factoring inflation, the home should be worth around $4.7 million today, Crain’s determined. The property sits on 1.1 acres in Indian Hill Club.
Last year, Chicago’s ultra-luxury residential market took it on the chin. Some of the lowlights included 52 sales of $4 million or above compared to 73 sales in 2018; and just one sale over $10 million compared to seven in 2018.
Home sale prices around Chicago have been generally low this year. The five priciest homes last week sold for a combined $10.4 million, far below the previous week’s $15.7 million total. [Crain’s] — Brianna Kelly