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Luxury broker Jennifer Ames lists her own 8K sf Lakeview mansion
The Engel & Volkers franchise owner says she and her husband spent more on the custom-built home than its $4M asking price
The Chicago area luxury market has been mired in a slump, with sellers having to slash prices to attract potential buyers.
With a nod to that reality, Jennifer Ames, one of the city’s top luxury brokers, just listed her own 8,300-square-foot Lakeview mansion for $3.95 million, The Real Deal has learned. Ames said the price is less than the amount she and her husband spent building and maintaining the eight-bedroom home.
Ames opened Engel & Volkers’ first Chicago office last year with her husband, Paul Lazarre.
They are now looking to downsize as their three children grow and become more independent, Ames told TRD. Ames oversees all Chicago operations for Engel & Volkers, which she owns in a franchise deal. Lazarre — an entrepreneur and software developer — is a licensed partner at the firm’s North Clark Street office.
The couple built their Lakeview home at 1335 West School Street, after paying $1.8 million for a pair of neighboring two-flats in 2007. Those buildings were demolished to make way for the mansion, constructed by Chicago-based Environs Development. The home was completed in September 2008, and includes a 1,300-square-foot backyard.
“I had a toddler and was expecting twins, and we were in a regular-sized house,” she said, recalling the couple’s decision to build the West School Street abode. “My husband and I were both working from home at the time and we had a live-in au pair, so it was going to be crowded … we needed to have more space, especially because we had found out that the twins were boys, so we’re going to have three little boys.”
The home was designed around the backyard, for their children, she said. It has hosted birthday parties, wedding receptions, fundraisers and political events over the years, Ames added.
Now, they are planning to move into a smaller house in east Lincoln Park, near her children’s school and the Engel & Volker office.
Despite a sluggish local luxury market that has seen falling sale prices this year, Ames said historically-low mortgage rates have made it good time to sell.