A 13,000-square-foot mansion in northwest suburban Barrington Hills only sat on the market for a couple months until it was spoken for.
The house, situated on more than five acres on Heather Lake, sold Wednesday for just over $4 million. It came on the market for $4.75 million in October and was under contract within 62 days, Crain’s reported.
On average, houses priced at $2 million or more take a year to sell in the Barrington area, according to Redfin. A 22,000-square-foot mansion has languished on the market since it was priced at $17 million in September 2007.
The last time a home in the area sold for at least $4 million was in March 2019, when a 20,500-square-foot house went for nearly $4.5 million about five years after it was initially listed.
Other suburban luxury markets have had a hard time unloading mansions, as potential buyers move toward the downsizing and luxury inventory in Downtown Chicago.
Michael Jordan’s massive compound in Highland Park, for example, still hasn’t sold since he first listed it in 2012. Since then, the price has been reduced from $29 million to nearly $15 million.
In Burr Ridge, the asking price for a 30,000-square-foot-plus house once listed for $25 million has dropped to $5 million since it was relisted for nearly $11 million in 2016. [Crain’s] — Brianna Kelly