Settling for less: Lincoln Park mansion sells at deep discount

The Chicago area luxury market can be a fickle mistress.

Despite the continued stay-at-home orders, home sales have been picking back up after having bottomed-out in recent weeks.

But a 10,000-square-foot Lincoln Park mansion took a serious price chop when it sold this week, according to Crain’s. The century-old home at 632 W. Deming Place sold for $4.5 million, far below its original $8.9 million list price back in 2016, according to the report. The closing sale — which penciled out to $443 a foot — was also roughly 40 percent less than what the seller had put into the six-bedroom, 7.5-bathroom property, including improvements.

The property had been on and off the market for several years, and was most recently relisted for just under $5 million in December, according to Redfin.

Timothy Salm of Jameson Sotheby’s International Realty had the listing and confirmed to Crain’s that the seller — Missy Lavender — invested a total of $11 million in the property. The buyer, who was not named, was brought by Emily Sachs Wong of @properties.

A recent report from Midwest Real Estate Data found that Chicago home prices have been rising, a combination of tight supply from the coronavirus crisis and a recent uptick in showings that resulted in multiple offers on a single property.

But in late April, a 12,000-square-foot mansion in Winnetka sold for $3.2 million, half what the owner had paid for it during the Great Recession. [Crain’s] — Alexi Friedman