Massive Gold Coast mansion hits market for $19M

Chicago area home sale prices have risen in recent months, but the owner of a massive Gold Coast mansion that just hit the market is shooting for a record.

The 20,000-square-foot home listed for $18.75 million, according to Crain’s. The home at 3 West Burton Place is owned by New York private-equity exec John “Jay” Jordan. If sold at the listing price, it would smash the 2017 record of $7.5 million paid for a 10,000-square-foot Gold Coast home, according to the report.

Jordan purchased the home, which dates to the 1910s, in 1996 for $1.8 million, according to Cook County records. Compass’ Katherine Malkin, who is the listing agent, said the home was divided into about 10 apartments at the time, and in a state of “terrible neglect,” Crain’s reported.

Today, it has six bedrooms, 13 bathrooms and a two-car garage. The listing price works out to $937 a foot.

The median price of a home sold in Chicago in August was $335,000, up more than 15 percent from a year earlier — the biggest year-over-year-increase since March 2014.

In the suburbs, the housing market has improved since the onset of the pandemic, as buyers seek extra space. Chicago suburbs saw a sharp rise in new-home purchases from April through June, when 1,166 properties were purchased. That was a 17-percent year-over-year increase. Nationally, home prices in August rose 5.2 percent year-over-year. [Crain’s] — Orion Jones