A century-old, 24,000-square-foot Wicker Park mansion has listed as overall demand for Chicago homes continues to rise.
The building at 1239 N. Wood Street is asking $8.45 million, according to Crain’s. The sellers are McKenzie Maher and Michael Mertz, who acquired the property for $3 million in 2014 and undertook an extensive renovation that isn’t quite complete, the report noted.
They did finish an overhaul of two duplex units on the first and second floors, which rent for $6,500 and $6,000. The remaining 16,000 square feet of living space above encompasses the mansion. There is 5,000 square feet of roof deck space that could accommodate a pool, according to the Compass listing. Broker Melinda Jakovich has the assignment.
The mansion could also be split into separate units, but would need city approval. The entire building has nine bedrooms, eight bathrooms and 11 half-bathrooms.
A sale at the list price would more than double the record amount for a Wicker Park property in the last five years, Crain’s noted, citing Midwest Real Estate Data information.
The building, which dates to 1903, had previous incarnations as an orphanage for Jewish children, an Army veterans association and a gallery.
Home sales have been soaring in Chicago; over 12,000 left the market in April. But luxury properties in some areas of the city in particular have been having a tougher time. A recent report showed that in the Gold Coast, it would take nearly 12 years to sell the available homes asking $5 million or more if activity remained the same.
[Crain’s] — Alexi Friedman