Hyde Park mansion sold for $4.2M in December, record price for Chicago homes south of Roosevelt Road

Sale of the five-bedroom, 10,000-square-foot house brings a tally of $4M+ homes to 101 in 2021

Chicago /
Jan.January 06, 2022 01:12 PM

Aerial view of 5659 S Woodlawn Ave (Zillow)

A Hyde Park mansion sold for $4.2 million at the end of December, a record-price for a Chicago home south of Roosevelt Road.

The sale price of the century-old, five-bedroom, 10,000-square-foot property on Woodlawn Avenue, surpasses the $3.96 million that buyers paid for a Kenwood mansion in August, according to Crain’s. It exceeded the $3.95 million sale in 2013 for the former home of the founder of the Adler Planetarium.

The Woodlawn Avenue mansion was listed in March 2020 at $4.75 million. The buyers are Edip Pektas, a venture capital executive, and his wife Dina Rehab who plan on using the property as their second home. The couple lives in Inverness, a northwest suburb, 40 miles from Hyde Park.

Sellers Linda and Brian Hanessian told Crain’s at the time of the listing that the house was extensively restored after they bought the property 20 years ago. The home has a broad stone fireplace flanked by wood bookcases, leaded glass windows and a wood bench built into the base of the windows.

The sale of the Woodlawn Avenue house brings the tally of homes sold for $4 million or more to 101 over the past 12 months, doubling the average in the previous six years of 52 sales. Previously, the most $4 million-plus homes sold in a single year was 73 in 2018. Among the top 10 residential sales last year, eight were condos in the city.

A six-bedroom, 8,800-square-foot condo unit at 840 North Lake Shore Drive sold for $11.25 million in July was the priciest transaction, which eclipsed the previous year’s $9.5 million sale of a five-bedroom Winnetka lakefront mansion.

Of last year’s transactions, 70 came from the city’s North Side. Real estate agents attributed the boom to a bullish stock market and low mortgage rates. The minimum sale price of the 50 top home sales in 2021 was $4.95 million, up from $4 million since 2015, according to Crain’s.

[Crain’s] – Connie Kim





    Related Articles

    arrow_forward_ios
    The property lies on the South side of Smith Road, between Klein Road and Route 59 (Google Maps)
    Pulte scraps suburban Chicago subdivision after local pushback
    Pulte scraps suburban Chicago subdivision after local pushback
    11 E Walton Street, apt 5500 in Chicago (Redfin)
    Waldorf Astoria penthouse asking $15M comes back on the market
    Waldorf Astoria penthouse asking $15M comes back on the market
    Chicago, Homes, Rise, Stock Market Rewards
    Chicago down payments rise as buyers reap stock market rewards
    Chicago down payments rise as buyers reap stock market rewards
    Smith Road between Route 59 and Smith Road in Wayne Township with James Beifuss and Matt Garling (City of West Chicago, Google Maps)
    Pulte Homes hits roadblock on 266-unit West Chicago project
    Pulte Homes hits roadblock on 266-unit West Chicago project
    Fern Hill's Nick Anderson and render of Gold Coast condos (Fern Hill, LinkedIn)
    Developer plans condo project in Gold Coast
    Developer plans condo project in Gold Coast
    Matt Nagy and 570 Lansdowne Lane in Lake Bluff, IL (Redfin, Getty)
    Ex-Bears coach Matt Nagy lists Lake Bluff home for $5.95M
    Ex-Bears coach Matt Nagy lists Lake Bluff home for $5.95M
    1317 W Wrightwood Avenue (Google Maps)
    Over neighbors’ objections, couple seeks to tear down Lincoln Park home to build rentals
    Over neighbors’ objections, couple seeks to tear down Lincoln Park home to build rentals
    Alderman Anthony Napolitano, Chicago mayor Lori Lightfoot and rendering of Higgins Road Multifamily (Anthony Napolitano, Higgins Road Multifamily, Getty Images)
    Glenstar scores $24M tax break for O’Hare affordable housing
    Glenstar scores $24M tax break for O’Hare affordable housing
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...