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Seven-bedroom Graceland West home sells for $6.5M, setting record for neighborhood
Gold Coast mansion also sold for same price early last month
A seven-bedroom home in Chicago’s Graceland West sold for $6.5 million, marking the highest price for the neighborhood.
The 11,000-square-foot home at 4130 North Greenview Avenue sold on Jan. 21 after going under contract for $7 million in September, two months after the sellers slashed the p rice by $1 million, Crain’s reported. The sellers, Daniel Adamany, CEO of Chicago IT firm Ahead, and Katertine Adamany listed the property in February 2021 for about $8 million.
The house, on a 16,100-square-foot lot, has room on the top floor for an office, a side and back yard that includes a sports court, according to Jameson Sotheby’s International Realty’s, which had the listing.
A big yard for a house in Chicago is a rare find, which was one of the most appealing factors for the buyers, Marlene Granacki, the Re/Max agent representing the buyer, told The Real Deal when the home went under contract in September.
“About four homes could be built on a lot like this. To have that much outdoor space in the city is very hard to obtain when living in the city of Chicago,” said Granacki.
The price exceeds a record set in Graceland West when a buyer paid $3.8 million in 2016 for a 6,600-square-foot property less than half the size of Adamanys.
It’s also the second Chicago home to sell for $6.5 million this year. A 10,000-square-foot house in Gold Coast sold for the same price in early January.
While housing prices and mortgage rates are expected to rise in 2021, most agents believe Chicago’s housing market frenzy to continue this year. Pent-up demand will outweigh new supply, driving competition and price growth that will continue to give sellers an advantage, Compass agents said in a recent survey.
The median price of city homes rose 3.3 percent to $315,000 last month from December 2020, according to trade group Illinois Realtors. In 2021, 101 homes in the Chicago area sold for $4 million or more, about twice the average of 51 in the previous six years.
[Crain’s] – Connie Kim