Lincoln Park mansion sale underscores strength of Chicago luxury market

A Lincoln Park mansion that traded for $4.2 million two years ago has sold for $5.9 million, underscoring the strength of Chicago’s pandemic-era luxury market.

Inside 1919 N Dayton St, Chicago (Zillow)

The 9,000-square-foot home at 1919 N. Dayton Street, custom built in 2011 for Stephen Bonner, the former CEO of Cancer Treatment Centers of America, and his wife, has seven bedrooms and nine bathrooms, according to Zillow and Jeff Lowe of Compass, who represented both sides of the sale. The Bonners sold the home, on a double lot with outdoor space, a four-car heated garage and an elevator, in May of 2020 after asking $8 million for it in 2019.

Inside 1919 N Dayton St, Chicago (Zillow)

At least 55 homes in Chicago sold for $4 million or more so far this year, putting the pace of luxury sales on track to surpass 2021, when a record 101 homes met that threshold. That said, recession headwinds across the nation have rattled sellers and buyers, potentially slowing an overheated real estate market. A Beaux-Arts style mansion in the affluent Gold Coast that asked $13.5 million two years ago had its asking price cut to $10 million this month.

Inside 1919 N Dayton St, Chicago (Zillow)

The most recent sellers of the Dayton Street home, whose names weren’t disclosed, put $900,000 into the home, leaving them with a profit of about $765,000, Lowe said in an interview. They sold because they had to relocate for work.

“The sellers, it’s still a good deal for them, they bought it at a steep discount,” said Lowe, whose team topped all rivals in the city and state in each of the past 10 years with the exception of 2013.

Lowe Group closed almost $400 million of residential sales last year. It represented the seller of property bought by actor Jim Belushi in March, and is shopping the Ravenswood home of Jed Hoyer, president of baseball operations at the Chicago Cubs.

Read more

Chicago

Compass top broker Jeff Lowe on No. 9 Walton’s impact on the luxury market

Chicago

Top Compass agent says high-end Chicago home market hotter than ever