A Gold Coast mansion sold for $7 million, almost half the asking price when it was listed two years ago.
The 10,000-square-foot Beaux-Arts style mansion at 15 West Burton Place, in Chicago’s affluent Gold Coast neighborhood, closed on Tuesday, public records show. The home asked $13.5 million when it was placed on the market two years ago, a price reduced to $10 million in June.
While it was the first Gold Coast mansion to fetch at least $7 million since 2017, the discount may signal an erosion in Chicago’s once-booming high-end residential real estate market. After record sales last year that extended into 2022’s first half, the market is starting to cool thanks to rising mortgage rates and building economic headwinds.
The seller’s, identified by Crain’s as Caryn and Lowell Kraff, were represented by Tory Rezin and Dawn McKenna of McKenna’s group at Coldwell Banker. They took over the listing in May from a different brokerage, when the price was cut, saying the adjustment brought it in line with other properties in the area. Jason Felicione of Chipads represented the buyer, who wasn’t disclosed.
The Kraffs built the home in 2008 after purchasing the site for $1.8 million in 2000 and demolished a decaying 19th century apartment building, Crain’s reported when it first went on the market.
Of the 14 Chicago-area sales above $8 million in the past two years, four fetched more than $10 million, Rezin said in June.
The six-bedroom, eight-bathroom mansion is an outlier in the Gold Coast, where mansions are rare and condos are more common than single-family homes. It comes with another rarity: a three-car attached garage.
At the top of the market, setting a listing price is more complex, with less comparable homes. Even in record-setting deals, such as the $20 million sale of the penthouse at Trump Tower Chicago, the listing price was $10 million higher than the final sale.
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