First high-end home to sell in pandemic flips for $2 million more

A Lincoln Park property that was the first multimillion-dollar home to sell in Chicago during the pandemic has changed hands again – for a $2 million premium.

The sale of the seven-bedroom home at 1901 N Howe St. closed for $6 million on Aug. 1, a review of public listings showed. Built in 2005, it has been updated substantially since it was bought for $4.1 million in 2020, according to its Zillow listing.

At the time of the 2020 sale, the agent for the buyers told Crain’s that they weren’t flippers and planned to live there for several years and renovate “over time.” It was listed, went under contract and sold in four days that May, during a Covid stay-home order.

Timothy Salm and R. Matt Leutheuser of Jameson Sotheby’s International Realty represented the sellers. Salm didn’t respond to a request for comment. Information about the most recent buyer and the buyer’s agent weren’t disclosed.

The property, just shy of a double lot and 49 feet by 125 feet in area, was the 80th Chicago metro home to sell for at least $4 million this year, reflecting ample appetite for the high end of the luxury market. It came as recession headwinds and rising interest rates across the nation rattle sellers and buyers, potentially slowing an overheated real estate market as interest rates rise.

In June, ​​a Lincoln Park mansion that traded for $4.2 million two years ago sold for $5.9 million. The sellers had put $900,000 into the home, leaving them with a profit of about $765,000.

It’s unclear how much the sellers of the Howe Street home spent on their renovation.

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