Modern Gold Coast mansion returns to market with price cut

A contemporary mansion in the Gold Coast is back on the market after a 13 percent price cut from when it was initially shopped for sale a year ago, following a recent pattern of high-end single-family homes in the neighborhood sitting on the market.

The home at 54 East Scott Street is now seeking $8.75 million. It was previously listed at $9.4 million when it was brought to public markets in April, before the listing was marked down. Jennifer Ames with Engel & Voelkers Chicago is the listing agent on the property, and has been since it listed for $10.1 million on her private network in October last year.

54 E Scott Street in Chicago (Zillow, Getty)

Her client’s total investment “far exceeds our original asking price,” Ames said, and the sellers didn’t expect to make money on this sale. “Most of the reason that we tweaked the price was to hit the reset button for buyers who may be looking now.”

The home was built in 2010 and was the first single-family property in Illinois to be LEED gold certified and won a Historic Preservation Award for New Construction, according to its listing. At 10,400 square feet, the five-bedroom, seven-bathroom property is a rarity in the area for its relatively new build. It’s within the Astor Street Historic District in the Gold Coast, where most homes are historic properties built in the 19th and early 20th centuries. It also has a focus on sustainability, including a geothermal heating and cooling system, a green roof, and a rainwater harvesting and collection system that waters the yard and fills an outdoor pond.

54 E Scott Street in Chicago (Zillow, Getty)

The sellers knew there would be a difference between how the owner personally valued a sustainable house versus how the market valued its environmental friendliness, Ames said.

Other amenities include an elevator, private outdoor space, and an attached 5-car garage with electric vehicle charging, a gated driveway, a multi-story glass atrium, two rooftop gardens, and a steampunk-style game room with an adjacent wine room in the basement.

54 E Scott Street in Chicago (Zillow, Getty)

The ownership of the home is not clear from public records, with the owner listed as Scott St Partners LLC, according to a deed filed with Cook County.

Despite the price cut, the home may be a challenge to sell given its level of customization and the slow sales of mansions in the Gold Coast area.

In July, another Gold Coast mansion sold for $7 million, which was 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 was originally asking $13.5 million when it was placed on the market in 2020. That price was reduced to $10 million in June this year before it sold the next month at the 30 percent discount from the latest listing price.

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