Lincoln Park Condo closes for just under ask in quick $5.8M sale

After spending just a month on the market, the home closed for 2.8% less than listing

2550 N Lakeview Avenue, Chicago (Zillow, Getty)
2550 N Lakeview Avenue, Chicago (Zillow, Getty)

A Lincoln Park condo sold quickly for just under asking in a luxury market where deals are frequent but homes rarely fetch their listing prices.

A unit in the tower at 2550 North Lakeview Avenue sold for $5.8 million, after asking $6 million after only a month on the market.

The 35th-floor unit has four bedrooms and five bathrooms. Sharon and Bill Kozek, the CEO of transportation and logistics company CSM, sold the unit in February for $5.8 million to a Delaware limited liability company whose owner is unclear. The LLC made the recent deal for the same price as its initial investment earlier this year.

Tim Salm with Sotheby’s International Realty represented the seller. Suzanne Gignilliat with @properties Christie’s International Real Estate represented the buyer. Neither responded to a request for comment.

Salm represents some of the city’s most well known listings — including the late Richard Driehaus’ mansion that was used in a scene in John Hughes’ “Ferris Bueller’s Day Off,” as well as the 25,000-square-foot, $45 million listing for a Lincoln Park property that is not currently active but considered the most expensive home in Chicago.

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At 4,700-square-feet, the condo unit is joined by only one other on the same floor. The listing was somewhat rare for this year’s Lincoln Park market, where most high-end residential sales lately have been of single-family homes.

The home didn’t turn a profit for the seller, yet is an outlier in how quickly it sold and how close to its listing price the deal closed.

Even though Chicago’s luxury market has had a consistent flow of sales, many sellers have been forced to make price cuts to sell homes, even on properties that flirted with records.

That’s been especially true at the top of the market, including the $20 million Trump Tower Chicago penthouse sale that was cut from a $30 million list price. In the Gold Coast, a 10,000-square-foot Beaux-Arts style mansion sold for $7 million, almost half the $13.5 million asking price when it was listed two years ago.

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