Gold Coast mansion tests luxury market with $10M asking price

Gold Coast homeowners are looking to go big or go back home to San Francisco after listing their renovated 19th-century mansion for just shy of $10 million.

The home on Dearborn Parkway is asking $9.75 million in a market where very few residential properties have sold for more than $6 million in the past six years, Crain’s reported. If Jacqui and Richard Hawwa are successful in their ask, they will more than triple their investment on the home they bought in 2013 for $2.9 million.

The Hawwas made significant renovations to the 5,500 square-foot home after buying it, according to the outlet. The cost of renovations, however, is unclear. The Hawwas were both former executives at Chicago firms and now work in San Francisco. Jacqui Hawwa was vice president of GTCR, while Richard Hawwa worked at Citi and UBS in Chicago.

Tim Salm of Jameson Sotheby’s International Realty is the agent for the private listing.

The home has five bedrooms, a family room with a glass atrium ceiling, backyard courtyard, open but indoor grilling terrace and a dark-paneled “casino room.” The basement, which was excavated to be a full floor lower, includes a theater room.

Originally built in the 1880s, the home was previously two stories. According to a blog that covers Chicago architecture, Chicago Designslinger, it was previously owned by Samuel Fargo and his wife Mary. Samuel and his brother opened the Chicago shoe and boot company C.H. Fargo.

The property was previously offered as multiple rental units before it sold to a single owner in 1989.

Last month, a mansion in the 1400 block of historic Astor Street finally went under contract after four years on and off the market and six price cuts, amounting to a 55 percent reduction. After chopping the asking price to $4 million earlier in December, the 9,300-square-foot home, which was originally listed in 2018 for nearly $9 million, is now listed as under contract on public listing sites.

Read more

Chicago

Gold Coast listing chops another $1M from price after years on the market

— Victoria Pruitt