A megamansion in Barrington is bucking a trend in the high-end housing market — by finding a buyer quickly.
The 20,000-square-foot home on Hawthorne Road was re-listed in late March for $6 million, and found a buyer in only 10 days after a 12 percent cut from its initial asking price. The re-listing chopped the property’s original asking price of $6.8 million when it tested the market in 2021.
Identities of the homeowners aren’t clear from public records. The listing agent, Joanne Nemerovski with Compass, did not respond to a request for comment.
The Chicago area has eleven homes for sale over 15,000 square feet. That includes Michael Jordan’s Highland Park estate that’s listed at $14.85 million, three Gilded Age estate’s on the North Shore, plus several newer homes in the western suburbs.
Many of the homes have sat on the market, or switched their listing status between on and off in recent years. An already-narrow buyer pool for multimillion dollar homes is further limited to those interested in maintaining large pieces of land. These properties are also competing with buyers interested in the growing number of high-end condos with ample amenities and are located within the heart of Chicago.
Identifying the correct price for high-end homes can be a challenge itself, with few comparable homes in the neighborhood or suburb and a limited buyer pool of those with both the cash to spend and an interest in maintaining a larger property.
The Hawthorne Road estate last sold for $3.6 million in 2014 following several price cuts from $10.5 million. The property is on nearly 10 acres and borders a private lake. Built in 2001, the home has 10 bedrooms and 11 bathrooms. Other amenities include six fireplaces, a 1,300-bottle wine cellar, in-home sauna and a two-story indoor pool and hot tub.
Price cuts and long stays on the market are increasingly common since the market slowed and interest rates have risen. Even Chicago’s most expensive listing, a massive mansion in Lincoln Park, underwent a $15 million chop down to $30 million earlier this year.
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