Chicago’s second-priciest listing slashes $3M off ask

A Gold Coast mansion that’s been on the market since 2020 is finally taking a price cut and slashing $3 million off its asking price.

The home, at 3 West Burton Place, was the second-highest priced listing in Chicago until it cut its ask this week from $18.75 million to $15.75 million. The $3 million cut is a 16 percent reduction for the 20,000-square-foot property.

Originally listed in 2020, the home belongs to John W. “Jay” Jordan II, a Chicago businessman who founded private equity firm The Jordan Company in 1982. Katherine Malkin, a broker with Compass, is representing the listing and did not respond to a request for comment.

The six-bedroom, thirteen-bathroom home has an interior courtyard, wine cellar, home gym, home theater and a two-car garage. The home was originally built in the late 1800s. Jordan purchased it in 1996 for $1.8 million.

The home is now tied for third-priciest listing in the greater Chicago area, and others near its price point have also had to take major price cuts to find a buyer. Near record-setting sales in Chicago in recent years have taken millions of dollars off prices from ambitious initial listing marks.

The top of the Chicago market can be a challenge for sellers to price accurately, especially since many of them may hold high-end assets in other cities that have enjoyed stronger appreciation.

Chicago doesn’t have the surging price demand that cities like New York, Los Angeles and Miami have faced in recent years, nor does it have the same pool of all-cash and international buyers, driving prices up at the top of the market. Many of the city’s priciest listings have sat on the market for years, and often include ultra-personalized touches that increase the investment of the owner, but don’t always translate to a return on investment.

Read more

Chicago

Mohawk Street mansion asks $8.2M a year after last sale

There are only 29 homes in the Chicago area listed for or above $8 million. That includes the priciest listing in the city, a Lincoln Park megamansion previously listed at $45 million. It recently also took a price cut, and is now listed at $30 million.