A high-end house on Printer’s Row sold 20 percent below its listing price this week after eight months on the market.
The home at 747 South Dearborn Street was originally listed for nearly $6 million before selling for $4.8 million on Friday, marking a $1.1 million price cut to get the unique property sold.
The home is an oddity on Printer’s Row, a dense section of downtown’s South Loop where most residential properties are condominium buildings or apartments.
Built in 2019, the 7,000-square-foot property has five bedrooms and five bathrooms. The site could have been a mid-rise tower, much more common in the area, but a local architect opted to design a house for his family there. Chris Talsma, a principal in the Chicago architecture firm Filoramo Talsma, and his wife, Sara Talsma, built the project and are building a new house for their family and selling, according to previous reports.
Tim Salm, a Jameson Sotheby’s International Realty agent, represented the property and did not respond to a request for comment. The buyers are not yet identified in public records.
The property includes a private elevator, a 2,000-square foot outdoor terrace with heated swimming pool, ground-floor parking and a 2,000-square-foot retail space that is included in purchase price.
Its price was reduced several times before landing a buyer, in yet another show of the challenges in Chicago’s ultra luxury market during a year where interest rates have risen and sales have slowed.
Despite the price cuts, the sale is still likely a record in the South Loop. The previous highest priced property in the neighborhood was a condo on Prairie Avenue that sold for $3.4 million in 2018, according to local news outlets.
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The property is another example of how price cuts create opportunities for buyers willing to pay all cash or accept a higher interest rate for properties that have less competition and longer listing times.
Of course, reductions in some cases are made because the initial listing price was always out of reach for certain properties. And comparing high-end sales is tricky in many cases because they’re less common in Chicago than other major cities. So far this year, seven homes have sold at or above $6 million — the original price for the Printer’s Row house — in the Chicago area, according to public listing sites, leaving luxury sellers limited data to study as they hunt returns on their investments.