Perhaps the third price cut will be the charm for a lakefront mansion in Kenilworth to lure a buyer.
The 11,000-square-foot home at 501 Sheridan Road is now listed for just under $9 million, a price cut of nearly 36 percent from when it first hit the market at $14 million last year.
“Sellers always think, ‘Well, people will make an offer.’ Well, they don’t anymore,” listing agent Nancy Nugent of Jameson Sotheby’s International Realty told The Real Deal. “People are very value-conscious, they know with the internet they can look up anything, they compare and contrast. They have a lot more information than they used to.”
Nugent now has three showings in the next four days as a result of the price correction, she said, adding that she expects it to sell quickly due to a combination of the right price, the season and the desirability of the suburb.
The seller, a trust established by the late owners of the house who are not identified in public records, first reduced the price by almost 11 percent, to $12.5 million in August, about four months after listing it publicly. The home was relisted for $11.9 million in January before last week’s bigger reduction.
The most recent cut of nearly $3 million is one of the most substantial shaves of a listing price in Chicagoland’s high-end home market this year, although many big-dollar sellers in the area take their properties through at least one price chop even when the pace of deals is stronger than this year’s.
Large discounts from asking prices are becoming commonplace for luxury Chicagoland listings as deal volume for high-end homes has slowed. The number of homes that sold for $4 million or more within the Chicago metro area in the first six months of 2023 was down by more than half from the same time last year.
The original $14 million listing price would have been a record for the North Shore suburb and was the fifth-priciest public listing in the area when it hit the market last year.
The five-bedroom, six-bathroom home has two lots on the shoreline of Lake Michigan, a rarity for Kenilworth, though it doesn’t have a beach. One of the lots contains a sculpture garden — yet the sculptures themselves aren’t included in the price, the listing notes — and the property has a multi-tiered walkway with a lower deck above boulders that line the water’s edge.
Built in the 1960s, the property hasn’t been on the market since the 1970s, Nugent previously said. The seller shopped the home on the private market without finding a buyer in 2021.
Another North Shore mansion, 325 Shoreline Court in Glencoe, had its price slashed by 22 percent from its initial listing, selling for $6.25 million this month after hitting the market at $8 million in November.
Should the Kenilworth price chop attract a buyer to pay near the reduced ask, it would mark the ninth Chicago-area home to sell for $6 million or more this year.
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