A Lincoln Park mansion has hit the market at $7.5 million at a time when even homes built 20 or 30 years ago are viewed as opportunities for teardown and redevelopment.
But @properties Christie’s International Real Estate broker Emily Sachs Wong, who has the listing, said she thinks the limestone home, with deep green accents and broad porches on both levels, will be a draw for a new pool of buyers she’s noticed. These buyers are seeking homes with more style, perhaps in reaction to the rise in newly constructed modern homes in the area.
“Coming out of the recession, things were incredibly modern and very gray,” Sachs Wong said. “No one wanted a lot of moldings and trim, and it got more modern, but we are heading back into personality for houses.”
The property, at 2210 North Orchard Street, has six beds and six bathrooms across about 8,000 square feet, putting the price at $934 per square foot, according to public listing information. The sellers bought it for $5.25 million as new construction in 2002.
Sachs Wong said the Orchard Street home, which was built just 23 years ago, stands the test of time given its spacious interior with high ceilings and large rooms.
“But I can tell you that the market wants new kitchens and baths every five years, so it’s impossible to keep up with the trend,” she said.
This is an easy renovation outweighed by the home’s location near Oz Park, she said, but the property will test post-pandemic trends of luxury buyers moving away from larger, older homes and toward newly renovated, turn-key homes.
Lincoln Park, in particular, has been a hotspot for teardowns and new construction due to its sought-after location and flexible zoning.
So, how will these two trends intermingle in the coming years in one of Chicago’s hottest neighborhoods?
“Trends always take a while to change so, fortunately or unfortunately, people are still going to always be tearing down because people do like new and modern, and they’ll just make them look old,” Sachs Wong said. “But Chicago’s got some really amazing buildings, and I’m hopeful that people want to keep the ones that are in good shape and look good.”
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