Tuesday, July 25, 2017

On Chicago's Gold Coast, a glut of pricey homes

Crain's Chicago Business reports:
At the rate top-priced mansions are selling in the Gold Coast, an Astor Street home that went up for sale earlier this month should sell by 2059.

In the simplest terms, the equation goes like this: Since mid-2014, one Gold Coast mansion has sold for $4 million or more, and as of yesterday there were 14 on the market in that price range. At the rate of one sale every three years, the inventory would last 42 years.

"It's a beauty contest and a price war, and you have to be patient," said Carla Walker, the Berkshire Hathaway HomeServices KoenigRubloff Realty Group agent representing one of the longest unsold mansions in the neighborhood.

In other top-of-the-market neighborhoods, the inventory isn't as swollen. In Lincoln Park, as of yesterday there were 20 existing homes for sale at $4 million or more, and 24 have sold in the past three years. In Winnetka, 10 are listed and 15 have sold in the past three years—seven of them in the past 12 months alone.