Chicago's Most Expensive Home Sales Of 2016: Single Family Homes

At the beginning of the year it’s always fun to look back vicariously at the previous year and see how the richest Chicagoans spent their money on homes. 2016 was not quite as strong as 2015 for Chicago’s most expensive homes but it still turned in a decent performance. In 2015 there were 12 sales of single family homes above $4 MM with the most expensive home (20,000 square feet) closing just below $13.35 MM. By contrast 2016 only had 9 sales above $4 MM with the highest priced sale coming in at $8.35 MM vs. a list price of $8.95 MM after 289 days on the market without a price drop. No surprise, all 9 of these homes were in Lincoln Park.
That chart topper was also the largest of the group at 11,000 square feet and sits on a double lot at 2026 N Mohawk. So this home sold for roughly 63% of 2015’s #1 sale but is roughly 55% of the size. Unfortunately, the lawyers and the listing did a really good job of hiding the sellers and the buyers so we can’t dig up any dirt on them.
Here are the particulars on the home:

  • 7 bedrooms
  • 6 full baths, 4 half baths
  • 4 car garage
  • Only 1 fireplace?!?!?! Heck I’ve got 4 and my house is a lot cheaper.
  • Built in 2004 it appears to have been sold by the original owners and I’m guessing from the photos that a lot of the finishes were updated in the last 12 years – unless the builder was ahead of their time.
  • Property taxes of $83,534, which is based upon a property value of only $3.9 MM. Once again, Joe Berrios, please get your act together!

Here is the description from the MLS and there is a slideshow of the home at the bottom of this post:

Built to perfection on a double lot by Metzler Hull, 2026 North Mohawk has spectacular spaces and the finest details for both intimate family living and fabulous entertaining. Located on the best block in East Lincoln Park, this 7+ bedroom, 6.4 bath home has spared no luxury. Amazing state-of-the-art kitchen with the finest appliances has a seamless transition into the family room creating the perfect atmosphere to gather and relax. Elegant master suite with large walk-in shower, separate soaking tub, double vanity, dressing room, walk-in closet and make-up area. All 6 bedrooms have beautiful en-suite bathrooms and large closet spaces. In addition to the bedrooms, this 11,000+ sqft home has 4 private outdoor areas, a library, exercise room, private professional theater, indoor & outdoor basketball court, coat room, abundant storage and large laundry room. Four car attached indoor heated garage.

One of my favorite parts of this home is the breezeway between the house and the garage so that you don’t have to deal with the weather in getting to and from your car. Also, note that the breezeway is lined with benches for taking off your shoes and boots and cabinets for all your weather gear and backpacks.
The second most expensive single family home sale last year was new construction at 1944 N Howe coming in at a very close second place, selling for $8.3 MM. However, this home was on the market for 626 days, listed for $8.6 MM without a price reduction. It was very close to the same size of the home on Mohawk with 10,500 square feet and had 6 bedrooms, 6 full baths, and 3 half baths on a 42.5 foot wide lot. Again, we don’t know the buyer of this one.
After that the third place price drops to a mere $6.1 MM for a 9000 square foot new construction home on a 33 foot wide lot at 1829 N Orchard with 7 bedrooms, 5 full baths, and 1 half bath. It appears that this home was sold during construction because it didn’t close for more than 2 years.
Nevertheless, it turns out that these are really not the most expensive homes sold in Chicago last year. That distinction actually goes to a few condos sold last year and I’ll take a look at those next week.

#RealEstate #ChicagoRealEstate #ExpensiveHomes #ChicagoExpensiveHomes
Gary Lucido is the President of Lucid Realty, the Chicago area’s full service discount real estate brokerage. If you want to keep up to date on the Chicago real estate ‘market, get an insider’s view of the seamy underbelly of the real estate industry, or you just think he’s the next Kurt Vonnegut you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.

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