Ann Lurie owns two of Chicago’s most expensive homes – a mansion and a co-op – and has been trying to sell them for close to 2 years now, without success, which only further supports my mantra that it really doesn’t matter how you “market” a property or which realtor you use if the buyers just aren’t there. Keep in mind that for these ultra high priced properties the market is pretty thin to begin with. So yesterday the price was cut on both of these homes.
The mansion at 1547 N Dearborn was originally listed in May 2013 for $18.75 MM: Ann Lurie’s Mansion: Chicago’s Most Expensive House Ever Listed. Since then it has gone through 3 price cuts:
- $15 MM on April 11, 2014
- $13.75 MM on July 7, 2014
- Yesterday it was further reduced to $11 MM and reactivated as a new listing
And there was a realtor switch just before the second price cut because obviously it was the first realtor’s fault that it wasn’t selling.
The condo at 189 E Lake Shore, unit 1W was originally listed at $6 MM in January 2013 but the listing was yanked by May of that same year. Then it was reactivated in July 2014 with a new realtor for $6 MM: Ann Lurie’s Gold Coast Condo Hits Market. Yesterday the price was cut to $5.25 MM and a new listing activated.
Slideshows of both properties are available behind the links above to my earlier posts on these properties.
I would love to be privy to a realtor’s conversation with a homeowner when suggesting price reductions like this because don’t you know that realtors get listings in the first place by extolling the virtues of their high end marketing system – the implication (or outright claim) being that only they can get a higher price.
#AnnLurie #ChicagoRealEstate #ChicagoExpensiveHomes
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 I’m the next Kurt Vonnegut you can Subscribe to Getting Real by Email. Please be sure to verify your email address when you receive the verification notice.