University Village's Most Expensive Home Closes At 27% Discount

After 893 days on the market, 1446 S Emerald in Chicago’s University Village just closed at $1,225,000 vs. a list price of $1,675,000, which is a 27% discount. I have to believe that this home is currently the most expensive home in University Village because it was the model home and originally listed at $1.7MM at a time when other homes in the neighborhood were listed for and sold for considerably less. For example, the most expensive homes back then were listed around $1.2 MM but actually sold around $1.5 MM – presumably because of upgrades – but that was during the bubble and those same homes would not fetch anywhere near $1.5MM today. Model homes are usually fully upgraded so the upgrades were already baked into the listing price of this home.

In addition, this home was quite elegantly designed by interior
decorator/ designer John Wiltgen and was listed with all the custom furniture and accessories. Check out the slide show below to see what I mean. However, I have been informed that the property only sold with some of the model furnishings since the buyers already had their own. I have no idea what the value of the total furnishings package was, nor the value of what was conveyed. However, the total furnishings couldn’t have been worth more than $100,000 could they? In other words, adjusting the original list price for the value of the furnishings would give you around $1.6 MM for just the house.

The home was listed with the following features:

• 4299 Sq Ft
• 2 stories plus basement
• 5 bedrooms
• 3 1/2 bathrooms
• 2 fireplaces
• 3 car garage
• 30 X 114 lot

Here is the description:

Custom home designed by John Robert Wiltgen.
Elegant details abound in this exquisite home including steam shower,
heated floors in the master bath, designer closet organizers, elegant
crown molding and stunning tile details. This home has a English
Basement with a suite for a nanny and a lovely basement family room.

You should also note that this home is on the better side of the street. The other side backs up to the Dan Ryan overpass.