Remember that mansion at 516 N Armour St in West Town that was supposed to auction off on November 10 without a reserve price? At one time it had been listed as high as $7.78 MM but then in July of this year it was relisted at $4 MM, which failed to produce a buyer and then they decided to auction off the home.
Well, apparently the auction failed to produce a buyer with a high enough offer despite the fact that, technically, there was no reserve price. I don’t know how else to explain it because just a couple of days before the end of bidding the home disappeared from the auction site and re-appeared for sale in the MLS, listed for $3,995,000. Clearly the seller was disappointed with the early indications of interest – if there were any – so they pulled the home out of the auction to avoid a forced fire sale.
Given that the house previously did not sell when listed at $4 MM, I’m doubtful that it will sell now anywhere close to list price. Usually what happens with these homes that linger on the market is that they either undergo a series of price cuts until they do sell or they suddenly sell at a steep discount to list price when the seller gets desperate enough. If someone is interested they might as well throw in their offer, regardless of how close it is to the list price.
#ExpensiveHomes #ChicagoExpensiveHomes #WestTown #UkrainianVillage
Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry 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.