A slump in the luxury market, isn’t stopping some Chicago-area homeowners from listing their properties at top-shelf prices. A home in Barrington Hill hit the market today for $4.8 million.
The 13,000-square-foot suburban mansion, which sits on five-acre waterfront plot at 84 Dundee Lane, is being listed by John Morrison of @properties.
But despite its bells and whistles — six bedrooms, 8.5 bathrooms, 10 fireplaces, three laundry rooms and an infinity pool — the listing may have an uphill climb.
Chicago’s luxury market has been in a rut since the start of the year, following a boom in sales last year.
In 2019’s second quarter, the number of sales in the Chicago area priced at $1 million-plus dropped by 11.3 percent year-over-year to 813, according to a RE/MAX Premier Luxury Housing report. And the luxury market’s performance would be worse if not for the ultra-luxury market, which has been propped up by Downtown condo towers like No. 9 Walton.
The suburbs, where Barrington Hill is located, meanwhile, logged a 13.5 percent year-over-year drop in the second quarter.
But despite the challenging market, homeowners are not shying away from listing their luxury homes. And the average sales price of a luxury home — $1.3 million — was up 3 percent year-over-year in the second quarter, according to the RE/MAX report.
In August, Chicago’s second biggest sale of the year — a North Shore Glencoe lakefront mansion — closed for $9.7 million. But so far, only one residential property in the city, a condo at No. 9 Walton Street, has sold for over $10 million.
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