It’s the fifth Chicago-area home to sell for $10 million or more so far in 2022, compared with three in all of 2021. Since 2014, when Crain’s started tracking this category, there has only been one other year with more than three sales. That was 2018, when seven Chicago-area homes sold for $10 million or more.
If the pace of 2022 doesn’t slow, the year will end above 2018’s high mark.
Of the five $10 million-and-up sales so far this year, two are downtown condos, two are in Winnetka and this one is in Lincoln Park.
The buyers and sellers in the Mohawk Street deal aren’t identified in public records. Both used legal entities that obscured their names. Because the transaction was not listed on real estate sites, Crain’s could not determine the identities of the real estate agents involved.
In a low-inventory market, unlisted sales have become more common, as buyers connect with real estate agents who know what might be available. Early in 2022, a trio of homes sold at prices above $8 million without being listed. Two of them were in Lincoln Park, like the latest sale. In June, a Winnetka house changed hands for $11.25 million without going on the market.
The last time the mansion on Mohawk sold, in early 2016, it went for $8.35 million. The latest sale price is about 20% higher than that, although because there’s no information on rehabs or other improvements in the intervening years, it’s not clear if all of that is appreciation.
When the mansion sold in 2016, Crain’s reported from the listing that it had a home theater, indoor and outdoor basketball courts, and a four-car garage. Built in 2004, it’s on a double lot that the original owner assembled in two purchases for a total of $2.7 million.
Read More:Lincoln Park mansion sells for $10 million
2022-08-12 10:45:00
