Chicago Gold Coast- Short Sales and Price Reductions
Filled with the sorts of stately homes and prestige that make Chicago’s Gold Coast neighborhood something akin to Manhattan’s Upper East Side, the high-end properties that dominate Gold Coast real estate tend to be out of the reach of the majority of homebuyers. Indeed, these vintage masterpieces, from condominiums in what was once the Playboy Mansion to single family estates costing upwards of $5,000,000 require not only deep pockets but also a commitment to the neighborhood.
Although these properties still fall squarely in the category of upper end, there may be some good news for homebuyers who have previously found these properties just out of their reach. Unprecedented market conditions that have forced short sales and price reductions on a dramatic scale are bringing what have traditionally been unobtainable real estate into the realm of the affordable. Price reductions ranging from $25,000 to close to $1,000,000 mean that the ability to own certain homes may have transformed from a pipe dream to a real possibility.
Take, for instance, an elaborate penthouse unit at 220 E. Walton. Built in 1919, 220 E. Walton is a vintage tour de force that has never seen this particular unit (11E) go on the market before. Now, two years after its initial listing, 11E has undergone over a half million dollar price reduction, dropping from $3.25 to a current list price of $2.65 million. The unit is unique for a number of reasons, not least of all for its sprawling terrace. But, what may be most unique of all in this tricky market is the availability of creative owner-financing.
Another opportunity is presented at 20 E. Goethe, a classic vintage mid-rise in the heart of the 60610 neighborhood. The stunning 1-bedroom duplex, currently for sale for $225,000, is listed for little more than its 2004 selling price and has seen a $45,000 drop in price since its initial listing in April of 2006. Meanwhile, a short sale in The Palmolive at 159 E. Walton went under contract in just three weeks. At $1.15 million, the unit in this ultra-luxury building is set to be sold for nearly $200,000 less than its 2006 selling price.
Above is a very abbreviated list of some of the deals currently available in the Gold Coast, Chicago’s premier neighborhood for luxury living in elegant properties. While opportunities are ripe in most neighborhoods these days, what makes the ones available in the Gold Coast special is their rarity. The Gold Coast has tended to buck market trends, since properties maintain their values despite changing economic climates, and because Gold Coast residents, who are many of the city’s wealthiest denizens, are well-heeled to weather market turbulence. For more information about Gold Coast properties and once-in-a-lifetime opportunities stop by www.seeChicagorealestate.com
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !