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Chicago’s second priciest sale of 2019 illustrates luxury market slowdown
The historic property with a modern twist failed to reach $10 million measure-mark, leaving only one such sale this year.
Things could be better in the Chicago luxury market. The second biggest sale of the year just closed, and it failed to reach the $10 million mark.
At $9.68 million, the sale of a North Shore Glencoe lakefront mansion left No. 9 Walton Street’s 31st floor condo sale in March as the only eight-digit sale of the year at $11.27 million, as TRD previously reported.
Last year by this point, five properties had sold for more than $10 million, causing some to point to a slowdown in Chicago’s luxury market, Crain’s reported.
Luxury home sales saw its third consecutive quarter of year-over-year declines this year, TRD previously reported.
David and Susan Sherman, who paid $4.58 million for the historic shoreline property, built the mansion designed by Winnetka firm H. Gray Frank Architects in 2013, Crain’s reported.
The property previously housed an 1869 farmhouse and a funicular lift, which used cables to pull a car up and down the incline behind it. It is not clear whether the lift remains on the property, Crain’s reported. [Crain’s] — Sarah Paynter