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August Deal Estate News: Home Sales and Trends

A recently sold Lake Forest home

Sold: A Six-Year Setback

LAKE FOREST
Initially listed in February 2010 at $3.995 million, this 16-room house with a swimming pool sold in late May for $2.6 million. That’s about 5 percent less than the $2.725 million John and Amy DiTomasso paid for the place six years ago, when it was new. The house has a curving staircase in the foyer, a well-appointed kitchen, six bedrooms, a wine room, and exquisite finishes of stone and wood. Jean Anderson of Prudential Rubloff handled the sale.

 

A marked down home in Hyde Park

Deal of the Month: Fixer-Upper Markdown

HYDE PARK
According to its listing agent, Dan Lipton of @Properties, this Victorian needs a $275,000 rehab. With the asking price cut to $600,000, that’s not bad: Two similar, renovated neighborhood residences sold over the past year for $1.13 million and $1.175 million. “There’s zero inventory [in that price range in Hyde Park] that doesn’t need work,” Lipton says.

 

Trend

10%

That’s the percentage of homes citywide that sold in 14 days or less after being listed in May, according to data prepared for Deal Estate by Redfin, an online real-estate brokerage. The city lagged behind the national average of 29 percent, though certain neighborhoods—such as Hyde Park and Kenwood, at a combined 28.6 percent—fared better. “There are pockets [of the city] that are really hot,” says Dario Medina, Redfin’s Chicago-area manager. For data on other neighborhoods and analysis of this trend, read the July 18 Deal Estate post.

 

Photography: Dennis Rodkin

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