August Deal Estate News: Home Sales and Trends
Sold: A Six-Year Setback
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.
Deal of the Month: Fixer-Upper Markdown
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.
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