Nov 24, 2008

Sale of the Week

Sale of the Week: A Kenilworth Sale at an Eight-Year-Old Price

UPDATE (November 26, 2008): The house went back on the market this week, with an asking price of $2.75 million—or $550,000 more than its November 17th sale price. Barbara Mawicke (who represented Gail DeMay and is now representing the more recent buyer-turned-seller) says that the latest owner got transferred before his purchase of the house closed, but that he went ahead and closed rather than cancel the deal. He is not yet identified in public records.

List Price: $3.395 million
Sale Price: $2.2 million
The Property: Its multiply-divided windows, steeply pitched roofs, and English-countryside casualness evoke many of the decades-old mansions in eastern Kenilworth, but in fact this house is just eight years old and on the younger (west) side of town. The 12-room brick and limestone residence with a three-car garage stands just half a block from Kenilworth’s train station and at the edge of the village’s small downtown. It has seven bedrooms, three fireplaces, a wood-paneled library on the first floor, and a theatre in the basement.

Price Points: The present seller, Gail DeMay, bought the house for $2.2 million in August 2000, shortly after it was built, with her then-husband. The couple divorced in 2004 and DeMay kept the home. In 2007, she listed the house for sale with Barbara Mawicke of Coldwell Banker, initially asking $3.69 million; she later cut the price to $3.3 million. On November 17th, she sold the house for $2.2 million, the same amount she had paid for it a little more than eight years earlier. That represents a 33 percent cut from the asking price at the time of the sale, and a 40 percent cut from the earlier asking price. Both DeMay and Mawicke declined to comment. The buyers are not yet identified in public records of the sale.

Listing Agent: Barbara Mawicke, Coldwell Banker, 847-446-4500
 

Posted at 09:17 AM in Sale of the Week | Permalink

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