Maybe Third Time’s the Charm in Kenilworth
List Price: $3.795 million
Sale Price: $3.25 million
The Property: At the end of September, this Kenilworth mansion sold at a steep discount for the third time in three and a half years. In the latest sale and the one prior (in March 2011), the sellers took losses of over $300,000 each. In the sale before that, in May 2009, the seller got $450,000 less than she was asking.
The latest sellers were Zane and Allyson Rowe. In April, Zane Rowe left his job here as United Continental’s chief financial officer to become vice president of sales at Apple. The house went on the market in May with an asking price of $3.795 million; it went under contract in July and closed September 28 at $3.25 million.
That’s $380,000 less than the Rowes had paid for the house in March 2011. At that time, as I reported in the magazine, they got the property for $3.635 million from the sellers Robert and Stacey Womsley—who also sold at a loss. The Womsleys had paid $3.945 million for the house in May 2009, taking a $310,000 loss in their sale to the Rowes. They had bought the newly restored and expanded mansion from Antoinette Vigilante, a Kenilworth resident who has fixed up other homes in the town. Vigilante had been asking $4.399 million for the house; she sold for $454,000 less but at the time declined to say how she had fared on the deal.
Although the mansion can’t seem to catch a break on price, it’s quite a looker, as you can see in the photos that accompanied the listing. A handsome staircase, big crown moldings and arched doorways, an elegant kitchen, and a spacious terrace are among its many features.
I could not reach the Rowes for comment, and their listing agent, Noah Levy, declined to be interviewed. The latest buyers aren’t yet identified in public records. But since they’ve bought the house at its third big markdown, they may be telling themselves that the third time’s the charm.
Price Points: While this price of the house keeps rolling backward, that doesn’t mean Kenilworth home values have been doing the same. In our April real-estate charts, Kenilworth stood out as having the highest price increase among Chicago’s neighborhoods and suburbs over the past five years. As you can see at the bottom of the item to which I’ve just linked, a colleague of mine in real-estate reporting dismissed the Kenilworth increase because of the small number of homes sold there. But it’s important to note that the number of sales in town stayed steady at about three dozen homes for the five-year period. Though the sample is small, it’s consistent.
Posted in Sale of the Week