May 21, 2007

Sale of the Week

Sale of the Week - Lake View, Chicago

List price: $2.995 million
Sale price: $2.95 million

The Property: This new 11-room house on a tree-lined street in Lake View is one of four homes built by the developer Patrick Landrosh within half a block of one another. At 37 feet, its lot is somewhat wider than the Chicago norm of 25 feet, making for more spacious rooms indoors. With roughly 6,200 square feet of living space, the house has five bedrooms, four-plus baths (including a spa-like master bath), and a media room and a wet bar in the basement. There is a full-scale mudroom (not a hallway that doubles as one) fitted out with cubbies, and a detached, heated three-car garage with a rooftop deck. Southport Avenue's restaurants, theatres, and shops are a block to the east, and Wrigley Field is only six blocks farther.

Price Point: This spring, after the nearly identical house next door (also by Landrosh) had been on the market for about a year, Landrosh's sales agent, Ron Meadows, got offers from two different buyers over one April weekend. This place was not yet on the market, but that didn't deter Meadows. "We said, ‘Let's offer one of them the house next door [this property],'" he says. Both houses sold for the same price-$2.95 million-although this one was the first to close, on May 16th. The price is in the upper tier, but not out of the ordinary, for this part of Lake View (where another house a few blocks away went for $3.1 million a year ago). Meadows say that the land alone for this house-and the place next door-cost Landrosh $1 million per lot. "That's a premium neighborhood," he says. Meadows himself is building a house a few blocks away that he plans to price at $3.3 million.

Buyers: Not yet identified in public records

Sales agent: Ron Meadows, Sudler Sotheby's International, (773) 244-9900

Posted at 06:37 AM in Sale of the Week | Permalink

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