A high-end home on Printer’s Row sold this week for 20 per cent below its listing price after being on the market for eight months.
Originally listed for nearly $6 million, the home at 747 South Dearborn Street sold for $4.8 million on Friday, marking a $1.1 million discount on the unique property.
The house is an odd place on Printer’s Row, a dense area of downtown’s South Loop where most of the residential properties are apartment buildings or condos.
Built in 2019, the 7,000-square-foot property has five bedrooms and five bathrooms. The site could have been a mid-rise tower block, more common in the area, but a local architect opted to design a house for his family. Chris Talsma, principal of Chicago-based architecture firm Filoramo Talsma, and his wife, Sara Talsma, built the project and are building and selling a new home for their family, According to previous reports.
Jameson Sotheby’s International Realty broker Tim Salm, who represents the property, did not respond to a request for comment. The buyer has not been identified in public records.
The property includes a private elevator, 2,000 sq. ft. of outdoor patio with heated pool, undercover parking and 2,000 sq. ft. of retail space included in the purchase price.
Its price was lowered several times before finding a buyer, another sign of the challenges facing Chicago’s ultra-luxury market in a year of rising rates and slowing sales.
Despite the price cuts, a record number of sales on the South Loop is still possible. The previous most expensive property in the area was a condo on Prairie Avenue, which sold for $3.4 million in 2018, according to local news outlets.
The property is another example of how a price drop can create an opportunity for buyers willing to pay all cash or accept higher rates on properties with less competition and longer time on the market.
Of course, in some cases, the price will be reduced, as the initial listing price of some properties is always unaffordable. Comparing high-end sales is tricky in many cases because they are uncommon in Chicago compared to other major cities. So far this year, seven homes in the Chicago area have sold for $6 million or more (the original price of the Printer’s Row home), according to public listing sites, making luxury sellers a good place to research when looking for a return on investment. Data are limited.