A Lincoln Park mansion just closed for $12.5 million, eclipsing the record high price set a few months ago with the sale of an $11.9 million home nearby.
The latest sale at 1930 North Orchard Street closed last month, according to Crain’s. The closing price for the newly built mansion comes after a down year for the luxury market in Lincoln Park and Chicago overall. Some homebuyers with the means reacted to the pandemic by moving out of the city, opting for more space and fewer people in the suburbs.
The Gold Coast, another area loaded with luxury properties, has also endured a rough patch. At the current rate, it would take nearly 12 years to sell the available homes asking $5 million or more.
The off-market Orchard Street sale was the highest price paid for a home in Chicago since 2015, according to the report. The home was designed by Steve Rugo of Rugo/Raff Architects, and features a curving staircase, columned doorways and a mirrored fireplace, the report noted. There is also a backyard pool.
The buyer was David Williams and the seller was Jeffrey Applebaum, according to Crain’s. He paid $4 million for the property in 2015 and developed the home.
[Crain’s] — Alexi Friedman