Suburban Chicago’s luxury homeowners won’t stop reaching for the absolute top of the market.
Another couple has listed a St. Charles property for just under $6.9 million, making it the second most-expensive home on the market in the western suburb, exactly a month after the property known as Stone Wood Manor went up for sale at slightly more, $6.95 million.
The most recent listing is at 5N113 Burr Road, a nearly 13,000-square-foot mansion built in 2003 and designed by Scholz Design. It’s been owned since 2012 by Chris and Kerry Love, who bought it for just $1.9 million before putting “a lot” of money into improvements over the years, said the listing agent, Roger Erikson of the McKay Group with Coldwell Banker. They plan to move out of Illinois once they sell their home.
The 9-acre property includes a 2,500-square-foot barn, a 10-car garage and a gated private drive, plus a tennis court, an outdoor pool, a creek and a pond.
The home’s seclusion is a main attraction.
“Nobody really knows about this property. It’s so far tucked away, yet downtown St. Charles is five minutes away,” Erikson said.
If either the Burr Road home or the Stone Wood Manor home fetch anything close to their asking prices, such a deal would nearly double the local record for priciest sale in St. Charles, which was set in May at $3.6 million.
The Loves — whose home came with a $53,013 property tax bill last year, according to Kane County records — listed their property in hopes of drawing a wealthy buyer out of Chicago who’s ready to escape city life for more space in the suburbs.
“We have a lot of people that are spending that type of money to build in the St. Charles area, and on smaller lots,” Erikson said.
The Loves listed amid a rush of other ultra high-end listings hitting the market throughout the suburbs — and Chicago’s priciest single-family home trading for more than $15 million this week in a massive loss for the sellers who custom-built their Lincoln Park home.
In addition to the two St. Charles homes seeking nearly $7 million, a Winnetka estate on Lake Michigan is asking $35 million, the priciest listing in Illinois.
Three Lake Forest mansions are asking more than $10 million, including one listed at nearly $15 million. And back in the western suburbs, there’s a Hinsdale home on the market for more than $7 million.
“We’re getting a slight bit more inventory,” Erikson said of the high-end market. “Back before Covid, homes weren’t hitting these types of numbers.”
Sellers have become emboldened to set higher prices as they notice wealthy people continue to try to escape the city, he said. However, many of Chicagoland’s highest priced listings — including the Lincoln Park mansion that just sold for over $15 million and was originally listed at $50 million — tend to sit on the market and endure a price cut or two before changing hands.
“People have seen the increases in prices; we just haven’t seen that luxury market take off like the rest of the price points have,” Erikson said.
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St. Charles mansion listed for $7M priced to break local record