Chicago Mansion Takes Another Price Cut

A historic Gold Coast mansion took a $500,000 price cut this week after four years on the market, bringing the price down to just under $7 million.

The 9,700-square-foot home at 1515 North State Parkway is now listed for $723 per square foot, down 25 percent from $9.35 million in November 2020, when demand was high and mortgage rates were low.

The listing was removed in January of the following year.

It was relisted in October 2023 to a very different ultra-luxury market. Rates were peaking, prompting many high-end buyers to wait things out, and downtown values had already started on their downward trend. This was reflected in the new asking price of $7.5 million, which was reduced once again this week.

The property’s listing agent, Tim Salm of Jameson Sotheby’s International Realty, declined to comment.

The price adjustment on the six-bedroom, seven-bathroom home is just one example of a broader trend within the downtown submarket. Six of the nine Gold Coast homes currently listed for over $5 million have taken price cuts as sellers respond to market pressures, and two of the other three were listed within the last 60 days.

Just down the street, at 1521 North State Parkway, for example, a 9,700-square-foot home was listed in 2018 at $10.3 million, or $1,062 per square foot. Since then, the home has been removed from the market and relisted multiple times, most recently for just under $7.3 million or $752 per square foot — a chop of $3 million over six years on the market. It is also now listed for rent at $27,900 per month.

A third-floor unit at 65 East Goethe Street in Gold Coast also took a major price cut of $5.15 million to meet market demands, bringing the price down to $11.65 million, or $937 per square foot. The sellers of that home — Founder and CEO of Valor Equity Partners, Antonio Gracias, and his wife, Sabrina — even went so far as to split it in two to attract more buyers, over a year and a half ago, but the property is still up for sale.

One of Gold Coast’s newest ultra-luxury listings is a one-of-a-kind Astor Court property — a palatial, 25,000-square-foot estate at 1355 North Astor Street with a large courtyard. Paul Episcope, a longtime Chicago personal injury attorney, is seeking $21 million for the mansion, which includes six income-producing rental units in addition to the main home that spreads more than 10,000 square feet, according to public records and people familiar with the property.

The asking price is the highest of any other property for sale in the city of Chicago. Listing agent Natasha Motev of Jameson Sotheby’s International Realty said it drew several showings within the first day that it hit the market in October.