When The Mighty Fall – Signs of a Down Market in Chicago
It comes as no surprise that for the past year and a half, the Chicago real estate market is having a minor case of some very bluesy ‘heebie jeebies’. Players in the housing market are concentrating more on taking down the prices of homes for sale and have very little to look forward to in terms of new condominium developments or constructions. To come to terms with the sliding market, even developers that had projects under construction, shifted to rental models.
Chew on this. Bill Wrigley Jr. had put his Gold Coast penthouse on the market for one of the highest prices Chicago had witnessed – a whopping $14 million. After several months of waiting, Wrigley realized that he had bitten off a little more than even he could chew. So, he changed tactics and instead decided to divide the 13,200 square foot property into three separate units.
Not to your taste? Well, if you have political aspirations and just need the right setting for your ambition, what better residence to make a humble beginning from than Andy Shaw’s Lincoln Park vintage mansion. Up for sale for a lowly three million greenbacks, the reporter whose news and views reverberated through capital hill ran an inn out of this nearly 125 old Victorian gem with his wife. With nine bedrooms and 11 bathrooms to choose from, this property could even be converted into condos.
Of course, if you wish to bat out of a different league, Neal Cotts condominium on the 15th floor of a unit at River North would pitch right to you. This former Chicago White Sox’s battle injuries finally caught up with him causing him to leave the Windy City along with his not so windy condo. After putting up an asking price of $ 307,000, Cotts faces a loss, for he bought his 1200 square foot home for $ 375,000 in 2004. And Cotts has learned this the hard way, for he first tried to pitch his offering at $ 325,000 and then again at $315,000 and yet found no takers.
Signs of our time?