Maybe You Can Get A Bargain On This West Town Mansion
today at 7:30 am
auctioned off November 10.
A little more than 4 years ago I wrote about this really fascinating 10,000 sq ft mansion that was briefly listed for $7.78 MM. I subsequently learned that was some kind of unauthorized listing, which is against all kinds of MLS and Realtor rules. Not sure exactly how or why the real estate agent put that listing together but it was quickly removed. Hopefully, the realtor responsible was punished appropriately.
However, this West Town mansion came back with a legitimate listing in January of 2018 at $6.5 MM. Since then it has been relisted a few times and there have been a few price drops. Most recently it was listed for $4 MM in July but still didn’t sell and they killed the listing after not quite 3 months. But then they immediately put it up for auction with bidding to run from November 5 – 10.
The auction for the home at 516 N Armour is being run by Concierge Auctions. Here is how the home is described:
Currently Listed for $4M. No Reserve. Showings daily by appointment. This show-stopping estate sits in a class of its own within busy Chicago. Incomparable privacy and top-to-bottom luxury resonates throughout every inch of this sprawling 10,000sf custom home, stretching over a triple lot and comprising three stories. The soaring 27-foot ceilings of the great room greet you upon entry, making an unforgettable impression that resonates throughout the residence. Cozy up by either of the two fireplaces that beckon from the main floor, or gather in the open-concept entertaining area with its enchanting macassar wet bar. The custom Archisesto chef’s kitchen is an absolute dream, complete with integrated Miele appliances, a breakfast nook for morning coffee with a view, and a hidden prep kitchen for easy entertaining. Bring any party outdoors to the dining area in the professionally landscaped oasis beyond the kitchen doors. Flanked with high brick walls and containing a lap pool, hot tub, and putting green, the outdoor space is as breathtaking as the indoors. A three-car attached garage completes this modernist masterpiece. Find a private retreat here, in a coveted location minutes from the West Loop, in an estate that is truly beyond compare.
What makes this particular auction so interesting though is that there is no reserve. In other words if $10 is the highest bid then it sells for $10. So it’s entirely possible that someone gets a really good deal here. However, as I always tell people, if you want to play the auction game you really have to make a huge time investment up front understanding all the terms and conditions – e.g. commissions, incentives, deposits, payment terms, inspections, etc… – because they can be quite onerous. This is not like a normal sale where you get to do your inspection after you sign a contract.
We already know that $4 MM is probably too high a price since it already failed to sell at that price. We also know that over the last 15 years no single family homes in West Town, south of Division, have sold above $2.5 MM and this one is pretty far south and also east of Ashland. 15 have sold above $3 MM but they were all in Wicker Park. Two of those were above $4 MM, built on double lots in 2015 – at least one of which had ultra modern, broadly appealing finishes and was 7600 sq ft.
The reason I mention broadly appealing finishes is that I’ve been in this home on Armour twice and it always struck me as having some nice architectural elements but some of the finishes are not broadly appealing. For instance there is a ton of Macassar wood in the place and not everyone likes that. And the kitchen and some of the bathrooms have a bachelor pad feel to them – black, red, and shiny. So it’s anyone’s guess what it will end up selling for. I can’t wait to find out.
Gary Lucido is the President of Lucid Realty, the Chicago area’s full service real estate brokerage that offers home buyer rebates and discount commissions. If you want to keep up to date on the Chicago real estate market or get an insider’s view of the seamy underbelly of the real estate industry you can Subscribe to Getting Real by Email using the form below. Please be sure to verify your email address when you receive the verification notice.