Getting Real
Maybe You Can Get A Bargain On This West Town Mansion
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.
#ExpensiveHomes #ChicagoExpensiveHomes
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.
Filed under:
Chicago expensive homes, Neighborhood News
Welcome to ChicagoNow.
Getting Real On Facebook
Subscribe To Getting Real
Meet The Blogger
Gary Lucido
After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.
Recent posts
Maybe You Can Get A Bargain On This West Town Mansion »
Chicago Real Estate Market Update: Highest September Sales In 15 Years »
Real Estate Experts Keep Raising Their Home Price Forecasts »
Case Shiller: Chicago Area Sets Another Paltry Record For Home Price Growth »
Chicago Carjackings Hit Record High »
Featured Posts
How Realtor’s Lie To Get Your Business
The #1 Myth About Selling Your Home
The #2 Myth About Selling Your Home
Tags
market conditions (560)
Chicago home prices (229)
Case Shiller index (145)
Chicago foreclosures (131)
industry issues (91)
Chicago monthly real estate market update (84)
real estate agents (66)
Chicago real estate market (64)
foreclosures (60)
Neighborhood news (57)
Monthly Archives
October 2021
September 2021
August 2021
July 2021
June 2021
May 2021
April 2021
March 2021
February 2021
January 2021
December 2020
November 2020
October 2020
September 2020
August 2020
July 2020
June 2020
May 2020
April 2020
March 2020
February 2020
January 2020
December 2019
November 2019
October 2019
September 2019
August 2019
July 2019
June 2019
May 2019
April 2019
March 2019
February 2019
January 2019
December 2018
November 2018
October 2018
September 2018
August 2018
July 2018
June 2018
May 2018
April 2018
March 2018
February 2018
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
Blogroll
Crib Chatter
Real Estate Decoded
Smart Mortgage Advice
The Real Deal – Chicago
Latest on ChicagoNow
Maybe You Can Get A Bargain On This West Town Mansion
posted today at 7:30 am
Western Illinois continues gauntlet of ranked FCS teams Saturday hosting nation’s 7th-ranked team
posted today at 5:30 am
Sky High, Sox Low, Bears & Blackhawks High Hopes, Cubs BOO HISS
posted Tuesday at 10:43 pm
Chicago comedy spotlight for Tuesday, October 12 – Sunday, October 17, 2021
posted Tuesday at 5:51 pm
Better than Game 4 of the Dodgers & Giants’ NLDS, Watch Berkowitz’s interview w/GOP GOV Primary candidate Jesse Sullivan, Part 1 airing in 25 Chicago N & NW suburbs tonite, Cable and Web, 24/7. Also, watch Part 2, 24/7 on the web.
posted Tuesday at 5:45 pm
Posts from related blogs
North Shore Real Estate Chatter
Most recent post: Winnetka’s Private Lanes
Real Estate Royalty
Most recent post: A Wicker Park Wonder and a Tribute to Helmut Jahn
MCwriting
Most recent post: Travel in a “Post-Covid-19” World and How Businesses are Preparing for it
More from Lifestyle: Real Estate
Read these ChicagoNow blogs
Cubs Den
Pets in need of homes
Hammervision
Read these ChicagoNow Bloggers
Carole Kuhrt Brewer
Dennis Byrne
LeaGrover
About ChicagoNow
•
FAQs
•
Advertise
•
Recent posts RSS
•
Privacy policy (Updated)
•
Comment policy
•
Terms of service
•
Chicago Tribune Archives
•
Do not sell my personal info
©2021 CTMG – A Chicago Tribune website –
Crafted by the News Apps team