Dream Town Lands Most Expensive '09 Home Sale in Chicago Real Estate

A 12,000 sq. ft. mansion in Lincoln Park sold for $5.6 million in August, the highest price paid for a home in Chicago so far this year. Dream Town Realty's Christine Carr was the selling agent for the property.

Chicago, IL, September 18, 2009 --(PR.com)-- Chicago's most expensive home sale of the year closed a few weeks ago to the tune of $5.6 million. Christine Carr of Dream Town Realty was the selling agent on the property, which sold after 56 days on the market. The 12,000-square-foot mansion built in 2007 is located in the Chicago neighborhood of Lincoln Park on the 2000 block of N. Howe Street.

The Howe Street residence was listed in May for $5,999,000 and went under contract by mid-July. According to data from the Multiple Listing Service of Northern Illinois (MLSNI), the 6-bedroom, 5.5-bath house sold in a short sale on August 25th for $399,000 below the asking price.

"The home has a lot of great selling points that helped move it off the market in less than three months," said Christine Carr, who represented the buyer of the property. "And it was built on an oversized lot, which adds substantial value in a neighborhood like Lincoln Park."

Other highlights of the 17-room elevator-equipped house are a home theater, entry gallery, library, bar and gaming room, multi-level wine cellar, 36 x 24 sq. ft. family room, and rooftop putting green. Chicago's most expensive home sold this year also has a four-car attached garage and laundry on both the first and second floors. The penthouse deck features an outdoor fireplace, kitchen, bar and lounge, and unobstructed views of the cityscape. The custom floor plan is outfitted with top-of-the-line finishes and it has a state-of-the-art electronics system with security cameras.

After the $5.6 million paid for Howe Street, the next closet purchase price in Chicago for 2009 is another single-family home located two blocks away on the 1800 block of N. Orchard Street. It sold for $5.1 million in March and in April a house on the 1900 block of N. Mohawk Street (also in the same neighborhood) went for $4.4 million.

"The luxury home market in Chicago is quite active," Carr said referring to residential real estate listed for $750,000 and up. "Dream Town has developed a separate Luxury Sales division to handle all of the high-end property listings we're getting this year."

The August edition of Dream Town's luxury listing report even includes an original Keck House, designed in 1946 by the famous architect duo Keck + Keck. The company's website (www.DreamTown.com) also has a Chicago Luxury Home Search that specifically targets upmarket properties within city limits. Suburban house hunters can use Dream Town's Chicago Suburb Search to look for upscale properties in outside villages.

According to MLSNI market statistics for purchase prices $750,000 and above, the City of Chicago had almost 600 luxury sales in the last nine months. Since the beginning of January there were 263 closings on detached homes and 330 closings for attached properties (condos and townhomes). Average sale price for detached luxury homes sold in Chicago this year is $1,434,655 and attached properties averaged $1,185,268.

There are currently around 2,000 luxury listings on the Chicago residential real estate market (properties priced $750,000+). Carr is one of the area agents that specialize in luxury home sales and purchases. She has been with Dream Town Realty since 2005 (www.dreamtown.com/agents/christine-carr.html).

About Dream Town Realty
Dream Town is largely recognized as the leader in online Chicago real estate. Their top-ranked website receives tens of thousands of unique visitors weekly. The company has developed proprietary technology and applications to improve online house hunting and offer the most advanced Internet home search available for Chicago buyers today. Dream Town was founded in 1998. It has 120+ expert agents who provide residential buyer and seller services, in addition to divisions for commercial, international and REO sales.

Dream Town Realty
Kate Hoffman