The recent sale of a Winnetka mansion for $3.55 million may sound like a lot of money, but it is yet another example of the slowing housing market in the greater Chicagoland region.
The 16-room mansion was built two years ago, and was the highest priced home in all of Indian Hill Club, an exclusive north shore neighborhood. The home was sold for a record $4.15 million in 2005.
However, when the original buyers, John and Cynthia Compton, listed the mansion for sale in April 2007, they were faced with a new market reality that many homeowners across the Chicago area are just beginning to realize.
The home was originally listed in April of this year at $4.75 million, but a lack of interest soon led the couple to drop the listing price to just under $4 million. A malfunctioning water pump failed, flooding the basement and causing an estimated $200,000 damage to the basement.
When the couple finally sold the home, they accepted $3.55 million, a full $1 million lower than their original asking price excluding costs to repair the damaged basement.
Yet another example of the market difficulties facing owners of Chicago Homes around the city.
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