Kale Realty Can Sell Your Expensive Home in Chicago

Licoln Park expensive MansionIf you are looking to buy or sell your house in Chicago, talk to leading real estate broker Kale Realty.

They will deal with any price level, but one of their specialties is expensive homes. With hundreds of brokers on their payroll, there is no part of the market that they cannot access. Now let’s see what is happening in the ultra-luxurious price range.

Lincoln Park Mansion is a 25,000-square-foot mansion which has 6 bedrooms, and has been the highest price for a house in the entire Chicago since the year 2016. It was being listed in the market December 2016, but just this year it was taken off from the list.

No one knows exactly why the home was pulled from the market. And it is not even clear until these days what the future holds for the property and the real estate industry.

Lincoln Park has been the most luxurious piece of real estate which costs about $50 million bucks. It was built in 2010, and is located on eight city lots. The owners of the mansion are Richard Parrillo , CEO of the United Automobile Insurance Co., and his wife named Michaela.

They have spent approximately $65 million to build the mansion which includes the payment for the occupied lots of $12.5 million. This information was demonstrated by the Chicago Tribune.

The highlights of the most luxurious home include a reflecting pool, numerous fountains, an artificial antique pavilion, heated floors, vaulted ceilings, a wooden bar, a steam room or sauna, and some more amazing amenities. The time it was listed on the market for selling, the property was ranked at 10th as most expensive real estate for sale in the country.

The home’s high value brought a particular amount of analysis with it. The Chicago Tribune reported that while the property was being listed as measuring 25,000 sq. ft, the Cook County assessor documented it at only 15,533 sq. ft. Aside from it, the assessor also estimated $19.36 million as the price tag of the mansion in 2018, well in fact the real asking price of it is $50 million.

Many years had passed and the Parillo’s erected another home. Richard Parrillo is now 78, and his wife is 58. They both have decided to downsize instead of living in a huge mansion. The listing agent recognized as Tim Salm told Elite Street that the rich couple is spending more time in the State of Florida, wherein they have their house. Only the two of them are living in it. The assessor’s office considers the mansion’s reasonable market value is only below $14 million. They don’t believe the actual price of it, but it should be lower than one-third of its asking price in the market.

They assumed that no Chicago-area home sales ever reached the barrier of $40 million, much lesser the $30 million or even the $20 million thresholds. In the history of home sales in Chicago, the highest-priced is only $19.5 million, it was a purchase of a mansion in Glencoe in the year 2014. On another note, the highest-priced sale recorded in Chicago city is the $18.75 million which is the sale of the Park Tower in 2015, 65th-floor penthouse condo.

The highest-priced marked on a sale for an actual single-family Chicago home ever since the housing crisis is roughly $13.3 million. This was the sale of Palladian villa-style mansion, the 20,000-square-foot which is located in in Lincoln Park of Tampa Bay. The highest-priced being recorded in Chicago home sale of all season is J.B. Pritzker purchase of
$14.5 million happened in 2006, it was a historic Gold Coast mansion.

The Tribune releases a statement that asking price breaks the record for all the Chicago-area home sales. The top area sale was at a paltry $19.5 million. It was what Eric Lefkosky – Groupon co-founder obtained for his Glencoe mansion in the year 2014. And lastly, the highest preceding listing, demonstrated by Curbed, was a $32 million Trump Tower penthouse.