Luxury housing market sales strong so far in 2023 – Crain’s Chicago Business

The same day that Crain’s reported the year was starting hot in the upper tier of the real estate market with two homes sold at $5 million or more, a third sale at that elevated price point also transpired.

It’s further evidence that the interest rate increases that have slowed most of the market hasn’t frosted the upper end yet.

Buyers paid $5 million yesterday for a house on Dayton Street in Lincoln Park, coming just below the two $5.2 million sales already on the books in 2023.

It’s likely the Dayton Street buyers will end up spending more than the purchase price, as the builder and the listing agent both confirmed the sale was of an unfinished house. The buyers’ names are not yet in public records, and their agent, Susan Nice of Dream Town Realty, did not respond to a request for comment.

In January 2022, LG Development unveiled its plan for a massive revamp of a Tuscan-style mansion on the lot, which an LG entity purchased for $3.35 million in 2021.

At the time, LG was offering either the remodeled 8,500-square-foot house at $7.2 million or, for more than $10 million, the house plus a lot that was for sale next door, added to this one and with a new pool installed.

The sale that closed Jan. 9 did not include the next-door lot and was for the house with its rehab only begun, LG principal Brian Goldberg and Jameson Sotheby’s International Realty agent Lauren Goldberg both confirmed.

Brian Goldberg said the house has been gutted, but other than new windows and roof, it does not contain any finishes. The buyer will select a look, which may or may not be the California-influenced modern style that LG showed for the property a year ago.

“They’ll make their own

The original article can be found here