This month, $4 Million is the price for 2248 N Orchard, a new 8,550 square foot 6 bedroom home on a 31 foot wide lot.  Located near Oz Park in Chicago’s Lincoln Park neighborhood,  the home includes a mahogany paneled library, 2 tiered terrace with fireplace, and an elevator to all levels, including the penthouse roof deck.  There’s room to park 4 cars in the attached garage.

Built by GVP Development, the home won this year’s Good Neighbor Award from the Chicago Association of Realtors and the Chicago Home Builders ‘ Gold Key Award.

The property closed 5/28/2010, and the buyer was represented by Prudential Rubloff.

There are currently 125 luxury single family homes for sale in the near north neighborhoods listed over $ 2,000,000.  Eighteen (18) have closed in the last 3 months, and 12 are currently under contract.  The luxury real estate market is soft — based on 6/month closed, there is currently a 20 month supply of homes for sale.  Of the homes that closed, the average market time is 191 days.

As a comparison, there are currently 554 homes for sale in all price ranges.  The 49.3/month sales average means there’s currently   11 months of inventory.  Currently, 130 homes are under contract with a median price of $ 912,000.  The average time to sell a house is 165 days.

Please contact Anne Rossley at Prudential Rubloff to get information on homes for sale or to learn about your individual neighborhood’s market activity.

Other luxury homes for sale…

1930 N Howe $ 6,350,000

2043 N Clifton $ 4,699,000

2461 Geneva Terrace $ 4,650,000

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