BY MEGAN MOLLMANN – MEDILL NEWS SERVICE
Every American dreams of one day owning a multimillion dollar estate, but following the nation’s housing crisis, even Chicago’s ritziest real estate properties are struggling to find a buyer.
A few have even undergone major price reductions, according to Chicago area real estate sites:
An 11.7 acre vacant lot in Palatine, Ill. has been slashed from $9.2 to $5 million, a 45 percent drop in price since 2008. Ownership of this land also includes $195,544 in property taxes.
A historic rehabbed row house located on a prime Gold Coast Street dropped its price from $4.2 to $3.3 million, a 29.2 percent cut.
In the stately Glencoe suburb, a French art deco estate complete with nine bedrooms and bathrooms, a home theater and coach house was reduced from $9.85 to $7.95 million, a 19.2 percent dip.
David Hernandez, a realtor with Prudential Preferred Properties in Chicago, said following the housing bust of the past couple of years, he thinks market value now reflects the real value of the property.
Based on Hernandez’s assessment, some Chicagoans may be faring better than some of the city’s priciest estates. Home values in the Chicago area have declined 13.8 percent and 15 percent in Illinois over the past 12 months, according to data aggregator RealtyTrac.com.