Chicago Mansion Sells for $8.3M, 12% Below Ask
Owners of high-value Chicago homes are seeing closing prices land well under original listing prices after long market stays.
Updated on Nov. 4, 2026 in Residential
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Mark Hoffmeister sold his Burling Street mansion in Chicago for $8.3 million, the largest home sale in the City of Chicago so far in 2026. The home sold for 12 percent below its original $9.5 million asking price after 18 months on the market.
Why it matters
The sale shows that even top-tier Chicago luxury property has been pricing down from original listings, which matters for sellers setting expectations and for buyers reading the high end of the local market. Price reductions over the listing period are a signal of how much negotiating room exists at this price point.
The 1853 North Burling Street property in Lincoln Park has about seven bedrooms and 8,700 square feet on a 5,808-square-foot lot, and was built in 2010. The $8.3 million sale is the largest in the City of Chicago so far in 2026, ahead of the former city high of $8 million set by a One Chicago Tower condo.
The players
Mark Hoffmeister
Seller of the Burling Street mansion in Lincoln Park, who cut the asking price over 18 months before closing the sale.
The details
Hoffmeister first listed the home for $9.5 million about 18 months before the sale. The asking price dipped below $9 million in March 2026, and the home ultimately closed at $8.3 million, a 12 percent reduction from the original asking price. The sequence of staged price cuts over a long time on the market is the mechanism behind the final figure.
Timeline
2010: The Burling Street property was built.
About 18 months before the sale: Hoffmeister listed the mansion for $9.5 million.
March 2026: The asking price dipped below $9 million.
June 2026: A Lake Bluff home was taken off the market for $11 million.
July 2026: A Glencoe mansion sold for $18 million.
The Home Front
The sale ranks as the largest in the City of Chicago in 2026 and sits below the $10 million Gold Coast condo purchase recorded in 2025. Higher-priced sales in the suburbs, including a $18 million Glencoe mansion and a nearly $9 million Winnetka home, show the luxury market is strongest outside city limits this year.
If you are considering listing or buying a high-value property in Chicago, compare current listing prices against recent closed sales rather than original asking prices. Work with a licensed agent and a real estate attorney on pricing and contract decisions.
The takeaway
Long time on the market and staged price cuts can bring a luxury listing down well below its starting ask, so check recent closed sales before setting a price. Keep a record of your listing history and comparable sales to inform any future pricing decision.
Further reading
For context on how the city's luxury home sales compare across neighborhoods and years, see Residential coverage.
Source note: This article includes information reported by The Real Deal New York.
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