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Gold Coast mansion has seen a significant price reduction, dropping to just under $7 million after four years on the market. The 9,700-square-foot property at 1515 North State Parkway initially listed for $9.35 million in November 2020 but was relisted this year with an asking price of $7.5 million due to changing market conditions. Following another price cut, it is now available for $6.5 million or $723 per square foot.

    This adjustment reflects a broader trend within the downtown submarket, where six out of nine homes listed above $5 million have taken price cuts in response to market pressures. Another nearby property at 1521 North State Parkway has been on and off the market since 2018, with its price dropping from $10.3 million to just under $7.3 million over the years.

    In a separate development, a third-floor unit at 65 East Goethe Street in Gold Coast saw a major price cut of $5.15 million, bringing the price down to $11.65 million or $937 per square foot. The sellers even split the property into two units to attract more buyers but are still struggling to sell it.

    In contrast, one of Gold Coast's newest ultra-luxury listings is a unique Astor Court estate at 1355 North Astor Street, which includes six income-producing rental units and a main home spanning over 10,000 square feet. The asking price of $21 million makes it the highest-priced property for sale in Chicago, with several showings reported within its first day on the market.