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Price Falls Again on Enormous Converted Church in Lincoln Park

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How do you set the price for a truly unique property? Start high and gradually adjust the price downward, as the market dictates. In the case of this 10,143-square-foot converted church in Lincoln Park, the sellers tested the market in late 2008 for $4.2 million. A year later, when it hadn't sold, they pulled it off, perhaps waiting for the real estate market to recover. Then, in February, we noticed that it had come out of hibernation for $400K less. And now, a few months later, the price has dropped again, by $550K, bringing it down to $3.25 million, which is right in line with Zillow's 'zestimated' value ($3,227,200), for whatever that's worth. The home, a 1896 Greek Orthodox church, was converted to a home about 20 years ago, and it was rehabbed in 2002.
· Listing: 1339 West Webster Avenue [Baird & Warner]
· 10,000-Square-Foot Lincoln Park Church Conversion Drops $400K [Curbed]