A stately Lake Forest mansion that once belonged to the family of railcar tycoon George Pullman has taken another big price cut. The mansion, originally designed by Frost & Granger and later renovated by Stanley Anderson, has been on and off the market for the last several years and has taken a handful of price reductions since. Originally listing in April 2010 for $6.995 million, the home can now be had for $2.5 million less than its original asking price.
Homes in Lake Forest aren’t selling very quickly, and owners are often finding that they have to take a loss on their homes to finally unload them. In this case, if the sellers are able to line up a buyer at $4.495 million, that would translate to a loss of over $2 million—and that does not take inflation into account. And beyond the sheer cost of the home, the property taxes on this property will make most flinch at $86,483 in 2014.
This lovely old home is no McMansion, but buyers are looking elsewhere—mainly the city and other suburban markets—for big home purchases.
- 700 North Mayflower Road [Estately]