Buyers looking for Mansions for sale in the Barrington area can find them all here. What is the definition of a mansion? I think the best and most simple answer is a big house. In Barrington that’s going to be homes with either a large amount of living space or a large house with acreage. The best and easiest way for us to show you the Mansions in Barrington is to add a lower price limit of $4 Million.
Generally this will bring up the homes with 10,000 square feet or more but it’s not an exact science. Sometimes homes are listed for sale far too high in price and don’t meet the “Mansion Perception Standard” in anyone’s eyes except their own. Here they are.
Barrington Mansion Sales Data
Mansions in the Barrington area don’t sell as close to asking price as the median priced homes, a lot depends on how aggressive or realistic the owner is at sale time and how bouyant our market is. For sellers that have mansions to sell it’s not a matter of finding comparable sales to base your asking price on. There are very few sales each year. A square footage price is not accurate either. That never allows for the age of the property, the features and benefits or the size of the lot. Between 2008 and 2016 there have only been four Barrington mansions sold and two of those are already listed again for sale in 2016.
Here are the asking prices at the time they sold, the selling price and the percentage asking to selling.
- $4,999,999 sold at $4,650,000 or 93%.
- $5,450,000 sold at $5,275,000 or 97%
- $7,750,000 sold at $6,400,000 or 83%
- $8,900,000 sold at $7,750,000 or 87% (This home had price reductions totaling $3.6 million.)
Mini Mansions in Barrington
Maybe $4 million is too steep or you want a less ornate type of home. The price of $2 million to $4 million may have just what you need without the high price ticket.You can view all those homes here.
You’ll likely have noticed that most of our mansions are Barrington Hills, a few in South Barrington and Inverness. Every now and then one will pop up in Wynstone North Barrington as well. The market value of the lower tier mansions in Barrington are easier to establish. With more sales each year buyers can at least get a range of low to high. Often with mansion prices in Barrington it comes down to what the buyer is willing to pay; many sales are cash so do not require an appraisal. For financed purchases on mansions it’s normal for buyers to seek finance from more than one lender and therefore more than one appraisal will be carried out. Appraisers will focus more on cost to rebuild a mansion, value of land and combine those allowing for age, rather than seeking out comparable sales which just may not be available.
If you are in the market to buy either a mansion in Barrington or a luxury home, please give us a call at 847-363-3686 or drop us a line here.