Winnetka North Shore High-End Luxury Homes
Viewing the high-end luxury homes we have on the North Shore is a perk of being a real estate agent. Some of these mansions are new construction but have been gutted and meticulously restored and updated to such a degree that they feel like new homes.
Currently (April 2019) there are around 90 homes for sale in the North Shore that are listed for over $2 million. That includes 18 in Glencoe, 12 in Kenilworth, 40 in Winnetka, 9 in Wilmette and 8 in Northfield.
Of those 90 homes, just 7 are over the $5 million price point. Winnetka has routinely been labeled as the wealthiest town in Illinois and these numbers verify that (although it’s larger than all the other towns except Wilmette.)
What makes a home worth $5 million? Six of these North Shore homes are located on Lake Michigan with amazing views and private beaches. Some have large parcels over an acre. Just one home is not on the water - an 1896 Kenilworth gem restored throughout on almost an acre.
As for other areas in greater Chicagoland, there are 53 homes for sale over $5 million. They break down like this:
Chicago Gold Coast - 13 homes
Chicago Lincoln Park - 11 homes
North Shore - 7 homes
Lake Forest - 6 homes
Barrington - 3 homes
Lake Bluff - 3 homes
Galena - 2 homes
Evanston - 1 home
Deerfield - 1 home
Highland Park - 1 home
Hinsdale - 1 home
Burr Ridge - 1 home
Naperville - 1 home
Hanover- 1 home
Chicago Bucktown - 1 home
In the past two years (since April 2017) 14 homes over $5 million have sold. The average list price to sell price ratio was just 86% showing the difficulty of pricing homes in the luxury market.
However - these luxury homes generally sell fairly quickly. The average market time for the 14 sold homes was 280 days but this is because several homes took years to sell. But many others sold in just a few days or weeks which is faster than homes priced in much lower price brackets.
The most expensive home for sale right now? It's located at 1932 N. Burling in Chicago and the list price is $45,000,000.
Ultimately, we have good inventory for buyers interested in luxury living whether it’s in Chicago or the northern suburbs. For city buyers, most properties are large condos with spectacular views and amenities. For suburban buyers, lush properties, lake views, and luxury finishes are offered.
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Margaret Goss is a full-time real estate broker since 1998 working in the North Shore communities of Winnetka, Wilmette, Kenilworth, Glencoe, Northfield, Glenview, and Evanston.
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