Lake Forest Mansion Sale Ignites Luxury Market
A recent sale of a waterfront Lake Forest mansion has set the record for the most expensive deal of the year in the upscale northern suburb. The seven-bedroom, 7,500-square-foot property at 1421 Lake Road was purchased by undisclosed buyers for $7.8 million. The previous owners, David and Kristin Keenan, had acquired the property for $3.25 million in January 2020.
Historic Properties and the Lake Forest Housing Market
This sale is the most expensive home sale in Lake Forest since around a year ago, when an 11,800-square-foot home at 263 North Mayflower Road traded for nearly $13 million. Apart from that deal, the recent transaction is the priciest home sale in Lake Forest in at least five years, and it ranks as the sixth-largest sale in the Chicago area this year.
The transaction highlights the rejuvenation of the Lake Forest housing market and the enduring appeal of historic, architecturally significant properties. The broader real estate landscape in Lake Forest has experienced a resurgence, fueled by a pandemic-driven housing boom and low-interest rates. Homes in the area are now selling in an average of 57 days, compared to 179 days in 2019. In addition, the median sale price in the suburb has surged by almost 28 percent in 2023 compared to the same period in 2019, reaching $932,000.
Renovations and Desirability
The more-than-doubled sale price of the Lake Road property since 2020 can be attributed to the Keenans’ strategic updates to the property along Lake Michigan’s shoreline. Renovations by architecture firm Morgante & Wilson, a new cedar shingle roof, and climate system installations all contributed to the home’s increased value. The home’s lakefront location, featuring a cove-shaped beach with a newly added staircase, likely added to its desirability.
The mansion, with its distinct L-shaped design inspired by Dutch colonial homes in South Africa, sits on 2.25 acres and has undergone various modifications over the years, including the removal of a coach house.
In conclusion, the recent sale of the Lake Forest mansion showcases the continued growth and appeal of the luxury housing market in the area. With historic, architecturally significant properties still in high demand, it’s clear that the Lake Forest real estate market is experiencing a resurgence.
Orginal article: Link To Article – provided by Kansas City Realtors
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