Winnetka Mansion Sells for $6.2 Million in Record Time
A Winnetka Mansion recently sold for $6.2 million after spending only five months on the market. The 6,200-square-foot home on Hill Road underwent an 11 percent reduction on its $6.9 million price tag before closing on December 1st. The property was purchased in 2014 from the late Donald S. Perkins, former CEO of the grocery store chain Jewel.
Quick Sale Indicates Hot Luxury Market
Jena Radnay, who represented both the sellers and the buyers, attributes the quick sale to the current hot streak in the luxury market. Families are leaving the city in search of safer communities and better schools, particularly in Chicago’s North Shore and lakefront areas. Radnay states, “We have a new pattern happening; city buyers in luxury homes don’t feel safe in the city like they once did, and once they come to this decision, they buy something immediately.”
Five other homes Radnay had listed went under contract quickly over the last couple of months. The Hill Road home set a record sale price for non-lakefront land in Winnetka, and its sale follows a broader pattern seen throughout both the city and suburbs in November, reigniting a luxury market that lagged for most of 2023.
The Hill Road home, built in 1936 and designed by Chicago Architect Solon Spencer Beman, sits on 1.3 acres and is adjacent to the Indian Hill Country Club. The property recently underwent a full renovation and includes a cabana, pool, three-car heated garage, and heated driveway.
Continued Trend Expected into 2023
The luxury market has 18 homes that are either pending or contingent, according to public listing site data. This indicates that the trend could continue into early 2023 as the traditional spring market kicks off. As more families search for safe communities and better educational opportunities, the demand for luxury properties is expected to remain strong.
Orginal article: Link To Article – provided by Kansas City Realtors