A tipster recently alerted me to two upper-bracket properties that have recently gone under contract. One is a lakefront property in Winnetka and the other, in Kenilworth, is one lot west of the lakefront. Both properties had been on the market for well over a year, and both had seen substantial price reductions.
According to public records, 1175 Whitebridge Hill Rd in Winnetka is owned by the chairman of William Blair & Company. The property, one of the oldest homes in Winnetka, was listed for sale in May of 2009 for $10,750,000. If the contract closes within 10% of the most recent asking price of $7,500,000, it would be the highest selling price in Winnetka since 2006, according to Chicago Magazine's Dennis Rodkin.
The 6-bedroom, 6-bath "Nantucket style beach house" at 43 Kenilworth Ave in Kenilworth was priced at $3,900,000 when it went on the market in January of 2009. It quickly went under contract when the price was reduced last month to $3,450,000, and is still in "contingent" status.