I spent a great deal of time in the summer of 2006 visiting new construction homes on the North Shore, and recently decided to take a look at the sales history of some of those homes.
This home at 260 Wentworth Ave, in Glencoe, was nearing completion when I first visited it, in July of 2006. It was clear, at first sight, that it would be unlike any of the 100s of new construction homes I'd seen on the North Shore that summer.
The elaborate stone, iron and copper detailing on the exterior of the home gave a glimpse into the ornate and idiosyncratic interior. The interior was a riot of the unusual, as I recall, clearly expensive but almost incoherent.
I left thinking "there's no market for this home at this price. Who will buy it?" The asking price at the time was $2,499,000.
The home found a buyer, more than 3 years later, in October of 2009, at $1,240,000, less than half the original asking price.
A new home at 1005 Sheridan Rd in Glencoe, priced at $5,299,999 in July of 2006 finally sold in December of last year at $2,072,000, a 60% discount from the original price.