A Winnetka manse that I wrote about just yesterday, when it was on the market for $28 million, was reduced today to $23 million. It originally came to market at $32 million, $3 million below what one source told me it cost to build.
The listing describes the property, which goes by the name of Le Grand Reve (rather ironically, perhaps), as “situated in the most exclusive enclave on Chicago’s North Shore.” There’s little doubt that some residents of the Woodley Road area like to think of their nabe (which has a Winnetka post office address but isn’t actually in Winnetka) that way, but not everyone does. One snarky North Shore source, a longtime Winnetka resident, described it as “where rich Catholics and Jews want to live.” And, yes, some of that way of thinking still prevails among a small, older Winnetka set.
Here’s another story on the “big dream”.
http://homesoftherich.net/2009/07/le-grand-reve-mansion-on-the-market.html
It looks more like a small “resort” to me than a house.
Then again I don’t typically visit houses in the five digit square foot range.
I grew up in a house 1/20th the size. About 1300 square feet and we had one of the larger houses on the block.
I’m sure the contractors, architect and eventually real estate broker made out on this, but as for the owners……..I dunno.
Is that area unincorporated? Not that I have a spare 20 million laying around to buy the place.
IP,
The article you link is lifted from the Dennis Rodkin article that Curbed also linked to today.
The listing at Redfin claims the property is within the corporate limits of Winnetka. It’s not. It’s in an unincorporated area. The school district is Avoca 37, not Winnetka, and most kids whose families can afford this home attend public schools.
Winnetka brokers generally don’t speak well of the Woodley Road area. “Too far west. Flashy trashy crowd. You’ll have to drive your kids to their friends because they won’t want to go here. You’re better off buying a Leo (Birov).” And so on. There are about 15 homes for sale in this small pocket, and they tend to linger on the market.
Some pretty knowledgeable brokers have suggested to me that this guy will be lucky to get $15M for the house. Do you have a spare $15M? If not, can you take up a collection at the next Brother Rice reunion?
A lot of the Winnetka-oriented people who can afford this home – and there are a lot of them – prefer riparian on the lake or a few select blocks close to the train, and prefer to keep a very low profile, buying well below what they’re able to afford.
I’ll stop before I start babbling about Barrington PI lawyers being the market for this …
Joseph,
even at a bargain basement 15 million it’s a bit out of my price range. I’d like to think that even if I could afford it I would choose something smaller and less “loud”. I think I’d buy something closer to the train and just a wee bit smaller. This is the “pinky ring” of the Winnetka housing market. It says more about the “wearer” than anything else.
One of my uncles built a 3500 square foot house on “spec” and ended up living in it for about 10 years because he couldn’t sell it. Although, he will deny that’s the reason he moved in. Nice house, but he used to complain it was too big. He claimed he wouldn’t see his kids for days because they had four levels to hide out in. I can’t imagine living in a 27,000 square foot home. I live in a 3 bedroom right now and I might go into my second bedroom three times a year. The third bedroom is used as alcohol and prosthetic leg storage.
Once his kids moved out and gave him grandbabies he promptly moved into a 1100 foot house near his grandkids. He’ll redo one of his two bathrooms every five years to keep his wife quiet.
TWENTY SEVEN thousand square feet?! That’s like living in three oversized Chicago center entrance six flats.
About five years ago a family friend was the building superintendent on one of those massive homes being built south? of Armitage in Lincoln Park.
He described it as ‘sinful’. Apparently old Lucifer was spending some time in Winnetka having a wee bit o fun also.
This reminds me of that music mogul who built the “castle” overlooking the Kennedy expressway. Think of these houses as pinky rings on steroids.