$5 million – now that’s a price reduction

Winnetka, Illinois

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.

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