ISSUE TWELVE
FALL 2023
shore times the
FEATURED PROPERTY 8 Kent Road, Winnetka | $4,950,000 Jena Radnay · 312.925.9899
what you need to know about appraisals PAGE 2
say aloha to unparalleled luxury PAGE 7
in a new york state of mind PAGE 9
If your property is currently listed with another broker, this mailer is not a solicitation for business.
Year-to-Date 2023 vs. 2022 * north shore market update
After a record-breaking 2021 and 2022, transaction activity on the North Shore is down year-to-date. However, with Months’ Supply of Inventory averaging just 1.7 months through the end of August, it continues to be a competitive market where homes are selling very quickly.
total transactions average sales price -24.7% -24.3% -3.6% +0.6% sales volume average market time
luxury opportunities
700 CRAB TREE FARM LANE, LAKE BLUFF, IL | $22,900,000 Andra O'Neill · 847.650.9093
364 74TH STREET, SOUTH HAVEN, MI | $5,999,000 Jackson Matson · 262.214.0240
what you need to know about appraisals
LOW INVENTORY AND HIGH PRICES HAVE COMPLICATED APPRAISALS ON THE NORTH SHORE
Appraisals have rarely been a concern for buyers and sellers on the North Shore, where home prices and transaction activity have always been relatively stable. However, lately appraisals have become a front-and-center issue on an increasing number of sales. That’s because historically low inventory has resulted in a lack of comparable sales or “comps.” And, because of intense competition for the limited number of homes, pricing in many areas continues to rise. The result is that appraisers can struggle to make the case for a certain price, which can hold up or even derail a transaction.
Here are a few things that both buyers and sellers should keep in mind regarding appraisals.
FOR SELLERS
FOR BUYERS
• Armed with Data: A good listing agent will know which comps an appraiser is likely to use and be ready to furnish off-market or recent transactions to supplement that data. Discuss the appraisal process with your agent to see if they think it will be a factor in your sale. • Appraisal Gap Clause: If you’re selling in a low-supply/high-demand area, it’s a good idea to include this clause in a contract, which stipulates that a buyer will move forward with the purchase even if the home doesn’t appraise at full price. • Contract Terms: It’s important for a seller to look at other terms beyond price, such as down payment. A higher down payment will generally cure most issues arising from a low appraisal. Cash offers will obviously negate the need for an appraisal.
• Play Your Hand: Low appraisals used to be an automatic invitation to renegotiate. In a highly competitive market, that strategy can backfire. The onus may be on you, the buyer, to find a workable solution. Otherwise, the seller may consider other offers. • Broker Cooperation: Similar to the first point for sellers, a buyer’s agent is also welcome to share comps with the listing agent if they think it will aid an appraisal. However, note that buyers and their agents almost never interact with an appraiser. • LTV & PMI: Just because a home doesn’t appraise doesn’t mean the bank won’t issue a loan. However, a low appraisal will increase the loan-to-value (LTV) ratio of the mortgage. In that case, a buyer may have to pay more private mortgage insurance (PMI) or accept other terms from the lender.
585 LONGWOOD AVENUE, GLENCOE $9,750,000 info@heritageluxury.com | 847.962.1200 HERITAGELUXURY.COM
*Source: BrokerMetrics / MRED LLC, North Shore residential sales (Evanston, Wilmette, Winnetka, Kenilworth, Glencoe, Highland Park, Lake Forest, Lake Bluff, Northfield, Northbrook, Glenview, Deerfield), 1/1/2023 - 9/12/2023 vs. 1/1/2022 - 9/12/2022
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opportunities
14612 MEADOW LANE, LAKESIDE, MI · $8,950,000 Will Schauble · 312.860.4192
969 HILL ROAD, WINNETKA, IL · $6,999,900 Jena Radnay · 312.925.9899
1460 LAKE ROAD, LAKE FOREST, IL · $6,500,000 Andra O'Neill · 847.650.9093 · Co-Listed with Brandie Malay Siavelis
104 LONGMEADOW ROAD, WINNETKA, IL · $4,975,000 Maureen Mobarak · 773.294.1144
530 S RIDGE ROAD, LAKE FOREST, IL · $5,495,000 Andra O'Neill · 847.650.9093
55 PROSPECT AVENUE, HIGHLAND PARK, IL · $5,650,000 Jena Radnay · 312.925.9899
745 SHERIDAN ROAD, WINNETKA, IL · $3,750,000 Sarah Elder Lyons · 847.436.4351
900 E RINGWOOD ROAD N, LAKE FOREST, IL · $4,495,000 Andra O'Neill · 847.650.9093
151 MEADOW LANE, WINNETKA, IL · $4,499,900 Jena Radnay · 312.925.9899
LAKEFRONT
22 LAKEVIEW TERRACE, HIGHLAND PARK, IL · $3,150,000 Ted Pickus · 847.417.0520
N7729 LAURA LANE, ELKHORN, WI · $3,499,700 Jerry Kroupa · 262.949.3618
6252 N 525 W, MICHIGAN CITY, IN · $3,475,000 Will Schauble · 312.860.4192
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opportunities
919 HILL ROAD, WINNETKA, IL · $43,000/MONTH Jena Radnay · 312.925.9899
5716 E 1000 N, LAPORTE, IN · $2,850,000 Will Schauble · 312.860.4192
1560 S RIDGE ROAD, LAKE FOREST, IL · $2,845,000 Ann Lyon · 847.828.9991
W1306 S SHORE DRIVE #W1310, PALMYRA, WI · $2,795,700 Jerry Kroupa · 262.949.3618
500 N WAUKEGAN ROAD, LAKE FOREST, IL · $2,150,000 Kristen Esplin · 847.502.4633 · Co-Listed with Scott Lackie (Compass)
508 SHERIDAN ROAD, HIGHLAND PARK, IL · $2,249,900 Jena Radnay · 312.925.9899
50 S SHERIDAN ROAD, LAKE FOREST, IL · $2,075,000 Andra O'Neill · 847.650.9093
304 CUMNOR ROAD, KENILWORTH, IL · $1,875,000 Dylan Dolphin · 716.946.7883
2369 LARKDALE DRIVE, GLENVIEW, IL · $1,549,000 Debbie Hepburn · 847.867.5825
0 HIGMAN PARK HILL, BENTON HARBOR, MI · $1,325,000 Jackson Matson & Michael McCausland · 262.214.0240
231 VISTA DRIVE, WILMETTE, IL · $1,350,000 Jena Radnay · 312.925.9899
2005 TECHNY ROAD, NORTHBROOK, IL · $1,349,000 Audra Casey · 847.208.8779
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15 RED OAK LANE, HIGHLAND PARK, IL · $724,000 Carolyn Cerf · 847.525.8245
1751 STANFORD COURT, LAKE FOREST, IL · COMING SOON Chris Puszynski · 847.812.7265
619 WAYLAND AVENUE, KENILWORTH, IL · $540,000 Dylan Dolphin · 716.946.7883
2 BRISTOL ROAD, NORTHFIELD, IL Susan Maman · 847.878.5235
968 GREEN BAY ROAD, GLENCOE, IL Susan Maman · 847.878.5235
80 ESTATE DRIVE, GLENCOE, IL Susan Maman · 847.878.5235
ON THE NORTH SHORE
Source: BrokerMetrics LLC, Closed Sales Volume, All Property Types; Northfield, Deerfield, Kenilworth, Lake Forest, Glenview, Lake Bluff, Highland Park, Evanston, Wilmette, Glencoe, Northbrook & Winnetka, 01/01/2022 – 12/31/2022
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insights
While the number of uber-luxury sales in the Chicago area is down from 2021 and 2022 – both record-breaking years – activity is still above pre-pandemic levels. This is especially true on the North Shore, where a pair of Winnetka mansions sold for over $12 million this summer. Here are the 10 highest-priced North Shore home sales so far in 2023. @properties Christie’s International Real Estate was involved in nine of those transactions:
top 10 sales on the north shore
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445 SHERIDAN ROAD, WINNETKA · $12,250,000 Listed and Sold by Jena Radnay @properties Christie's International Real Estate
691 SHERIDAN ROAD, WINNETKA · $12,500,000 Listed by Jena Radnay | @properties Christie's International Real Estate Sold by Edward Gobbo | Berkshire Hathaway HomeServices Chicago
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367 BLUFFS EDGE DRIVE, LAKE FOREST · $5,750,000 Listed by Elizabeth Wieneke | Compass Sold by Karina Kolb-Formento @properties Christie's International Real Estate
325 SHORELINE COURT, GLENCOE · $6,250,000 Listed and Sold by Jena Radnay @properties Christie's International Real Estate
55 STONEGATE ROAD, LAKE FOREST · $6,000,000 Listed by Dominick Clarizio & Judie Fiandaca @properties Christie's International Real Estate Sold by William Squires | Real 1 Realty
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60 LOCUST ROAD, WINNETKA · $5,700,000 Listed by Jena Radnay Sold by Katie Hackett @properties Christie's International Real Estate
473 SHERIDAN ROAD, WINNETKA · $5,200,000 Listed by Jena Radnay @properties Christie's International Real Estate Sold by Catherine Caravette | CRE Advising, LLC
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41 INDIAN HILL ROAD, WINNETKA · $4,949,000 Listed by Dinny Dwyer | Coldwell Banker Realty Sold by Alyson Tesar | Compass
239 ESSEX ROAD, KENILWORTH · $4,800,000 Listed by Kathryn Mangel & Kelly Mangel Sold by Stefanie Lavelle @properties Christie's International Real Estate
155 HARBOR STREET, GLENCOE · $4,570,000 Listed by Howard & Susan Meyers | Compass Sold by Lyn Wise | @properties Christie's International Real Estate
*Source: Midwest Real Estate Data (MRED), 1-1-2023 to 10-2-2023
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say aloha to unparalleled luxury ALOHA LODGE, THE LAKE GENEVA ESTATE BUILT FOR THE FOUNDER OF CHICAGO'S DRAKE AND BLACKSTONE HOTELS, ON THE MARKET FOR $30 MILLION
Lake Geneva has been a sought-after destination for Chicago’s high society since the late 1800s. Seeking a summer getaway – and a place to reside after the Great Chicago Fire – the city’s wealthiest families discovered the clear, spring-fed lake and rolling, forested terrain and they built estates fit for titans of industry. This migration earned Lake Geneva its nickname, “Newport of the West.” In 1900, Chicago hotelier Tracy C. Drake put down roots in Lake Geneva alongside fellow prominent Chicagoans including the Wrigley and Schwinn families. He commissioned noted Chicago architect Howard Van Doren Shaw to build what was Shaw’s first of several lakeside mansions. Drake, the founder of Chicago’s historic Drake and Blackstone hotels, named the estate Aloha Lodge, and the home served as the family’s summer and weekend retreat for more than 35 years. Standing as grand as it did more than a century ago, the majestic 20,000-square-foot Aloha Lodge is now ready for a new owner. The 10-bedroom, 16-bath estate is being offered for $30 million, represented exclusively by Brandie Malay Siavelis of @properties Christie’s International Real Estate. Aloha Lodge sits on more than 360 feet of shoreline, with genteel colonnades, curved façade and ornamental railings that are a beautiful throwback to the days when guests arrived via steamboat or paddlewheel. A full interior and exterior renovation in 2011 tripled the home’s original size, extending its footprint to add two wings off the original structure, built with period details to look as if they were always part of the home. Impeccable craftsmanship can be found throughout, from the home’s coffered ceilings and arched doorways to its beadboard details, dentil moldings, built-in bookshelves, and multiple reading nooks. Several intricate stained-glass windows, original to the house, are found throughout, including the window in the original front door, with the words “Aloha Lodge” designed in glass. The home takes full advantage of its lakeside location, offering stunning views of the lake from nearly every room. Running the length of the home on the main level is a salon, family room with a built-in bar, an office, a large living room, two separate dining areas and a library. A large, oval-shaped kitchen lies beyond the dining areas, featuring a generously sized central island and cobalt blue La Cornue range with “Aloha Lodge” engraved on its custom brand plate. The second level features eight bedrooms, while the lower level includes a media room and large recreation room with pool table and darts. Above the second level, a loft area is currently a playroom, complete with a manmade tree for children to climb on. The space could be repurposed for many other uses.
Heading outside, front porches on both levels are ideal for relaxing and watching boats go by, while a swimming pool and hot tub, surrounded by a pool house and two guest bedrooms, are tailor-made for Wisconsin’s warm summer days. A large pier with five boat slips beckon owners to explore the 26-mile shoreline while a nearby gazebo provides a shady spot to enjoy a lake breeze. A short distance from the main estate is the 2,000-square-foot Captain’s House, which is perfect for guests, with three bedrooms and 2.5 baths, as well as a “train house,” an 1,800-square-foot building built in 2001 to accommodate the owner’s large train set. The building includes a large main room with a lofted ceiling and oak beams, two offices, a kitchenette, bathroom, and potbelly stove, and a small set of train tracks in the front.
Throughout the 12-acre property, a lush landscape with more than 20 varieties of flowers is complemented by stone paths, retaining walls and planters, and a quaint stone bridge, along with an elegant greenhouse. Accounts of the property’s history note that Drake so coveted a grove of sugar maples in the town across the lake that he had about 100 of them dug up and transported by bobsled across the ice in the winter to be planted around the estate. “The Aloha Lodge offers a once-in-a-lifetime opportunity to own a piece of history only an hour and a half from Chicago, on one of the country’s most beautiful lakes,” said Siavelis. “The attention to detail, the period millwork, and the scenic grounds are unmatched, as is the home itself.”
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insights
Amy Kartheiser, principal and founder of Amy Kartheiser Design (amykartheiserdesign.com), has also seen a growing desire among clients for spaces to relax and recharge. “When you’re working from home, where do you go to collect yourself after an intense conference call, or to make the transition between work and family time?” said Kartheiser.
Another place people are increasingly drawn to is the outdoors. “I wouldn’t even call it a trend anymore. Outdoor living is here to stay,” Savarie said. She noted that clients are now approaching outdoor areas from more of a lifestyle standpoint, for example designing separate hangout spaces for adults and kids. When the weather turns cold, people still want to feel that connection to nature. So, Andrea Goldman likes to create three-season rooms that can be opened to the outdoors on warmer days and still enjoyed on cold days thanks to a separate heating source. All three designers agree that colors are trending toward warmer tones and bright hues. “My clients are in two camps,” said Savarie. “They either want the quiet beauty of warm tones, or they want to be surrounded by uplifting colors that bring them joy.”
North Shore Design Reflects Post-Pandemic Lifestyles The home-upgrading frenzy of the last few years has given way to a more thoughtful approach to design revolving around post-pandemic lifestyle trends that are particularly prevalent along the North Shore. Health and wellness, hybrid work and a rekindled desire for self-expression are fueling an exciting period in design and making homes more beautiful and livable than ever, according to a trio of designers specializing in luxury interiors.
Serene spaces, like this den designed by Amy Kartheiser, encourage calming rituals. Photo by Mikey Schwartz.
“If I could point to one thing that’s driving this, I think it’s ‘longevity’,” said Andrea Goldman, owner of Andrea Goldman Design (andreagoldmandesign.com) based in Glencoe. “People are focused on living longer healthier lives, spending more time with loved ones, and getting maximum enjoyment from their homes whether they are working, relaxing or entertaining.”
In response, Kartheiser has been designing spaces for the express purpose of calming rituals. “These are dedicated rooms with functional furniture like high- tech meditation chairs, custom lighting, built-in tea cabinets, and audio features. It’s very sensory,” she said.
Greens and pinks are popular, as are warmer neutrals like beiges, taupes and tans, and wallpaper is everywhere. “At some point, everyone had their houses looking very similar. Now, people are excited to experiment with colors and patterns, and I just love it,” said Kartheiser.
Whether for relaxation or other purposes, open concept living is also giving way to cozier spaces, even in large homes, noted Lj Savarie, owner of Winnetka-based Savarie Interiors (savarieinteriors. com). Savarie described a library she recently designed for an avid reader. But the room was so inviting, it wound up becoming a favorite space for everyone in the family to read, work and relax.
Homeowners want spaces that connect them to the outdoors, even when the weather turns cold, according to Andrea Goldman. Photo by Aimee Mazzenga.
North Shore homeowners have renewed confidence to express themselves with colors, patterns and textures, said Amy Kartheiser. Photo by Werner Straube.
In high-end North Shore homes, Goldman said this is taking the form of health- giving amenities such as infrared saunas and cold-plunge pools. But it is also inspiring serene spaces that contribute to one’s mental health.
Lj Savarie designed a cozy library that became a favorite gathering spot for a North Shore family. Photo by Dustin Halleck.
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Even the most die-hard Chicagoans can admit there’s something special about autumn in New York City. But if you find yourself in a New York state of mind with no time to travel to Manhattan this fall, fear not. Here’s a selection of events and dining options that bring a bit of New York City to the North Shore.
In a New York State of Mind
BROADWAY’S BEST
NEW YORK NOSH
Best known for his eponymous fashion label, Isaac Mizrahi is also an author, TV personality and stage performer. The born and bred New Yorker brings his talents to the area this October, dishing on everything exciting and new in pop culture and social media, and performing a range of songs that will “leave you with cultural whiplash.” October 28. northshorecenter.org Straight from a successful off-Broadway run, Colin Mochrie of Whose Line Is It Anyway? and world-renowned hypnotist Asad Mecci present Hyprov: Improv Under Hypnosis. The critically acclaimed show combines hypnosis and improv for a totally original comedy experience crafted solely from the minds and suggestions of the audience. November 3. northshorecenter.org Tony-nominated Broadway production and New York Times Critics Pick The Prom arrives at Northwestern University’s Wirtz Center this November. The Prom follows four eccentric Broadway stars in desperate need of a new stage. When they hear that trouble is brewing around a small-town prom, they know it’s time to spotlight the issue – and themselves. November 10-19. wirtz.northwestern.edu
When it comes to delis, New York reigns supreme, but you can find some excellent options on the North Shore. Once Upon a Bagel ( onceupononline. com ), with locations in Highland Park and Winnetka, bills itself as “the North Shore’s finest deli” and offers standards like bagels and lox, matzo ball soup, and baked goods. Insider tip: they also have great tacos! New York’s now-defunct Dean & DeLuca pioneered the gourmet grocery concept from its original store in SoHo. On a smaller but evidently more durable scale is Foodstuffs ( foodstuffs.com ), which offers a fantastic selection of sandwiches, soups and prepared foods from its four North Shore locations. When you need a break from Chicago-style pizza, try the new Sal’s Pizza in Wilmette ( pizzabysal.com ), offering hand-tossed New York pies with loads of topping options and large slices perfect for folding. Highland Park’s New York Slices ( mynewyorkslices.com ) is also a tasty place for a Big Apple-style pie. In New England, they’re known as “half-moons,” and in parts of the Midwest, “harlequins.” They’re the black and white cookie, a quintessential New York treat, delicately glazed in a layer of half-brown, half-white frosting. Find them at Bennison’s Bakery in Evanston ( bennisonscakes. com ) or Kaufman’s Deli in Skokie ( kaufmansdeli.com ).
For more events, concerts and theatre happenings this fall on the North Shore, visit Chicago’s North Shore Convention & Visitor’s Bureau at visitchicagonorthshore.com.
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PRESENTED BY
we’re local
Limited lots and single-family homes remain at Kelmscott Park in downtown Lake Forest. Designed by local resident, Larry Booth of Booth Hansen, the homes at Kelmscott Park feature 3 - 5 bedrooms, luxury finishes and first floor owner suites. Lots (.15 acres) available from $550,000 and single-family homes at $1,699,000.
kelmscottpark.com · 224.505.8464
we’re global
Lake Geneva’s most anticipated development is here. The Views at Geneva National offers maintenance-free living with carefully appointed design details and floor-to-ceiling windows overlooking a world-class golf course. The twenty-eight townhomes will execute a modern design style, while still honoring the area’s existing architecture. Townhomes starting from $799,000.
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atpropertiesDG.com
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A LOVE LETTER TO THE NORTH SHORE COMMUNITIES We love driving up Sheridan Road to see the changing leaves and walking down the bluffs to your beautiful beaches. We love Friday Night Lights at your local high schools and Saturday nights in your downtowns. We love your vibrant culture that rivals the big city, your lively restaurants, and your trendy shops. North Shore, we love YOU. North Shore, we you
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