Lakefront mansion sells in 5 days, bucking luxury market trends

Bucking a trend for the luxury market, a North Shore lakefront home went under contract in less than a week.

The modernist home at 325 Shoreline Court in Glencoe sold Monday for $5.2 million — five days after it was listed, the Chicago Tribune reports.

Built in 1997 by famed architect Tony Grunsfeld, the 10,000-square-foot-home has two stories of floor-to-ceiling windows that look out onto Lake Michigan. The home also comes with 133 feet of private beach, according to the Tribune. It was once owned by crime novelist Scott Turow.

The mansion’s quick closing and modest price cut — it was listed at $5.5 million — are in contrast to market factors that have slowed the luxury market, particularly in the suburbs.

Thanks to a glut of inventory and changing consumer preferences, luxury homes have lingered on the market, and often taken dramatic price decreases to gain some traction. Even North Shore lakefront homes have been hit by the market slowdown, with days on the market for such homes increasingly dramatically while prices drop.

Despite selling quickly, the Glencoe mansion’s value has not moved much since being built in the late 1990s. Turow bought the home in 2001 for $4.8 million before selling it in 2009 to Yothin Dumnernchanvanit for $5 million, according to the Tribune.

Dumnernchanvanit, president of a Thailand-based paper company, listed the home in late February. The home’s buyer was not yet listed in public records. [Chicago Tribune] — Joe Ward