Mansion in Chicago’s North Shore Sells for $7M in Loss for Seller

Glencoe’s most-expensive home sale since 2021 went for $7.25 million, a significant discount from its asking price three years ago.

The seven-bedroom estate at 595 Longwood Avenue in the North Shore fetched $826 per square foot, just over half of its 2022 asking price of $13.8 million, or $1,572 per square foot, Crain’s reported.

The 8,800-square-foot property sits on 1.68 acres and boasts 132 feet of Lake Michigan shoreline, offering views and a private retreat in one of Chicago’s most exclusive suburbs.

Laura Rubin Dresner of Baird & Warner represented the sellers, David and Susan Kalt, while Beth Wexler of @properties Christie’s International Real Estate represented the buyers, who were not identified.

The Kalts bought the Glencoe mansion in 2005 for $5.95 million, or $678 per square foot. It was built in 1970, and their renovations included adding a swimming pool.

It was the most-expensive sale in Glencoe since December 2021, when a nearby mansion fetched nearly $8.7 million.

The mansion features large windows with views of Lake Michigan from almost every room. A second-story terrace spans the width of the house, and a private staircase leads down the bluff to the water’s edge, enhancing the property’s appeal as a lakeside haven.

The sale is part of a broader trend in the Chicago area, where luxury homes priced at $4 million and above are selling at a faster pace than earlier in the year. Homes in the North Shore priced below $1.5 million sell the fastest, luxury agents say.

The Glencoe sale is one of three major residential transactions in the Chicago area this week. In Lincoln Park, Chicago’s most-expensive home sold for $15.25 million, while a co-op on Lake Shore Drive changed hands for $7.7 million. The surge in high-end home sales reflects a growing demand for luxury properties across the region.

— Andrew Terrell