Winnetka Home is Chicago Area’s Priciest Sale This Year

A $12 million deal just raised the bar in Winnetka’s luxury real estate hot streak.

A seven-bedroom lakefront estate at 973 Sheridan Road sold for $1,243 per square foot, marking the most expensive residential sale in the Chicago area so far this year, the Chicago Tribune reported.

The roughly 9,650-square-foot home sits on a bluff with 100 feet of private Lake Michigan beach.

Designed in a coastal style with a metal roof and two levels of lake-facing porches, the mansion includes a basketball court, golf simulator and nine bathrooms.

The sellers, a trust associated with Luke and Margaret Kelly, assembled the 1.75-acre site in 2017 for $6.19 million. They completed construction on the home in 2020. John Baylor and Cricket King of @properties Christie’s International Real Estate had the listing, and Jena Radnay of @properties, repped the buyer. The buyer has not been identified in public records.

The sale adds to a streak of luxury deals in Winnetka’s high-end market. It was one of two $12 million properties that went under contract within days of each other in March.

Winnetka dominates the region’s upper crust housing market, where ultrawealthy buyers show a consistent appetite for lake views, turnkey finishes and supersized floor plans.

So far this year, 70 Chicago-area homes have sold for $4 million or more, a pace that could break the region’s 2022 record of 136 sales in that bracket. At least two more Winnetka properties may soon push past this latest high: a lakefront mansion asking $35 million is under contract, while another recently listed for $29.9 million.

The market for lakefront homes in the Chicago suburbs, particularly in areas like Winnetka and Glencoe, is strong, with high demand and significant sales prices for luxury properties. Recent listings have priced homes over $10 million, reflecting a competitive environment among high-net-worth buyers for limited lakefront real estate. Challenges such as low inventory and high renovation costs for older homes persist, making custom builds an attractive option for buyers.

— Judah Duke