WINNETKA, IL — The coronavirus pandemic has not slowed the village’s luxury real estate market in the first three quarters of the year. If anything, it has accelerated it.
There were no sales in the whole of 2019 breaking the $5 million mark in Winnetka. But so far in 2020, three single-family residential properties in the village have sold for more than $5 million, including the most expensive suburban home sale of the year to date, according to real estate listings and property records.
The median sale price for single-family homes in Winnetka was $1.28 million in August, compared to a median list price of $1.349 million, according to realtor.com market data.
Asking prices in the village were up 4.2 percent above a year prior, with the median price at $331 per square foot. Listed properties sold for an average of 4.5 percent below their asking prices after spending an average 78 days on the market.
Last month, Winnetka’s third most expensive home sale of the year closed for $5.5 million, according to listing records. The four-bedroom Belgian Farmhouse-inspired design is located west of Sheridan Road and north of Tower Road Park. The home was first listed on Aug. 3 with an asking price just under $6 million, according to its listing.
The 5,362-square-foot home was completed in 2018 and designed by architect Michael Abraham with kitchen and bathroom designer Mick De Giulio. In 2019, Michael Abraham Architecture received the merit in design award for residential architecture from the Northeast Illinois chapter of the American Institute of Architects.
The sellers were Yoanna and Mark Kulas, owner of Northbrook-based Kulas Maids, who purchased the 0.53-acre parcel for $1.325 million in October 2015. While the latest sale has yet to be recorded with the county, tax records identify the new entity responsible for paying taxes on the property as a trust affiliated with the Bernice family.
The estimated market value of the home is only $1.4 million for taxing purposes, after an attorney for Kulas successfully appealed to reduce an earlier valuation of $3.28 million. Records show that reduced the home’s annual property tax bill from more than $64,000 to under $32,200.
The second most expensive home sale of the year is a massive mansion that spent more than 10 years on the market before being sold in July.
Dubbed “Le Grand Rêve” — or “the big dream” — the six-bedroom, 17,000-square-foot was designed by architect Richard Landry for Deborah and Sherwin Jarol, founder and CEO of a Chicago-based private real estate investment firm.
The Jarols purchased the 2-acre site on Locust Road in southwest Winnetka for $2.5 million. They spent a reported $40 million to build the 26-room mansion on the site, first listing it for $28 million in January 2010.
The home was built in a 26-room home is built in a Mediterranean style with a fountain, swimming pool, elevator, wine cellar, spa, 11 fireplaces and a nine-car garage.
Over the next decade, the asking price gradually declined, falling below the $10 million mark nearly three years ago. As of June, the asking price was still $9.5 million. But in July, records show the Jarols sold the property to a trust that conceals the name of its owner for $7.25 million.
According to property records, the estimated market value of the property is about $4.8 million for taxing purposes, leading to a 2019 property tax bill of more than $82,000.
The most expensive home sale in Winnetka so far was a lakefront property next door to Centennial Park.
Featuring 144 feet of private beach, the home at 209 Sheridan Road, also listed as 205 Sheridan Road, sold for $8.25 million with an offer accepted before it was publicly listed in July.
The house currently on the property is a 3,300-square-foot Ranch-stye home built in 1957, according to property records. Few details about the home and no interior photographs were included with its listing, indicating the house is a candidate for demolition.
The seller was identified in property records as Southern California resident Robert Britz, who has owned the house since 1993. The new owner has not been identified in public records.
The two-parcel property’s estimated market value, for taxing purposes, was about $5 million last year, according to the Cook County Assessor’s Office.