The market for luxury homes in the northern suburbs continues to see growth despite a slowdown in sales of single family homes around the Chicago region.

One of the latest mansions to sell in Winnetka was sold for $2.19 million. The 11-room home offers a huge gourmet kitchen with island, three fireplaces, and five bedrooms.

The original owner bought the property in 2000 and built the new home. The home is the 45th of the year to sell for more than $2 million in Winnetka, two more than the same period last year.

However, sales of all single family homes were down by 19 percent during the quarter. The real estate market in Inverness is seeing an increase in unsold homes sitting on the market longer.

The average sales price dropped during the third quarter in Winnetka. It now stands at $1.52 million, a seven percent drop from the same period last year and the lowest average sales price since 2004.

The strong market for luxury homes in Winnetka doesn’t mean that buyers aren’t negotiating for a lower price. The home was originally listed at $2.394,500. Buyers looking for great Chicago Real Estate in Winnetka should be on the lookout for discounts on luxury homes in this popular suburb.

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This entry was posted on Saturday, December 1st, 2007 at 10:08 pm and is filed under Winnetka Real Estate(t) . You can leave a response.