According to Crain’s, the two most expensive home sales in Lake Forest in 2010 were both short sales.
Even though these sales were in Lake Forest, and not Chicago, since we’ve discussed the North Shore several times lately I thought I’d put it out there for discussion especially as some posters on Crib Chatter seem to believe that the rich aren’t having the same financial problems as everyone else.
And I thought the rich only bought with cash!
Before the economy crashed, the massive homes on Westminster and Lake roads would’ve sold for upward of $7 million, observers say.
But prices in the suburb have fallen, leading more underwater homeowners to consider a short sale, says Pat Purcell, a sales agent in the Lake Forest East office of Koenig & Strey Real Living, who wasn’t involved in either property.
“People are getting tired of holding onto these homes,” he says.
Gerald and Gail Miller paid just under $3.4 million in October 1999 for the 13,000-square-foot mansion on Westminster Road, according to property records. It couldn’t be determined how much the couple owed on the home, but people familiar with the transaction confirmed it was a short sale.
The Millers listed the French Normandy-style mansion for $5.9 million in July, a year after J. P. Morgan Chase & Co. filed a foreclosure complaint against the couple to collect a loan originally issued in October 2005 for $4.6-million loan.
Less than a year later, the mansion, with seven bedrooms and six bathrooms, sold for $5.2 million, about 13% less than the loan amount.
Mr. Lederer, who is best known for selling the Web site Art.com to Getty Images Inc. in 1999 for $115 million, didn’t return a message.
Biggest 2010 deals in Lake Forest were short sales [Crain's Chicago Business, Andrew Schroedter, February 15, 2011]