Oct 15, 2007

Sale of the Week—Lakefront Colonial in Kenilworth

List Price: $4.59 million
Sale Price: $3.9 million

The Property: This elongated 12-room colonial built in the 1960s on a secluded site in Kenilworth has 125 feet of private Lake Michigan beach. The house has six bedrooms (all on the second floor), lots of custom millwork, and a comfortable family room on its east side, overlooking the lake. Situated on a six-home cul-de-sac off Sheridan Road, it is close to the Joseph Sears School and New Trier High School.

Thomas and Jacqueline Cashman bought the house in 1992 for about $1 million (Thomas is a commodities trader). They first listed the house in 2005, and switched the listing to Barbara Mawicke of Coldwell Banker in March of this year. While other sellers were cutting their asking price, this one stayed at its original price. In September, the Cashmans cut a $3.9-million deal, and the sale closed on October 10th. The Cashmans could not be reached for comment, and Mawicke did not respond to a phone call requesting an interview.

Price Points: The house ultimately sold for 15 percent off the asking price, a considerable decrease. Among the 14 $2-million-plus homes that have sold in Kenilworth in the past year, sale prices have averaged 9 percent below the asking price (not counting any reductions in the asking price over the course of the listing).

Buyers: Not yet identified in public records

Listing Agent: Barbara Mawicke, Coldwell Banker, (847) 446-4500

Posted at 07:09 AM in Sale of the Week | Permalink

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