A home in Lake Forest sold at a $1.8 million discount as the North Shore’s real estate market begins to show signs of slowing down.
Built in 2016, the nearly 6,000-square-foot home sold for $5 million. It was originally listed in May for $6.8 million. It’s one of several on the North Shore that have taken steep price cuts amid rising interest and fears of a recession.
The five-bedroom, eight bathroom home is owned by Miles and Lorna Marsh, according to Lake County property records. Miles March was an executive at a number of Chicago-area firms according to previous reporting on the house by Crain’s, before taking the job of CEO Green Bay, Wisconsin-based paper company James River, which later merged with a rival to become Fort James. March remained CEO of the merged company until 2000, when it was acquired by Georgia-Pacific. He later served on the board of Morgan Stanley and several other companies.
Houda Chedid with Coldwell Banker Realty represented the sellers and Casey Declerk with Compass represented the buyers. Neither agent responded to a request for comment regarding the sale or its price cut.
The Marshes purchased the property for $2.25 million in 2012. The Greek Revival-style home was designed by Steve Rugo architects and built by Legacy Homes on the 1.15 acre property. Amenities include heated floors, an elevator, in-ground pool and a 1600-bottle wine cellar. The Lake Road home is about a block from Lake Michigan.
Other recent price cuts on the North shore include a Winnetka that sold for $12.75 million after initially asking $16 million. The Lake Forest home of the real -life inspiration of Daisy Buchanan in F. Scott Fitzgerald’s The Great Gatsby sold for $7.5 million–the highest price for a home in the town in four years, but still $3 million less than its first $10.5 million asking price.
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