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Winnetka home sells for $6.3 million after price reduction

Jennifer C. of Forward Space, 1134 Taylorsport Lane in Winnetka.  Neiman (seller) Photo description (Getty Images, Forward Space, Zillow)

Jennifer C. of Forward Space, 1134 Taylorsport Lane in Winnetka. Neiman (seller) Photo description (Getty Images, Forward Space, Zillow)

A series of price cuts ahead of a $6.3 million deal for a Winnetka mansion atop a bluff overlooking Lake Michigan is a typical luxury marketing routine in the Chicago suburb.

The 7,400-square-foot home at 1134 Taylorsport Lane was first listed by sellers Jennifer and Craig Neiman in June 2021 for $7.5 million, before multiple discounts lowered the asking to $6.75 million earlier this summer.

Closed for about $470,000 less than that. The 16 percent drop between original list and closing prices matches the gaps that other sellers have located in the affluent North Shore suburb this year.

Ann Lyon (@Properties)

Ann Lyon (@Properties)

Jennifer Neiman is the CEO of Forward Space, a Chicago-based office furniture retailer. Represented by Ann Leon Niemans with @Properties and did not respond to a request for comment on the pricing strategy. Frank Capitanini with Coldwell Banker Realty represented the buyer.

Last month, a century-old lakefront Winnetka mansion sold for $12.75 million, even though it was originally listed for $16 million, 20 percent higher. At the seven-bedroom property at 645 Sheridan Road, the buyer plans to replace it with a new home. Built around 1902, it needs repairs and updates, according to the buyer’s agent.

Back on Taylorsport Lane, the Niemans’ former five-bedroom, six-bathroom home was built in 1981 and has 100 feet of beachfront on Lake Michigan. It has been expanded and renovated over the past four years, according to the public listing.

The Niemans bought the home in 2016 at an even bigger reduction from the initial asking price of $3.7 million, down from the $5.75 million sought by its previous owners, Roy and Elizabeth Skillicorn, at the time.

Despite the price cut, one in 10 sales in Winnetka this year sold for $5 million or more, with demand for such high-end homes doubling in 2021 compared to five sales at or above the mark in all of 2021. The suburban luxury market has soared and the rest of the Chicago market has cooled due to rising interest rates.

Winnetka’s other high-end properties have also sold for less than their initial list price, though not always by much.

In August, the former Winnetka home of AC Nielsen Company founder Arthur Nielsen sold for $6.8 million after four months on the market, well below the $6.9 million list price. Built in 1937, the 17,000-square-foot Tudor-style estate was designed by architect Benjamin Marshall, who also designed other notable buildings in Chicago, including the Drake Hotel.

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