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WE ENLIST THE NORTH SHORE’S MOST ELITE REAL ESTATE PROFESSIONALS TO TALK ABOUT THE EXTREME LUXURY HOME MARKET AND WHY IT’S BECOME ALMOST UNTOUCHABLE, EVEN AS HIGH INTEREST RATES ARE LOOMING.
This classic English manor estate at 41 Indian Hill Road in Winnetka features spectacular grounds with a Boilini pool and pergola. Listed by Dinny Dwyer of Coldwell Banker Realty. BY MITCH HURST THE NORTH SHORE WEEKEND
While real estate brokers around the nation keep a sharp eye on the Fed and its handling of interest rates, one area of the real estate market that has not been heavily impacted is the upper end of the price bracket. Jena Radnay, a luxury broker with @ properties in Winnetka, says that as recently as 2019, a buyer could look at six or eight houses in the luxury market at any given time.
When COVID-19 hit in March 2020, people started realizing they wanted more room in their house and they valued their property differently. “That's when people started buying even more luxury. People thought if they were going to be stuck in their houses, they might as well have more space,” Radnay says. “Where we are today is we have literally no inventory of luxury. It's very limited and when it comes on the market, it's picked up right away.” To increase inventory, sellers are needed, and that’s the other side of the coin.
Luxury homeowners who might have thought about downsizing sometime over the past few years have stayed put because they like the extra space that buyers are craving. It’s a residential catch-22 and seems a far cry from the state of the luxury market in the buildup to 2020, which included many large estates built decades ago lingering on the market. “Houses that are old and big can be intimidating,” says Radnay. “Some of them have Continued on PG 8