Reduced Price Of Entry To Tony Chicago Suburb

When Erastus and Zeruah Patterson rode their covered wagon to a thicketed Illinois hillside in 1836, they probably never imagined that the village they would settle there would eventually become one of the country's most exclusive, with homes selling at a median price of around $1.5 million.

Winnetka, Ill., has evolved from its roots as a modest pioneer town into a genteel suburb. The "old money" residents of the 12,419-person village, who pull in a median salary of $167,458, cherish Winnetka for its exclusivity.

Few properties embody that exclusivity better than this listing, which, at more than twice the village's median price, has more than a high price tag limiting access to it. The forested lane leading to the mansion is so private that even GPS systems advise casual travelers to keep their distance.

"If you put the address in the navigation system in your car, it will tell you that you shouldn't go there," says Vicki Jako-Ostojic, the listing agent for the property.

Those who are able to get inside, though, will find an imposing brick colonial with vaulted ceilings and a light-flooded, whitewashed interior. The home has five bedrooms, eight bathrooms, a stone fireplace, furnished basement and a 416-square-foot marble-floored kitchen. The estate sits on a parcel of land just steps from the Lake Michigan shore, with 1.5 fully landscaped acres. It is listed at $3,289,000 with @properties.

While even the highest-end enclaves are seeing price drops, Winnetka real estate is telling a different story. The town has enjoyed a 53% median home price increase over the past year. Still, it may not be a seller's market in every case. This house has seen its price reduced by more than $300,000, and the average single-family abode here stays on the market for more than eight months. If the Winnetka market has bottomed, those seeking a spot on its elite, wooded lanes would do well to act soon.