Odd Man Out: Owning a Condo in Winnetka

If you typically drive down Green Bay Road, this image won’t surprise you:

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That’s the map of condos on the market in Winnetka. As I’ve discussed the charm and appeal of Winnetka before, you can see that its less charming elements are left to its main driving thoroughfares. Now take a look at these condos on or just off of Green Bay, and take a look at how long they’ve been on the market:

650 WINNETKA Mews #312
WINNETKA, IL 60093
Price: $479,900
Beds: 3 On Redfin: 70 days
Baths: 3 Year Built: 1970

380 GREEN BAY Rd #3E
WINNETKA, IL 60093
Price: $1,295,000
Beds: 2 On Redfin: 249 days
Baths: 2.1 Year Built: 1997

518 WINNETKA Ave #302
WINNETKA, IL 60093
Price: $795,000
Beds: 2 On Redfin: 418 days
Baths: 2.1 Year Built: 2003

Our friends over at the North Shore Insider note that Winnetka has one of the smallest condo markets on the North Shore. Unlike Evanston, it’s hard to find a relatively inexpensive condo here. Even though the market has slowed to a near halt, condo prices here have remained stable, if not inflated (if i’m going to cough up over a million for a condo, it better be in Grand Plaza downtown with lake views and a personal sushi chef).

As the newer construction units remain stable, I’ll be checking to see if there will be fundamental price difference between homes and condos in the area. Home prices have been relatively stable compared to competing markets, but it will be interesting to see if condo prices remain the same. The few, proud prospective condo owners can only hope to find a deal in one of the “Best Places to Live” of 2007.

Will prices come down? We’ll have to wait and see.