Chicago Botanic Garden

Glencoe, with approximately 9,000 residents, is far smaller and sleepier than its neighboring ’hoods, which is why idyllic residents call it “Mayberry with money.”

PERKS
Almost Everything: There are great lower schools with small classes that feed into New Trier Township High School, and there’s a stellar lineup of cultural offerings headed by the world-class Chicago Botanic Garden and artistically acclaimed Writers’ Theatre in the Women’s Library Club of Glencoe.

But You Never Get It All: Downtown Glencoe had a wealth of chic fashion boutiques until times turned tough, but the one that’s left—star shoe and bag emporium Shirise (341 Park Ave.)—is such a treasure that it draws in customers from the city. A sweet new addition is Vignette at Missie Bender Design (346 Park Ave.) for vintage and antique furnishings.

77 Wentworth Ave.

RECENT DEVELOPMENTS
Million-Dollar Stock: Prices have dropped since the market highs of 2006 and 2007, but the 2008 median residence value of $1,182,382 is still holding strong. According to broker Gloria Matlin, out of 125 single-family homes on the market at press time, 39 cost more than $1 million and 37 are more than $2 million. But there are also 38 listings at risk, with 31 in pre-foreclosure and seven in foreclosure. “It’s a higher number than usual, but the vast majority of homeowners work it out,” says Coldwell Banker Regional Vice President Patrick O’Rourke.

The Bigger They Are… the harder they fall, and those jaw-dropping multimillion-dollar homes aretaking massive price plunges. Glencoe’s two highest- priced homes, 5 Briar Lane and 77 Wentworth Ave., are both $7.5 million but started out at $8.9 and $9 million, respectively. A lakefront manse may be the deal of the decade: The sprawling 1960s Modernist ranch at 10 Maple Hill Road, which its current owners gave a dazzling Gaudiesque update with the help of acclaimed Chicago designer Jordan Mozer and architect Dwayne MacEwen, has gone from $8.25 million in 2007 to $4.55 million today. (Visit juliedeutsch.com for information.)

Busy Builders: House sales may be lagging, but Glencoe’s custom building market hasn’t skipped a beat for its stars, Highgate Builders and Heritage Luxury Builders. “We’ve never slowed down, and this is our best year yet,” says Highgate President Jon Kogan. Six homes recently sold for $3 to $6 million. The three Heritage has in progress are equally luxe, ranging from $2.75 to $6.15 million. “We’d have more but have had a hard time finding quality lots to meet demand,” explains Heritage President Leo Birov. “Compared to last year, there’s a 35.6 percent increase in new building permits this year,” says John Houde, Village of Glencoe building and zoning administrator.

Virgin Territory: Thanks to historically low interest rates, it’s a perfect buying time for young couples who want more space and great schools. “One young client just told me, ‘My mortgage payment for my new house with a great backyard is less than my rent was for a two-bedroom in the city,’” says broker Louise Eichelberger. At press time, some economical charmers she cites all have historic panache—a sleek four-bedroom Keck & Keck ranch for $439,000, a quaint fairytale-like four-bedroom English Cotswold on a corner lot for $549,000 and an airy four-bedroom midcentury split-level home for $399,000.