December 2007

A nice two-year-old house in northwest Elmhurst, this one sold in early December for $865,000, which is 5.9 percent below what the sellers paid in September 05.

The 2007 sale price was approximately the 2004 value (approximate because this house did not exist then; it's a replacement of a modest ranch). That is what some real estate appraisers are now saying is appropriate--prices from three years ago. As recently as September, appraisers were telling me they were using 2005 prices.

The asking price was $924,900...

List Price: $2,275,000

The Property: Situated in a neighborhood of new, high-end homes on a parcel of land in Lake View that was, until six years ago, entirely industrial, this 11-room house has a clean-cut limestone façade, bamboo floors, steel and glass stair rails, and a super-sleek kitchen. But what really grabs the eye is the solid-core wood doors faced with a vertical-striped zebrawood veneer that are used throughout the house, providing a dark accent to an otherwise light interior.

The house has five outdoor decks on four levels, including a spacious party deck atop the garage and two more private decks on opposite sides of a third-floor den with outdoor stairs up to the rooftop. Glass walls extending out to the decks and lots of...