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Price of Lake Forest Estate Drops $7.6 Million in Under 2 Years

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We know, we know. Asking price is relatively meaningless these days, but it is a good way to gauge the recession-adjusted expectations of area home sellers. Take this lovely lakefront estate in Lake Forest that was designed by architect Howard Van Doren Shaw, for example. The 11,000-square-foot home sits on a three-acre wooded property with a gorgeous beach, a big pool and impressive grounds. "The home, while grand and important, is also warm and eminently livable," says the listing. Livable and important -- that's nice. In 2003, it sold for $9.9 million. Then, in 2009, it came back on the market for $14.5 million. Since then, the sellers have been hacking away at the price, lopping off millions of dollars at a time. Now, after almost two years on the market, it's priced at $6.9 million.
· Listing: 1345 N. Lake Rd., Lake Forest [Coldwell Banker]