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255 N Green Bay Road
Lake Forest, IL 60045
$5,495,000
Conventional
Property
Bedroom
7
Bathroom
11
Property Type
Conventional
Square ft
15000
Property Description
Suffield House is considered one of renowned architect David Adler's most important country houses. A collaboration with his designer sister, Frances Adler Elkins, this 15,000 sqft residence completed in 1934 is on 5.4 acres in the heart of Lake Forest. Built for Mrs. J. Ogden "Lolita" Armour, the entrance is neo-Georgian while the rest of the 15,000 square foot home was designed in a classical French style. The brick is whitewashed, with the warmth of buff pink coming through. This home's interior is loaded with priceless, perfectly preserved architectural features, including imported English paneling, antique Chinese oil paintings, exotic marbles, ornate plaster moldings and decoration, original light fixtures, nine fireplaces (each more beautiful than the next), custom millwork, and a handsome Versailles patterned hardwood floor. This home was ahead of its time with features including a 4-stop passenger elevator and a sophisticated central heat and air conditioning system. Designed for entertaining on a grand scale, the main level has a series of exquisite formal rooms, supported by a service area that rivals the manor home in Downton Abbey with a butler's pantry, kitchen, breakfast room, silver vault, and a flower arranging room. On the second level are five en suite bedrooms, including a large primary suite, plus a 1,000 sqft 2 bedroom, 2 bath staff apartment. The top level offers potential for expansion with another 2-bedroom apartment, a large cedar closet, a gift-wrapping room, an exercise room, and storage. A spacious, paneled rec room with a fireplace is a surprise feature in the otherwise utilitarian basement, including a laundry center, vault, wine room, multiple storage rooms, and mechanicals. Recreational features include a beautiful pool, spa, and pool house with a great room, kitchen, dual baths, laundry, and a huge fenced backyard. The property also includes a carriage house that would make a great art studio, home office, or guest suite. Other features include a deep 4-car garage and storage facilities for landscaping equipment. Available for the first time in nearly 50 years, this is a rare opportunity to own a truly exceptional home by one of the most significant residential architects of all time!
Property Information
Lot Size
5 acre(s) square ft
Property Type
Other
Year Built
1934
MLS Number
12046235
Location
Address
255 N Green Bay Road
City
Lake Forest
State
IL
Zip Code
60045
County
LAKE (COUNTY SOUTH)
Listing
Provider
Engel & Völkers Chicago, original listing
Name
Engel & Völkers Chicago
Phone
(773) 797-9500
Office Name
Engel & Völkers Chicago
Office Phone
(773) 797-9500
Agent Name
Jennifer Ames

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.