What makes a home truly “luxury” in Lake Forest, and how do you price, prepare, and market it for today’s buyers? If you are eyeing a move in 60045, you want clarity, not guesswork. In this guide you will learn how the luxury tier is defined locally, what buyers expect, how long sales typically take, and the marketing that gets top-tier results. Let’s dive in.
What counts as luxury in 60045
Defining luxury by a single dollar figure can be misleading. A better way is to look at percentiles in the local market. For Lake Forest, you can define entry-level luxury as the top 10 percent of listings, high-end as the top 5 percent, and ultra-luxury as the top 1 percent. In practice, that places the entry to luxury in 60045 in the low to mid multi-million range.
Public dashboards for Lake Forest have recently shown seven-figure medians, with city and ZIP medians ranging roughly from the mid $1.3 million band to around $1.95 million depending on dataset and timing. Price per square foot has hovered in the high hundreds, often around $370 to $400 per square foot. Typical median time on market has been in the multiple-week range, often about 58 to 66 days. Your specific property and tier will vary.
The takeaway: treat luxury as a relative, data-based slice of the 60045 market. Ask for a fresh 12‑month MLS snapshot showing the top 10 percent cutoff and recent closed comps before you set price.
The homes: architecture, land, amenities
Architectural heritage that commands a premium
Lake Forest’s luxury tier includes a rich mix of legacy estates and sensitively updated homes from notable early 20th century architects. Styles often include Georgian and Colonial Revival, French Renaissance, and Tudor. The town’s preservation community highlights award-winning restorations that frequently reappear in luxury listings. For context on this heritage, explore the Lake Forest Preservation Foundation’s overview of past restoration awards and notable properties at the Lake Forest Preservation Foundation.
Lots, lake, and setting
In 60045, land and setting do heavy lifting in value. Lakefront addresses along Sheridan Road and Lake Road, bluff and ravine parcels, and estate lots of one acre or more sit at the top of the market. In the highest quartile, you often see 1 to 2.5 acre lots, extensive outdoor amenities, and a strong sense of privacy. Trophy lakefront estates can include larger acreage and private shoreline access.
Interior and lifestyle features buyers expect
Luxury buyers here tend to prefer homes that feel current and move-in ready. Common wish-list items include:
- Designer kitchens with premium appliance suites and generous prep space
- Multiple bedroom suites and spa-like baths
- Finished lower levels with theater, bar, or wine room
- Dedicated fitness, sauna, or wellness space
- Strong indoor-outdoor flow to terraces, patios, and heated pools
- Enhanced security, privacy measures, and service spaces such as guest houses or oversized garages
To see how these features show up in practice, review the media and amenity mix on an exemplar listing through Coldwell Banker Global Luxury, like this Lake Forest property presentation.
Who the buyers are and how deals work
Luxury buyers in Lake Forest include equity-rich North Shore and Chicago-area families, senior repeat buyers, and some out-of-area second-home purchasers drawn to lake access, community amenities, and proximity to Metra. National buyer research shows the upper tier skews toward repeat buyers and larger down payments. For generational context, see the NAR Generational Trends report.
Cash is more common at the top of the market. In many luxury segments across the country, roughly 40 to 50 percent of purchases have closed with cash in recent years. Locally, that means sellers often see proof of funds early, and financed buyers should be aware of appraisal dynamics on unique properties.
Timing can be uneven. Perfectly priced and polished homes may move quickly, while highly unique estates sometimes take longer given the narrower buyer pool. Expect more negotiation around price, timing, and inclusions if your home sits in the ultra-unique tier where comps are sparse.
Marketing that moves the needle
High-end listings in Lake Forest perform best with a coordinated, multi-channel plan that matches the caliber of the home.
- Bespoke media package. Expect magazine-quality photography, twilight and aerial images, cinematic video, and a 3D walkthrough or detailed floor plans. Well-crafted brochures or a single-property website help convey the lifestyle and finishes.
- Global distribution. Coldwell Banker Global Luxury provides broad national and international reach that places your home in front of qualified buyers. Your plan should include premium syndication, targeted digital ads, and curated print placements aligned with luxury audiences.
- Private previews and agent outreach. Invitation-only broker events, targeted email campaigns to vetted clients, and discreet pre-marketing can build momentum among qualified buyers.
If your plan includes drone footage, use an insured operator who follows FAA rules for commercial use. The FAA outlines requirements for registration, Remote ID, and Part 107 certification for commercial drone operators. Review the FAA commercial drone guidance before authorizing aerials.
There are also important MLS rules when balancing privacy and exposure. The National Association of Realtors’ Clear Cooperation policy restricts public advertising of listings that are not in the MLS, with a limited delayed-marketing option updated in 2025. Learn how the policy works in this overview of Clear Cooperation and delayed marketing. Your strategy should respect these rules while protecting seller privacy.
For sellers: a practical prep checklist
Set your home up to outperform the competition with proven moves luxury buyers expect.
- Elevate staging and design. Staging influences buyer perception and can speed time to contract. In the luxury tier, this often includes designer furnishings, curated art, and refined styling. See NAR’s overview of staging benefits for luxury listings here: personal styling and property staging.
- Commission best-in-class media. Invest in professional photography, video, and a 3D walkthrough. If you use aerials, hire a certified Part 107 drone operator and confirm insurance. The FAA’s commercial operator page explains the rules.
- Calibrate launch timing. A short, targeted pre-marketing phase can surface serious interest before the public MLS debut. If using a delayed-launch approach, document consent and ensure compliance with Clear Cooperation. Read the policy overview to understand the limits.
- Complete a pre-listing inspection. Luxury buyers appreciate transparency. A pre-inspection allows you to correct issues, price with confidence, and reduce renegotiation risk. This inspection guide explains common hidden issues and how addressing them helps listings sell faster: pre-listing inspection benefits.
- Prepare a property dossier. Assemble permits, plans, upgrade receipts, utility data, landscape maps, service contracts, and recent quotes for specialized systems. A clear dossier supports valuation and helps with appraisal.
For buyers: how to win in 60045
- Get fully vetted. Proof of funds or a strong pre-approval is often required before private showings in the luxury tier. Be ready to share documentation through your agent.
- Anticipate expedited due diligence. Expect tight timelines and specialized inspections for pools, structural components, or shoreline-related items on lakefront parcels. Plan for an attorney review and, if financing, an appraiser with deep knowledge of trophy comps.
- Focus on readiness. Cash and large down payments are common at this level. If you are financing, consider strategies such as appraisal gap coverage, rate lock planning, or a short inspection period to stay competitive.
Pricing, timing, and negotiation in today’s market
- Pricing. Use a current 12‑month MLS analysis of top-tier comps to set your ask. Because luxury is a relative category, align with the top 10 percent cutoff rather than a flat national number.
- Time on market. Neighborhood, lot type, and price point drive speed. The broader Lake Forest market has often landed in the 58 to 66 day median range, but well-presented homes at the right price can move faster.
- Negotiation. Unique estates may require more creativity around inclusions, closing timeline, and post-occupancy. Buyers and sellers should expect a collaborative, solutions-forward approach.
Work with a local luxury specialist
Selling or buying in Lake Forest’s luxury tier is about more than a number. It is about storytelling, precision, and reach. With boutique, concierge service backed by Coldwell Banker Global Luxury distribution, hands-on staging, and hyper-local market knowledge, you can navigate 60045 with confidence. Ready for a tailored plan and fresh comps for your address or wishlist? Connect with Julie Towne to schedule your complimentary concierge consultation.
FAQs
What defines a luxury home in Lake Forest’s 60045 market?
- In 60045, luxury is best defined by percentiles, not a single price. Entry-level luxury is typically the top 10 percent of local listings, which in practice sits in the low to mid multi-million range.
How long do luxury homes in Lake Forest usually take to sell?
- Market-wide medians have often run about 58 to 66 days, but timing varies by tier, location, and presentation. Proper pricing and high-impact marketing can shorten that window.
What features do Lake Forest luxury buyers value most?
- Move-in-ready finishes, designer kitchens, multiple suites, indoor-outdoor living, pools and terraces, privacy and security features, and specialty spaces like theaters, gyms, and wine rooms.
Do I need a pre-listing inspection for a luxury home?
- It is not required, but many sellers choose one to address issues upfront, support pricing, and reduce renegotiation risk. A clean report signals confidence to buyers.
Are private or off-market showings allowed under MLS rules?
- Private, by-appointment showings are common in luxury. Public advertising of non-MLS listings is restricted by Clear Cooperation, with a limited delayed-marketing option. Your agent will outline compliant choices.
How common are cash buyers in Lake Forest’s luxury tier?
- Cash is more frequent at the top of the market than in entry-level segments. Recent luxury analyses have shown roughly 40 to 50 percent cash share in many higher-end markets, which aligns with local experience.
