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lakefront mansion on Sheridan Road in Winnetka has become one of the first ultraluxury listings on Chicago's North Shore to take a significant price cut, as the market for ultra-high-end homes slows. There are at least nine homes listed on the North Shore at $10 million or above, but sellers have yet to close on a residential sale over $10 million this year. The closest North Shore seller came was Michael Jordan's Highland Park home, which went under contract for $14.85 million in September but has yet to close.

    The absence of sales over $10 million doesn't mean it's been a bad year for luxury home sales. In fact, the top of the Chicagoland market has been faring better than overall home sales. There have been 81 sales of homes over $4 million this year, with three recent sales on the North Shore. Luxury buyers are active, but ultraluxury sellers may need to adjust their prices if they want to sell soon.

    The seven-bedroom, eight-bathroom home at 765 Sheridan Road was originally listed for $18 million, but its price has been reduced to $14.9 million after failing to attract enough showings. The seller's family is motivated to sell and move into a smaller house on the North Shore now that their children are out of the house.

    Other North Shore sellers are holding out for buyers willing to pay the full asking price, including an 11,400-square-foot home in Lake Forest listed for $11.9 million and two other Lake Forest listings priced at $13 million and $15 million. The top-priced listing on Sheridan Road is a $35 million estate also owned by a trust of Morris Silverman, which has been on the market since last year.