In this part of our tour of Riverwoods we arrive by car at a 10,500 square foot, 6 bedroom, 5 ½ bath home for sale at $2,950,000. We take a brief look at the living areas and indoor pool.

In separate video segments we tour the basement ballroom and karaoke stage and an over-the-top master suite.

This was my first look at higher-end properties in Riverwoods. I'd been in many far more expensive homes, primarily on the North Shore and in other parts of the country, over the years. I hadn't seen anything comparable to this home in this price range.

Bill Kaplan, who's been in real estate as an agent, broker and developer for over 50 years, suggested the home would be priced far higher if were in Winnetka or Lake Forest rather than Riverwoods.

The tiny (population 4,000) Village of Riverwoods is an easily overlooked enclave in Chicago's northern suburbs, bordered by Lincolnshire, Bannockburn, Deerfield, Northbrook and Buffalo Grove. Driving through Riverwoods it's easy to believe you're in a forest preserve rather than an inhabited place.

I recently re-connected with old friends, Bill and Sherry Kaplan, who happen to be the Mayor and First Lady of Riverwoods, and they took me on a guided tour of their bailiwick, including stops at several beautiful homes.

I stopped in to visit with local correspondent Maureen Mohling at an open house she was hosting at 422 Fox Meadow Dr in Northfield. The home features over 2,400 square feet of living space, 3 bedrooms and 2 ½ baths. The list price had just been reduced from $865,000 to $820,000, and I asked Maureen to explain the factors she considered in setting the price and what developments she considered to be comparable.

Fox Meadow is an Edward R. James development, completed in 2002. It's located adjacent to a park and nature conservancy and affords easy access to The Glen, the Edens Expressway and the Tri-State It's also directly across Willow from Kraft's corporate headquarters and close to a number of major area employers.

Listen carefully as you watch because everything Maureen mentions factors into setting the price.

Are you sitting down? The first home you see in this video from Pearson on the Park -- a completely remodeled two-bedroom / one-bath with all the expected finishes -- sold for just $199,000. Earlier this year a group of investors bought up the remaining inventory at high-rise, located at 222 E Pearson St in Streeterville, and immediately cut prices by as much as 40 percent in some cases. It's hard to name many other buildings where buyers can find three-bedroom units in the heart of Streeterville for less than $370,000.

In this video, Ted Guarnero of Baird & Warner and Joe Zekas tour the recently sold two-bedroom on Pearson on the Park's second floor, then head to the top to check out the building's party room and rooftop deck.