Chicago's North Shore might be familiar to you due to its storied Hollywood history, and a trip there would allow you to visit locations from famous films.

From luxury North Shore homes trading at steep discounts to zoning battles in Fulton Market and a lawsuit in the Loop, Chicago’s real estate scene moved through a few scrapes and bold bets this week.

Scarce inventory and surging wealth are driving a new urgency among $3 million-plus buyers in the Chicago area.

When Stacy and Brian Sanderson moved to Lake Bluff on Chicago’s North Shore in 2013, they promised each other they would ...