North Shore Views

Archive for January, 2010

Luxury Condo Values at Mallinckrodt in the Park

If you’re looking for a home that has the character and charm of a vintage building, but with all the modern amenities, a condo at Wilmette’s Mallinckrodt in the Park might be for you.

Prices have been significantly reduced on the remaining units at  Mallinckrodt at 1041 Ridge Road. These luxury condos feature high end finishes, in-unit laundry, heated indoor parking, convenient location and gorgeous park setting. Most of the units can be customized to the client. Three finished models are also available for sale.

Attention dog lovers: this is one of the only condo buildings in Wilmette that allows dogs as well as cats.

Several different floor plans are available in sizes ranging from 1,180 to 2,193 square feet.

Prices ranging from $235,000 to $499,000 are 30% below original list prices.

Mallinckrodt is an age-determined building, meaning that at least one of the deed-holders must be 62 years old. No one under 18 years old can be a permanent resident.

Mallinckrodt is a 5 story 180,000 square foot Italian Renaissance structure built in  1918 as a convent and a college. It was converted to 81 condos after a group of citizens petitioned to prevent the historic building from being torn down for development of single family houses. The adjacent 14 acre park is held in perpetuity by the Wilmette Park District as open space.

The models are open most weekends. Or, give me a call at 847-687-5957 if you’d like an appointment to see the available units.

Tags: dog-friendly condos, Real estate, Real estate listings, Wilmette, Wilmette condos for sale

New Trier Referendum: Get the Facts Before You Vote

I realize that there are two sides to every issue and the referendum for the renovation of New Trier High School is no exception. I have my own point of view and I respect the fact that not everyone shares it.

Having said that, I do think that it is our responsibility as citizens to be informed voters. So, before you cast your vote this coming Tuesday, please make sure you have the facts. There is a lot of false and misleading information circulating. Here are some examples:

1. There will be a big balloon payment at the end of the project, at the taxpayers’ expense.
FALSE.
FACT: There is no balloon payment.That financing option was rejected. The increase to tax bills will be approximately $299 per $10,000 tax bill over the life of the project.

2. This is the largest school referendum in Illinois history.
FALSE.
FACT: This is NOT the largest school referendum in Illinois history. In 2006 alone, 4 larger capital referenda passed, approving bond issues of $185 million in Dundee, $225 million in Lincoln Way, $252 million in Plainfield and $450 million in Oswego. Also, it’s important to understand that new construction is cheaper than renovation because there is not demolition involved, nor the need to provide for continuation of classes and student activities while construction is going on.

3.At $300/sq ft. the cost of the renovation is more than the Trump Tower!
FALSE
FACT: When you compare apples to apples construction costs (not including furniture, temporary classrooms, demolition costs etc.), the cost of the New Trier renovation is $239/sq ft, which, needless to say, is significantly less than the Trump Tower.

4. This is just the first in a series of referenda that will increase our taxes.
FALSE.
FACT: The changes and upgrades being proposed are anticipated to see us through the next 20+ years without another capital referendum. In fact,  this is the first “bricks and mortar” referendum for the Winnetka campus since 1953. If the last one was 57 years ago, why do we think there are more planned in the foreseeable future?

5. The project is completely focused on athletic facilities and has nothing to do with improving the academic curriculum.
FALSE.
FACT: A new field house is one piece of the project…why? Because New Trier does not have adequate space for its athletic programs. It is virtually the only high school in the area that does not have a field house.

However, there will also be more and bigger classrooms that can use technology and are better suited to modern teaching methods,  a new cafeteria that can accommodate all students, a bigger library with more quiet study space, new science labs and new music, visual and tech arts classrooms.

It should also be noted that the renovation will correct a long-standing problem of inaccessibility: 30% of the campus is not ADA compliant.

5. The cost of the project will result in lower property values. (I got this one as a broadcast voice mail the other day)
FALSE.
FACT: One of the biggest draws for people to move to our township is the schools, particularly New Trier High School. As our high school gets more outdated and further behind the curve of what is the standard for excellence for high school education and facilities, New Trier township will become less attractive to prospective buyers, and THAT will cause home values to go down.

6. The renovation features excessive and frivolous things like heated indoor parking spaces.
FALSE
FACT: There are no heated underground parking spaces.  The new plan includes underground parking to replace current staff lots lost in the construction project and to preserve green space on the land-locked campus

To learn more about the proposed renovation, take the tour of the Winnetka campus. There are tours Saturday, January 30 at 10:00, 10:45, 11:30, 12:15, 1:00 and 1:45. Visit the New Trier facilities web site for a virtual tour and more details about the project. Read the top ten reasons to vote “yes” on February 2nd.

Then make your decision. If you still think the proposed renovation is wrong-headed, we can agree to disagree. That’s the beauty of democracy.

Tags: New Trier High School, New Trier Referendum

Lake Forest Real Estate Trends

Lake Forest has had some of the most extreme changes over the past couple of years. Home sales (single family houses, condos and townhomes) have improved dramatically but have been accompanied by large decreases in average pricing. In fact, average prices for December of 2009 were about 50% of prices during the market’s peak, back in late 2007.

Lake Forest Home Sales

December sales showed a 29% jump from November and 100% from December of last year. Total year sales of 187 are 4.5% ahead of 2008. Consistent with other markets, Lake Forest had a weak 1st quarter after which sales rebounded and have held relatively steady since May.

Home Prices

The average sales price was $857,166 in December down 6% vs. November and down 27% vs. December 2008. Pricing in Lake Forest has been consistently trending downward from its high of $1,800,000 in late 2007. While other markets appear to be stabilizing, it’s not clear that Lake Forest prices have hit bottom yet.

Inventory and Months Supply

The total inventory of homes for sale as of December was 347, down 11% from November and down 8% from December of last year. This is the lowest level of inventory in Lake Forest since March 2007. Months supply, a measure of how long it would take to sell all of the inventory at the current rate of sale, was 15.8 months in December, its lowest since August 2007. Lower inventory and months supply should ultimately help bolster prices.

Market Time

The average days on market, which shows how many days a home is on the market before it sells, was 113 days as of December, down 3% vs. November and down 29% vs. December 2008. The combination of low prices and reduced supply is causing buyers to get off the fence and buy.

Read my 2010 outlook for North Shore real estate here.

Tags: Lake Forest, North Shore Chicago home sales trends, North Shore market data, North Shore real estate trends

Evanston Real Estate Trends

Housing market trends for Evanston (including single family houses, condos and townhomes) mirror those of the rest of the North Shore. The good news: sales are up and inventories are down. The bad news: prices are down vs. last year and time on market is up.

Evanston Home Sales

December sales were up 28% vs. 2008. Total 2009 sales of 682 are down 10% vs. 2008.  However, the lower annual numbers are driven by a very weak market in the first half of 2009. Sales for the 2nd half of the year were up 12% vs. the second half of 2008.

Home Prices

December’s average price of $374,393 was 13% below December 2008 but 18% above the previous month, suggesting the downward slide of prices that began in early 2008 may be stabilizing.

Inventory and Months Supply

The total inventory of homes for sale was 646 in December, down 7% from November and down 9% vs. December 2008. This is the lowest level of inventory in over two years, good news for sellers, since pricing and time on market are ultimately driven by supply and demand. Months supply is 14 months, which means it would take 14 months to sell all the homes on the market at the current rate of sale.  This is 30% lower than December 2008 and moving in the right direction.

Market Time

The average days on market, which shows how many days the average home is on the market before it sells, was 92 days. This is 13% lower than November but 6% higher than last December.

Tags: Evanston, North Shore market data, North Shore real estate trends, North Shore sales trends

Highland Park Real Estate Trends

Highland Park real estate trends are looking more positive recently but not as positive as the trends for Glencoe, its neighbor to the south. Sales were up, but not as much as in Glencoe and prices were down.  Months supply of inventory has decreased since the beginning of the year, but remains higher than Glencoe’s months supply.

Highland Park Home Sales

December home sales (single-family houses, condos and townhomes) were up 19% over November and also up 19% vs. December 2008. However, total 2009 sales of 242 are 18% behind 2008 sales of 294. Although trends have been positive since May, the market in Highland Park was dead through April, which depressed total year numbers. Sales in the second half of 2009 were comparable to the same period last year.

Home Prices

The downward trend in prices that began early in 2008 appear to have slowed. The average selling price in December was $623,634, down 0.5% vs. last year but up 71% vs. November. One month’s increase does not a trend make, so we shouldn’t draw any conclusions from one big jump.

Housing Inventory and Months Supply

Inventory of homes for sale has been trending down since June and was 12% lower than November.  However, inventories continued to be higher than for December 2008. Currently there is 16.3 months supply, meaning that it would take over 16 months to sell all the houses on the market at the current rate of sale. This is 6 months more than Glencoe.

Market Time

Market time, the number of days a property is on the market before it sells, has been increasing since the middle of 2008.  But in December market time was down, vs. November and vs. December of 2008, suggesting that sellers are getting more realistic about pricing and buyers are responding.

Tags: Highland Park, North Shore market data, North Shore real estate trends, North Shore sales trends

Glencoe Real Estate Trends

Glencoe’s data is fairly consistent with the other North Shore communities. Sales are up and so is market time. The good news is that prices appear to be stabilizing and inventory is shrinking, meaning that the worst is probably over and the recovery is taking hold. The wild card is the tax credit and what will happen once it expires. Stay tuned.

Glencoe Home Sales
December sales of Glencoe homes (including single family houses, townhomes and condos) rose 37% from November and 37% from year ago. Sales had been rising through the second half of 2009, but dropped off in November in anticipation of the expiration of the new home buyer tax credit. Once that was reinstated (and expanded), sales picked up again in December.

Housing Prices
Glencoe prices, which had been trending downward since early 2008, appear to be stabilizing. December’s average sales price was $1,337,882, up 78% over November and up 15% vs. December 2008.

Inventory and Months Supply
Inventory has been consistently declining since May, with December inventory of 108 homes down 3% vs. November and down 12% vs. December 2008. Months supply, which is a measure of how long it would take to sell all the inventory at the current rate of sale, was 9.8 months. This is a decrease over November’s months supply of 13.8 months.  The improving trend since May 2009 is good news for sellers, since prices and market time are affected by the supply of homes on the market.

Time on Market
Market time, which has been on an upward trend since the beginning of 2008, continues to climb. December market time for houses sold was 162 days, up 7% from November and up 34% vs. December 2008.

Tags: Glencoe, North Shore market data, North Shore real estate trends, North Shore sales trends

How Would You Feel?

How would you feel if your child were disabled and went to a high school that was not accessible to him or her?

That’s the case for disabled students at New Trier High School’s Winnetka campus.  A full 30% of the campus is not ADA compliant.  Watch this video made by Corin Atwell (2008) about what it’s like to be disabled at New Trier… then decide if you think this is a problem that should be corrected.

Now watch this video to see how this problem will be corrected if the Feb. 2 bond referendum is passed.

Related posts
New Trier High School Renovation: Yay or Nay?

Tags: New Trier High School, Winnetka

Winnetka Real Estate Trends

Here’s the data for Winnetka home sales through December 2009. It’s a mixed bag but generally heading in the right direction: sales are up and inventory is down, both good things for sellers. Prices are lower than 2008 but the downward trend we’ve seen over the last couple of years appears to be stabilizing.

Winnetka Home Sales
A total of 19 homes (single family houses, townhouses and condos) sold in December 2009, up 111% over December 2008 and 137% over the prior month. Total 2009 sales of 157 was comparable to 2008 sales of 158. Sales, which had been improving since mid-summer had slowed in November with the anticipated expiration of the new home buyer tax credit. Once that was renewed and expanded, sales picked up again in December.

Prices
The average sales price in December was $1,247,233, down 33% vs. December 2008 but up 23% from last month’s average price of $1,010,438. Although average and median prices bounce around from month to month, the rolling 3 month average indicates that the downward trend in prices has stabilized.

Inventory and Months Supply
Inventory of properties for sale in December was 178, down 13% from December 2008 and down 13% vs. November 2009. Months supply of inventory was 9.4 months. This means that it would take 9.4 months to sell all the houses on the market at the current rate of sale. This is the lowest level since April 2007, which is good news for sellers. Months supply had reached a high of 86 months in April 2009, which was the absolute low point for real estate sales in Winnetka.

Market Time
Days on market for December was 91, down 43% vs. December of last year. What this says is that sellers are now pricing their homes more realistically and buyers are getting off the fence and buying.

Related Posts

• What’s Ahead for North Shore Real Estate

Tags: North Shore market data, North Shore real estate trends, North Shore sales trends, Winnetka

How to Prevent Mold in Your Attic

by Mark McCaffrey, McCaffrey’s Home Inspection

Ventilation is the Key to Mold Prevention

The reality is that most people don’t spend much time in the attic.  Those with pull-down stairs may spend a few minutes a year lugging seasonal decorations up and down with barely a glance at the rest of the attic.  For those whose only access is a hatch needing a ladder for entry, they may never see the attic.   In the course of my inspections I come across mold in the attic fairly frequently, usually of the light or moderate variety, but on occasion I find heavy mold infestation.  The homeowners are invariably surprised by the finding of the mold.  If you’re going to sell the home and there is mold in the attic, any home inspector worth his salt is going to find it and in some fashion the mold will need to be dealt with.

The primary cause of mold in the attic is condensation from warm, moist air in the home convecting up into an attic that does not have adequate ventilation.  Ideally the roof is ventilated from the soffits at the eaves of the roof up through to the ridge vents at the top of the roof.  That air flow keeps the underside of the roof cool and dry so that the mold spores don’t have a chance to stick to a warm moist surface.

Besides a poorly ventilated roof a number of other factors can contribute to mold in the attic:

*       A poorly insulated attic floor including air gaps around lighting, fans, plumbing and the  attic entrance;

*     Vents from the bathrooms, kitchen, and clothes dryer venting directly into the attic;

*      Furnaces and uninsulated duct work located in the attic;

*      Leaks from the roof, chimney, plumbing vents etc…

The vast majority of  mold found in attics is of the light or moderate variety and can be self-remediated or can be removed by a handyman.   Check the EPA website for the proper clothing and cleaning supplies to remove the mold.

If you have heavy mold infestation on the underside of the roof call a couple of mold remediation firms for estimates.  This could be quite expensive and I know a few clients who have completely replaced the roof, including the plywood sheathing,  for less than the cost of the mold remediation.

Remember a well ventilated roof is the key to keeping the attic moisture free. If your home does not have soffit vents or is multi-peaked making it difficult to have an effective ridge vent consider adding powered vents.  Solar vents have been on the market now for a number of years and are easy to install, relatively cheap, need no electric power and last for about 20 years – a good alternative for keeping your attic moisture and mold free.

Mark McCaffrey
McCaffrey’s Home Inspection
847-363-9733

Tags: causes of mold in attic, mold, preventing mold

Wilmette’s Neighborhoods: The CAGE

The CAGE is named for the four main streets of this 24 square block neighborhood on the east side of Wilmette: Chestnut, Ashland, Greenwood and Elmwood. Bounded on the east by Sheridan Road, on the west by Green Bay Road, by the village of Kenilworth to the north and Forest Avenue on the south, the CAGE is one of the priciest neighborhoods in Wilmette.

This beautiful neighborhood derives its charm from the brick streets, mature trees, old homes set back from the street and old-fashioned street lamps. Most of the homes in the CAGE were built between the 1890’s and 1930’s, though there is some newer construction. The largest lots with the most impressive homes tend to be along Chestnut Avenue. Architectural styles vary but are mostly traditional: colonials, Tudors, Victorians, 4-squares, etc.

Housing prices are typically $1 million and up, though deals can be had if you are looking for a home that needs work.

The CAGE is served by Central School, the largest of four elementary schools (K-4) in Wilmette. You can walk to downtown Wilmette, Gillson Park and the Metra commuter train from anywhere in the CAGE.

At this writing there are 11 homes for sale in the CAGE (see below).  If you would like up to date information on homes currently for sale in the CAGE, you can go here. Or call me at 847-687-5957 if you would like to see one (or more) of them.

Tags: The CAGE, Wilmette, Wilmette neighborhoods