Your Ultimate Guide to Real Estate on Chicago's North Shore

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Glencoe Market Report – March 2014

Glencoe signAs of March 31, there were 62 active listings in Glencoe, with a median list price of $1,445,000 and ranging in price from $179,000 to $5,950,000.

Single family detached homes represented 96% of the total listings.
73% of the active listings are over $1,000,000.

During March there were 4 closed sales with a median selling price of $825,000 and an average of 318 days on market. The median selling price was $825,000 and ranged from $312,000 to $3,650,000.

Year to date there have been 17 closed sales in Glencoe, with a median sold price of $1,025,000 and an average of 150 days on market.

Watch this video for more local market data for Glencoe:

 

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours.

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Winnetka Market Report – March 2014

SONY DSCAs of March 31, there were 118 active listings in Winnetka, with a median list price of $1,734,000 and ranging in price from $469,000 to $1,875,000.

Single family detached homes represented 109 (92%) of the total listings. 28 are in Greeley School, 34 in Crow Island, 26 in Hubbard Woods and 21 in Avoca (District 37).

During March there were 13 closed sales with a median selling price of $864,000 and an average of 134 days on market. 10 of the closed sales were single family detached houses with a median selling price of $1,259,500 and ranging from $647,500 to $3,200,000.

Year to date there have been 29 closed sales in Winnetka, with a median sold price of $869,000 and an average of 109 days on market. 25 of the closed sales were single family detached homes with a median selling price of $970,000 and ranging from $500,000 to $3,200,000. The average market time was 118 days.

Watch this video for more local market data for Winnetka: 

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours.

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Wilmette Market Report – March 2014

wilmette_signAs of March 31, there were 86 active listings in Wilmette, with a median list price of $624,900 and ranging in price from $99,000 to $4,749,995.

Single family detached homes represented 80 of the total listings. 24 are in East Wilmette (Central School), 7 in McKenzie, 16 in Harper, 24 in Romona and 9 in Avoca (District 37).

During March there were 31 closed sales with a median selling price of $510,000 and an average of 91 days on market. 23 of the closed sales were single family detached houses with a median selling price of $650,000 and ranging from $300,000 to $1,430,000.

Year to date there have been 76 closed sales in Wilmette, with a median sold price of $516,250 and an average of 102 days on market. 57 of the closed sales were single family detached homes with a median selling price of $625,000 and ranging from $210,000 to $1,725,000. The average market time was 72 days.

Watch this video for more local market data for Wilmette:

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours.

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4th Annual Thornwood Park Egg Hunt – 2014

Thornwood Park Egg Hunt - Easter Bunny and kidsThe Thornwood Park Egg Hunt is one of my favorite events of the year. After hibernating all winter, the whole neighborhood comes to Thornwood Park to participate in this rite of spring, re-connect with friends, grab a quick photo with the Easter Bunny and watch their kids make a mad dash to stuff their baskets with eggs. While you will probably still need a coat this weekend, at least it will be dry and partly sunny.

We hope you’ll join us this Saturday for the hunt. Come early with your camera to meet the Easter Bunny, guess the number of jelly beans in the jar and enter our drawing for fab prizes (many thanks to the Noodle and Depot Nuevo, Big Blue Swim School, Homer’s Ice Cream and Dominos Pizza for generously donating prizes).

When: Saturday, April 19 at 9:45 am (hunt starts at 10:00 sharp!)

Where: Thornwood Park, 2400 Thornwood Ave., Wilmette

Sponsored by: The Come Home North Shore real estate team of Coldwell Banker

North Shore Views is the official website of the Come Home North Shore team and the most comprehensive online source for North Shore Chicago real estate and community information. Whether you are looking for market statistics, homes for sale or local events, North Shore Views has it all at your fingertips. Browse information regarding our communities, market data, luxury homes, lakefront property, schools and what you should know about making the move to the North Shore.

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North Shore Real Estate Update – 1st Quarter 2014

North Shore Real Estate Update – 1st Quarter 2014 vs. Year Ago

home sale data for nine North Shore Chicago towns

The spring market has gotten off to a slow start in 2014. Despite an improving economy, home sales on Chicago’s North Shore declined 4% in the first quarter vs. last year. The weather has been so nasty for so long, that most people just hunkered down and didn’t do anything. On the positive side, prices appreciated a healthy 18% over last year, fueled by pent-up demand on the buyer side.

Sellers have also been watching prices rise and many have held off listing in hopes of getting more for their homes down the road. That, combined with the bad weather, has led to a continued lack of inventory. Some towns on the North Shore, most notably Wilmette, are down to less than a three month supply of homes. In Winnetka, while there is more inventory on the market, much of it is in a higher price range than what most buyers are looking for (under $1,000,000).  Over 80% of the active listings are above $1,000,000, whereas only 54% of the homes that sold in the last twelve months were over $1,000,000.

Want more data? You can go here to get more market statistics for the North Shore. If you are trying to figure out what your home is worth in today’s market, we can provide you with a competitive market analysis based on sales of similar homes to yours in your own community and neighbohood. Just give us a call at 847-881-6657.

North Shore Views is the most comprehensive online source for North Shore Chicago real estate and community information. Whether you are looking for market statistics, homes for sale or local events, North Shore Views has it all at your fingertips. Browse information regarding our communities, market data, luxury homes, lakefront property, schools and what you should know about making the move to the North Shore.

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What Will $520,000 Buy You On Chicago’s North Shore?

The median purchase price of a single family home on the North Shore of Chicago was $520,000 in February, 2014.

So what will that actually get you? Well, it depends where on the North Shore you are looking. All real estate is local, and even here there are many local markets within the larger North Shore. In Glenview, Highland Park or parts of Lake Forest, you can get an older four bedroom, two and a half bath house. In Wilmette, a three bedroom split level. In Winnetka, Glencoe or Kenilworth, not much.

Here’s a sample of homes currently listed for sale around that price:

1633 Elder Ln, Northfield1633 Elder Lane, Northfield – $524,900

This home, built in 2003 has nine rooms, four bedrooms and two and a half baths. Its kitchen has cherry cabinets, granite counters and stainless appliances. One thing that makes this newer home so affordable is that the fourth bedroom is on the main floor (though that could be a plus for some) and the family room is in the basement.

660 Northmoor Rd., Lake Forest660 Northmoor Rd., Lake Forest – $525,000

This charming Tudor style homes dates from 1938. It has six rooms, three bedrooms and two and a half baths. Come summer, its gardens are absolutely stunning. The drawback is that it needs updating. The kitchen and baths are all “vintage.”

 2145 Grey, Evanston2145 Grey Ave., Evanston – $525,000

This NW Evanston Dutch Colonial house has seven rooms, three bedrooms and one and a half baths. It has potential but could use some updating.

 1773 Winthrop Rd, Highland Park1773 Winthrop Rd., Highland Park – $519,900

This four bedroom, two and a half bath home was built in 1960 and still has the original kitchen and baths.

2439 Happy Hollow2439 Happy Hollow, Glenview – $500,000

Another 60′s house, this one also has four bedrooms and two and a half baths. Its best feature is its large, wonderful sun-room that overlooks a big backyard.

We are North Shore real estate specialists and one of the top teams in the area. If you would like to schedule a buyer or seller consultation with the Come Home North Shore team, please call 847-881-6657 or send us a note here.

Real Estate Hidden Gems You Should Be Marketing When Selling Your North Shore Home

Ever wonder what the real hot buttons are for the prospective buyers of your house? Some things are obvious, like a recently remodeled kitchen. But there are the not-so-obvious things that could, quite possibly, put more money in your pocket if your agent were to focus more on them in the marketing of your house.

Based on a survey of 1500 agents around the country, this infographic highlights the most desirable features and which ones are the hidden gems that are often over-looked when pricing the house.

How would this infographic look if the survey were focused on North Shore Realtors only? I suspect that schools and neighborhood quality would score even higher, since these are the main reasons people move to the North Shore in the first place.

Amazing views would be less important, except to the few people who can afford lakefront property. On the other hand, a second floor laundry, which only scored 19% in the national survey, would certainly be higher here. And, after this past dreadful winter, I’m pretty sure that an attached garage would be pretty high up on the list, too. While this feature is taken for granted in many areas of the country, relatively few older houses here on the North Shore can boast that “hidden gem.”

We are North Shore real estate specialists and one of the top teams in the area. If you would like to schedule a buyer or seller consultation with the Come Home North Shore team, please call 847-881-6657 or send us a note here.

Data provided by ActiveRain.com.

ActiveRain is an online community of real estate professionals who exchange best practices, write real estate blogs, and get free education from the industry and their peers.

North Shore Real Estate Update – February 2014

North Shore Real Estate Update – February 2014 vs. Year Ago

Feb 2014 Mkt Data

The spring market is off to a slower start this year due to the cold and snowy weather here on the North Shore (as well as everywhere else!). Home sales were off 3% in February vs. last year, mainly because of the low inventory of homes for sale. There continues to be pent-up buyer demand and the houses that come on the market are selling quickly if they are priced right and in good condition. Bidding wars are pushing prices up, and the February median price was 6% ahead of last February, while market time declined 44% to under three months.

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours.

Now that we are seeing prices appreciate again, are you wondering what your North Shore home is worth? You can get a quick and easy over-the-net home valuation by just giving us some basic information about your house. Just go here to submit your info and we’ll send you your home valuation within 48 hours. – See more at: http://northshoreviews.com/2014/02/08/north-shore-real-estate-update-january-2014/#sthash.SeFTL8jk.dpuf

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The Real Reason You Can’t Find A House To Buy On The North Shore and What To Do About It

Frustrated hoe buyerLast February I wrote about why the inventory of homes was so low on the North Shore of Chicago. Well, a year later we still have the same problem, which is incredibly frustrating for the people who want to move here. Some of them have spent the last year scouring the Internet, trolling the Sunday open houses and making offers on homes that they only just kind of like, only to lose out in a bidding war. I’ve heard of buyers who have put in offers on as many as ten houses, without any success.

Yesterday I had a call from a potential home buyer who was tearing her hair out. She and her husband had been looking for a home on the North Shore for over a year. Every time they found something they liked, it was already under contract.

A little digging revealed that she was relying on Internet searches combined with the services of a discount buyer broker (the ones who rebate back to you part of the commission). What she didn’t realize was that many of the houses are being sold before they even go into the MLS, often within the listing agent’s own company.

Here’s what happens: most brokerages have their office meeting on Monday morning. One of the topics of the meeting is “scuttle,” which is where everyone announces what listings they have coming on the market over the next few weeks. The rest of us are all listening for a house that will meet the needs of our buyer clients, and when we hear about one, we jump on it. We get our client in to see the house when it is still “exempt” (not in the MLS) and often our client will put in an offer then and there. The offer is negotiated and the house goes into the MLS as “sold before processing.”

The problem with using a discount buyer broker in a hot market is that they don’t have access to this early warning system. They don’t list properties and they don’t have offices on the North Shore, so they are actually the last ones likely to hear about a new listing.

The way to win in this environment? Work with an agent with one of the big brokerages. The more agents the company has and the more listings it carries, the more likely your agent is to get a heads up about a home coming on the market that is perfect for you, and you can snag it before it goes “live” in the MLS.

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If you are frustrated because you haven’t been able to find and buy a home on Chicago’s North Shore, we can help! Give us a call at 847-881-6657 or send us a note here. We have access to lots of exempts and one of them may be right for you.

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Home Price Projections For 2014 and Beyond

After five years in the doldrums, housing prices finally showed some healthy gains in 2013. homeowners are anxious to know two things: 1) will prices keep rising in 2014 (and is this a good time to sell?)  and 2) when are prices going to get back to 2006-2007 levels?

Here is the best available thinking on that subject. The charts below are courtesy of Keeping Current Matters, and illustrate the collective wisdom of 118 economists, industry analysts and real estate experts.

Some Historical Perspective

This first chart shows that average annual price appreciation before the housing market Bubble was a slow and steady 3.6%. During the period 2002 to 2007 that doubled to 7% per year. For the next five years of the Bust the average price decline was 5.2% per year. Coming out of the recession, with so much pent-up demand from buyers, prices started increasing at a rate of 4.7%.

Historical home price appreciationGoing Forward

Going forward the consensus is that increases will be a healthy 4.5% in 2014 and then begin to moderate as the market returns to normal.

Projected home price appreciationNow, of course, it’s not like all 118 economists and experts actually agreed on a number. No, each provided his or her own projections, with some being more optimistic and some on the pessimistic end of the spectrum. While all of their  projections were combined into a “best estimate” in the chart above, the chart below shows a “best case” scenario taking the optimists’ projections and a “worst case” scenario using the pessimists’ projections. The good news for homeowners is that even the pessimistic Bears see prices appreciating almost 11% by 2018.

Cumulative home price appreciationTo answer the question about when prices will return to 2006-2007 levels, it will likely be sometime around 2020 before we see prices reach those levels again.

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