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Homes for Sale in Kenilworth Gardens

I’ve written before about the Kenilworth Gardens neighborhood of Wilmette. It’s a popular family-friendly community served by Harper School, one of the four elementary schools in Wilmette. It’s considered an “entry-level” neighborhood for upwardly mobile young couples moving to the North Shore from the city. Since many of the homes have 3-4 bedrooms with one car garages on smaller lots (50 x 122), families often outgrow their homes and move on after 4-5 years.

During the boom years, it was hard to get into Kenilworth Gardens. Homes sold quickly and often with multiple offers. Nowadays, it is taking longer to sell a home here. Many of the would-be sellers bought during the boom years and paid more than their home is currently worth, and it’s hard for them to come to terms with selling for so much less.

There are currently eleven homes for sale in Kenilworth Gardens, ranging in price from

$575,000 to $1,649,000. Most of the houses were built between 1935 and 1960, but two were new construction built from tear-downs of smaller homes.

1917 Greenwood Avenue: $575,000

Eight rooms, three bedrooms and one and a half baths.
Lots size: 50 x 122′
Two  car garage

1913 Thornwood Avenue: $599,000

Eight rooms, three bedrooms and one and a half baths.
Lot size (irregular): 60′ x 127′ on the corner of Ridge Rd.
One car garage
Newer kitchen but otherwise not redone

2154 Thornwood Avenue: $625,000

Eight rooms, three bedrooms, two and a half baths.
Lot size: 50′ x 122′
One car garage

2320 Greenwood Avenue: $629,000

Eight rooms, three bedrooms, two and one half baths.

Lot size: 50′ x 140′
One car garage

2224 Thornwood Avenue: $842,000

Eleven rooms, four bedrooms, three and one half baths
Lot size: 50′ x 122′
Two car garage

2235 Chestnut Avenue: $909,000

Ten rooms, four bedrooms, two and one half baths
Lot size: 50′ x 177′

Two car garage

2131 Beechwood Avenue: $919,000

Ten rooms, four bedrooms, two and one half baths
Lot size: 50′ x 134′
Two car garage
Newer Di Giuilio kitchen

2236 Beechwood Avenue: $ 949,000

Ten rooms, four bedrooms, two and one half baths
Lot size: 50′ x 130′

One car garage

1923 Greenwood Avenue: $965,000

Twelve rooms, five bedrooms, three and one half baths
Lot size: 50′ x 122′
One car garage

1220 Middlebury Lane: $1,375,000.

Eleven rooms, four+ bedrooms, four and one half baths
Lot size: 50′ x 135′
New construction

Oversized two car garage

2411 Thornwood Avenue: $1,649,000

Twelve rooms, five bedrooms, five and one half baths
Lot size: 50′ x 132′
Faces Thornwood Park
Built in 2005
Two car garage

You can get more information about each of these listings here. If you would like to see any of them, please give me a call at 847-687-5957 or email me. I would be happy to show them to you!

Tags: Kenilworth Gardens

February Market Data: North Shore Chicago

The National Association of Realtors released data for the month of February, showing that home sales and prices were down in the month of February vs. last year for the U.S., the State of Illinois and the Chicagoland area. I have added data for the North Shore from our local MLS to see how our area stacks up. Our numbers are down also, but fortunately less than for the Chicago metro area or Illinois.

It’s no surprise that home sales would be down vs. 2010, given the stimulus effect of last year’s tax credit, which boosted first quarter sales. Sales were also probably dampened by this being one of the snowiest Februaries on record for our area.

As for prices, they are still being affected by the high number of distressed properties (foreclosures and short sales), which accounted for 51% of all transactions in February. The fact that the North Shore’s prices declined less than the rest of the state is because there are relatively fewer distressed properties here.

February 2011 vs. Year Ago

* Primary Metropolitan Statistical Area.

Tags: North Shore market data

Pottery Barn Colors That Will Help You Sell Your North Shore Home

Many times I will recommend that a homeowner give their rooms a fresh coat of paint before listing their North Shore home for sale. After all, there is no single improvement or update that will give you a better return per dollar spent.

And if their target buyer is on the younger side, I remind them that Pottery Barn is the arbiter of all things young and fresh as far as decor goes. The more they can make their home look like a Pottery Barn catalog, the better. Easier said than done if all of your furniture pieces were inherited from your grandmother. But using Benjamin Moore’s Pottery Barn collection of paint colors is one way to breathe a little fresh air into your home.

If you are painting your home to sell, here are six of my fail-safe favorites from the spring collection:

Monroe Bisque (HC-26)
This is a sandy beige that is great for maximizing the space in your room. Paint the trim the same as the wall to add height to the room.

Hawthorne Yellow (HC-4)
A warm yellow that is neither too golden nor too lemony. Its slight gray undertone makes it work in any room, but it’s especially good in hallways and rooms that get little natural light.

Bleeker Beige (HC-80)
This is not a boring beige. It has warmth and depth and looks great with blues, greens and blue-greens.

Hazy Skies (OC-48)
This neutral is a beige with gray undertones that makes a great backdrop for any decorating scheme.

Buxton Blue (HC-149)
If there is such a thing as a neutral blue, this is it. It’s got both gray and green in it so it changes depending on the light, but it’s always cool and soothing.

Urban Nature (AF-440)
A sophisticated grayish-green that works well in bedrooms or living rooms.

Related Articles

• Painting Your House to Sell: Tips for Picking Paint Colors
• Top 10 Paint Colors to Sell Your North Shore Home

Tags: interior paint colors, picking paint colors to sell your house

Listing Descriptions That Can Scare Buyers Away

A recent article by Michael Estrin of Bankrate.com highlights the red flags in real estate listings that can send potential buyers running for the hills. Some of them may surprise you:

1. Listing a property without pictures. Buyers assume that there must be something wrong with the house.

2. Lack of transaction details. For example, a short sale listing that doesn’t address whether the lender has approved of the price.

3. Hyperbole. Buyers can be turned off by superlative claims like, “Best property on the market.”

4. Price too good to be true. Listing a home at a very low price can attract lots of buyers, BUT it can also attract UNQUALIFIED buyers looking to get a bargain.

5. The flipper. Phrases like “recently remodeled” sound good, but can actually be a red flag to those in the know. It can imply that this is a flip that may have been done without proper permitting or with shoddy workmanship and cut corners.

6. “As is”. These days those two little words can mean that the previous owners have taken everything out of the house that wasn’t nailed down (and some things that were, like appliances, cabinetry and bathroom fixtures).

You can read the full article here.

Tags: Real estate listings

Wilmette Housing Inventory by Price Point

The other day I wrote about the housing inventories on Chicago’s North Shore and how they’ve declined in the last two years. While most towns on the North Shore still had at least a year’s worth of inventory as of the end of January, Wilmette stands out as the one market that has less than six months supply. In fact, at some price points there are actually not enough homes on the market to meet the demand.

Wilmette Active Listings and Odds of Selling

Source: MRED – single family home listings and sales by price

The chart shows how well supply and demand are balanced at specific price points. It also shows the odds of your house selling in the next six months based on its price. For example, in the $600,000-$699,000 range there are more than twice as many buyers as there are homes for sale, given that the number of sales in the last six months was 222% of the number of homes currently listed for sale.

The implication for buyers at this price point: if you see a house you like, you probably ought to go ahead and make an offer. If you wait, it may be gone.

The implication for would-be sellers at this price point: if you are trying to decide whether to put your house on the market right now, the answer is yes. If it shows well and is properly priced, it should sell quickly. If you are at the low end of the $700,000-799,000 range (where there are more listings than buyers), you may want to consider lowering the price to $699,000 so that you can fish where the fish are.

Tags: Home prices, Wilmette

North Shore Inventories Declining

For a while there it seemed like every other house had a For Sale sign in the yard.  Fortunately, things seem to be looking up for home sellers on Chicago’s North Shore. There are fewer houses on the market, so if you are a seller that means less competition for the buyers that are out there. It also means you will probably get your home sold more quickly than this time last year or the year before.

Almost every town had double digit declines in inventory, with Wilmette having the most dramatic decrease. In fact, Wilmette now has less than five months’ supply of houses, which is considered a balanced market (neither a buyer’s nor a seller’s market). So, if you live in Wilmette and are thinking of selling anytime soon, now might be a good time.

Three Year Inventory Comparison
Number of Houses for Sale

Source: MRED – Number of single family homes for sale as of Jan. 31, 2009, 2010 and 2011

Tags: Homes for sale

Top 11 Highest Priced North Shore Home Sales of 2010

Not long ago I wrote about the North Shore’s Ten Priciest Properties for Sale. This post is about the ones that actually sold. I was going to go with the top ten biggest sales but thought I’d be remiss if I didn’t include Tony Rezko’s Wilmette home, which was number eleven on the list.

The homes sold for between $3,700,000 and $6,500,000. On average, they sold for 78% of the original list price. Three are in Wilmette, four in Winnetka and four in Lake Forest. Four of them are lakefront properties.

11. 1250 Chestnut Ave., Wilmette  -   $3,701,000

Winner of a Historic Preservation Award, this magnificent 1930’s home is located in the prestigious CAGE area of East Wilmette. It has 30 rooms, 7 bedrooms and 9.3 baths in 8300 square feet of living space. Formerly owned by developer and fast-food entrepreneur, Tony Rezko, the house was auctioned in 2010 by Bank of America to recoup some of the imprisoned developer’s past-due $5,150,000 mortgage. Rezko was found guilty of federal fraud and money-laundering charges.

10. 714 Park Lane, Winnetka  -  $3,800,000

This 16 room, 10,576 square foot home was built in 2005 and has state-of-the-art whole house Creston technology. Located near the lake and just blocks from town, the home is on two thirds of an acre of lushly landscaped grounds with pool and spa.

Read the rest of this entry »

Tags: lakefront properties, Luxury homes, mansions

Curb Appeal…Not!

Now that over 90% of home buyers start their search on line, most real estate agents understand how important great listing photos are. But some just don’t get it. Here are some doozies that scream, “DON’T BUY MY HOME!”

Believe it or not, this home has been on the market 1507 days. Hmmm. Not exactly a motivated seller.

This agent couldn’t even be bothered to get out of the car to take the photo.

I think it’s just the garage that’s for sale.

Expert tip: Shoot your listing photos in the daytime.

Most cameras have autofocus. Use it!

Oh, by the way, none of these listings are foreclosures or REOs.

Related Articles:

• How Photos Can Prevent Your Home from Selling

Tags: bad listing photos

Today’s “Starter Home” is Different

Back when we bought our first house, we were looking for something with “potential.” Decent neighborhood, enough space, a good floor plan, some vintage details and a yard for our future dog.

We understood that a house we could afford would need some TLC: a fresh coat of paint, some repairs and some updates. We did not expect granite counter-tops (or even Corian, which was the granite of the day) or stainless appliances or a walk-in shower for two. In fact, the house we ended up buying had metal kitchen cabinets, red Formica counters and a vinyl floor. One bathroom had pinkish tile and the other was blue from floor to ceiling. But it had potential. And it was what we could afford.

Today’s first-time home buyer is different. Spoiled by the current market conditions, they are able to take advantage of low prices, great mortgage rates and the wide selection of homes for sale, and they don’t have to sell a current house in order to move forward with a purchase. That’s why first-time buyers accounted for half of the market in 2010.

A recent Coldwell Banker survey revealed that, because of market conditions, first-time buyers were able to buy a home sooner than they had expected (67%), found a home in a more desirable neighborhood (50%), got more space (40%) and at a lower price than expected (61%). In this market, the first-time buyer is in the driver’s seat. They can be choosy. They will look at more homes before they buy and they are less likely to make compromises about what they want.

• 78% said that the home had to be in an area convenient to shops and services.
• 75% said it was important to be close to work.
• 66% said they needed to be near “highly-rated” schools.
• 87% said that finding a move-in ready home was important to them.

The implication for sellers: your buyer has different expectations than you did when you bought your first home. They want it all, and you need to take that into account as you position your house for sale in today’s market.

Related articles:

• Home Staging Works. Here’s Proof
• Selling Your Home? The First Week is Critical
• The 5 Pitfalls of Overpricing Your House
• How Photos Can Prevent Your Home from Selling
• How Do Interest Rates Affect How Much Home You Can Afford?
• 12 Ways to Make a Small Room Feel Bigger

Tags: first time home buyers, starter homes

Affordable Ranch in Indian Hill Estates

My best buy for this week is 908 Illinois Rd. It’s a three bedroom, two bath ranch home in Indian Hill Estates. It’s priced at $475,000 and here’s why it’s such a great value:

• It is light and bright with a comfortable floor plan. It has a private master suite with a full bath and spacious walk-in closet. It’s even got a workshop in the garage, so if you’re a tinkerer, it might be the home for you.

• It’s the least expensive single family home in the Harper district, so if you want or need to live in this area and are on a budget, this could be a great option for you.

• It’s conveniently located just steps from the PACE bus route and walking distance to both Harper School and Highcrest Middle School.

The downside? The house has no basement, but it does have plenty of storage in the attic and in the garage.

The listing agent is Maureen Spriggs. You can see a virtual tour here. If you’d like to see it in person, just let me know. Maureen or I would be happy to show it to you.

Tags: Homes for sale