375 Old Farm Road, Northfield, IL

Coming soon! The Come Home North Shore team  is proud to announce the listing of this gorgeous twenty-two room home on one acre in Northfield.

We’ve seen a lot of high end new construction in our day, but this home is truly unique. It was custom built by the owner in 2010 to meticulous and exacting standards. Yes, it has everything you’d expect in a luxury home: state of the art appliances, custom cabinetry and high-end finishes. But it has so much more. Here are a few of the highlights:

• There’s a Zen-like quality to the house. Once inside you feel a sense of calm and serenity.
• The layout of the house is well thought out. The home is large but each space feels intimate.
• Beautiful perennial gardens that bloom throughout the spring, summer and fall.
• A guest suite with two bedrooms, bath and living room can also serve as a kids or teenager wing.
• The lower level has a second full kitchen as well as a home theatre, billiard room, gym, fun kids’ playroom (where they can even write on the walls), paneled office, half bath and storage.
• The dark oak floors have a high-friction matte finish for low slip and high endurance.
• The seven-zone HVAC means everyone is comfy. And the whole house generator (17.5KW) means you never have to worry about power outages.
• A three-season porch opens to a huge patio with outdoor kitchen and two grills, which makes for great summertime parties.
•  This home is not likely to ever have flooding or seepage. Not only is it built on one of the highest lots in Northfield, but the owner also had the foundation dug out an extra three feet and filled with gravel for additional drainage.
• And perhaps the most unusual feature of all: the floors and walls are insulated with recycled blue jeans, which provide excellent soundproofing!

This home is being offered at $3,999,000. If you’d like to know more about it, you can get more information and see more photos at www.375OldFarm.info.

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 contact us at 847-881-6657 or send us a note here

North Shore Market Update – May 2013 vs. Year Ago

Want more data about the North Shore real estate market? You can get it here.

If you have any questions about what’s going on in the North Shore housing market, give us a call at 847-881-6657 or send us an email. We’re never too busy to answer your questions!

Now in its 67th year, the fair is actually a fundraiser for the Winnetka Community Nursery School. It’s organized by the school’s forty-strong Board of Directors with the help of hundreds of volunteers from the community. If you live in Winnetka, have friends in Winnetka or your child attends (or has ever attended) Winnetka Community Nursery, you will be tapped for a shift as a volunteer. When our daughter was at the preschool, my husband and I worked at the hot dog stand, which is the biggest money-maker for the fair and also the best place to work.

This fun event has become part of the fabric of the community and shouldn’t be missed if you have young children.

What: Games, rides, food and craft booths (mostly geared to kids up to 10, but older kids will enjoy some of the rides)

When: Friday and Saturday, June 7-8 from 10:00 am to 5:00 pm

Where: Winnetka Village Green (Maple St. between Oak and Elm)

Cost: Admission to the fairgrounds is free but tickets can be purchased for rides, games and food.

North Shore Views is the official web site of the Come Home North Shore real estate 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.

Today at our weekly office meeting, Betsy Hanrahan from PHH Home Loans helped clarify how much of a buyer’s closing costs a seller can pay. The amount that is allowed depends on the type of financing the buyer is getting. However, in every case, the total of the credit cannot exceed the total amount of the buyer’s actual closing costs:

Conventional financing with less than 10% down payment

• The maximum amount of closing costs a seller can pay is 3% of the purchase price.

Conventional financing with 10% or greater down payment

• The maximum seller contribution is 6%.

Conventional investment property financing:

• The maximum seller contribution is 2%, regardless of down payment amount.

FHA Loan:

• Maximum seller contribution is 6%, regardless of down payment amount.

VA loan:

• Maximum amount the seller can pay is 4%, regardless of down payment amount.

Note: Certain specialty loan programs such as Bond, Jumbo or Portfolio loans may have different criteria for maximum allowable seller contributions.

Always check with your lender before you negotiate an offer that involves a seller credit because the lender might not allow it.  The last thing you want is to arrive at the closing table and have to cough up more money than you thought because the seller’s contribution exceeds the allowable amount.

The other point of confusion that Betsy cleared up is what constitutes an allowable closing cost for a seller to pay. This has tightened up since the mortgage meltdown. Here are the things that can be paid by the seller:

• Title charges
• Attorney fees
• Lender fees
• Village transfer taxes
• Pre-paids for taxes and interest

Here are the kind of charges sellers are NOT allowed to contribute to:

• Down payment
• Condo association fees
• Home repairs

If you have questions about closing costs or home loans in general, you can call Betsy Hanrahan at 847-897-1021, email her at betsy.hanrahan@phhonline.com or visit her website.

Here’s a small primer on the whole nasty subject, with answers to some of your most burning questions.

Who is in charge of our taxes? Who decides how much we owe and who collects it?

• The Cook County Assessor value properties, administers exemptions, issues certificates of error for refunds and is the first avanue for assessment appeal.
• The Cook County Treasurer issues the tax bills, collects the taxes, administers the tax deferral program, issues refunds and handles delinquencies and tax sales.
• The Cook County Clerk provides information on prior years’ taxes, certifies the tax rates of the levying bodies and handles the tax redemption process.

How is my real estate tax bill calculated?

• While your assessment determines the share of property taxes you pay, your local taxing bodies determine the overall amount of your taxes by their spending:

Tax Formula:

Assessed Value
X State Equalizer
- Any Exemptions
X Local Tax Rate
= Tax Bill

• The assessed value is the only number in the formula that you can appeal. In Cook County it equals about 10% of market value.
• The State Equalizer is applied to Cook County assessments to balance them with the rest of the State, which assesses at 33% of market value.
• The tax rates are determined by the amount spent by various government bodies.

How can my taxes go up when my home’s value has gone down?

• Your home’s assessed value is just one part of the equation (above). Your property taxes go to pay for your schools and local municipality. Their expenses don’t go down even if property values do, so they change the other parts of the equation so that they still get the money they need to fund those things.

When are real estate taxes paid?

• In Illinois taxes are always paid one year in arrears.
• Tax bills are paid twice a year, in March and in the fall.
• The first bill is an estimate. It is 55% of the previous year’s total bill.
• The second bill reflects any adjustments from reassessment or appeal, any changes in the tax rate or State equalizer and deductions for exemptions.

What are the taxpayer exemptions?

Exemptions provide reductions in the equalized assessed value of the property, based on specific qualifications.

• Homeowner exemption
• Senior Citizen examption
• Senior freeze exemption
• Long time occupant exemption
• Home improvement exemption
• Returning veterans’ exemption
• Disabled verteran’s exemption
• Disabled person’s exemption

How is your property assessed?

• Because of the large number of parcels, the Cook County Assessor is unable to evaluate each parcel individually, or even annually. Mass appraisal techniques are used, and assessment is done every three years.
• Taking into consideration the property size, location and construction, properties are sorted or “classified.” The Assessor then compares the sales prices of similar homes within each neighborhood to arrive at an assessment.
• Sales price and the square footage of your home are the two most important factors that determine its assessed value.

How do I appeal my assessment?

• You are entitled to appeal every year.
• You should always take time to evaluate your assessment in the triennial years (that’s 2013 for New Trier Township).
• You do not need an attorney to file an appeal.
• Forms and assistance are available at your County Courthouse or Township Assessor’s office, and on the internet at:

www.cookcountyassessor.com and
www.cookcountyboardofreview.com

What constitutes grounds for appeal?

• Lack of uniformity – comparison to other homes in your class and neighborhood based on dollar per square footage
• An error in the description of the property that affects square footage – Based on exterior measurement excluding garage, basement and unfinished attics
• Overvaluation (assessed value is more than 10% of market value, based on recent sale or appraisal.
• Vacancy/Demolition/Fire Damage

Who Decides Appeals?

• The Cook County Assessor’s office is the first avenue of appeal. Each township is granted a 30-day filing window each year.
• The Cook County Board of Review is the second avenue of appeal. They open following the Assessor’s process, provide a 20-day filing window annually for each township and offer an in-person hearing option.
• The Illinois Property Tax Appeal Board is the third avenue for appeal. You must have filed with either the County Assessor or the Board of Review first for it to accept your case. It has the power to lower or raise your assessement and is located in Springfield.
• The Cook County Circuit Court is the final option for appeal, and you must choose between it and the Property Tax Appeal Board.

So what does the New Trier Township Assessor Do?

Despite their name, the township assessors do not assess. They provide liaison services between their constituents and the Cook County Assessor’s office and work to ensure assessments are fair and equitable. Their services include:

• Assistance with appeals
• Assistance with exemptions and refunds
• Sales and building permit information
• Taxpayer of record information
• Detailed property assessment info and property descriptions
• Property tax identification numbers (PINs)
• Tax exempt property listings
• Plat maps
• Tax rate information

May 28 is the deadline for property tax appeals in New Trier Township. If you need any help at all with the process, the New Trier Assessor will help you out, and the service is free. Go to the New Trier Township offices at 739 Elm st., Winnetka, call 847-446-8202 or visit their website.

Related articles:

•  Appeal Your New Trier Property Taxes Before March 28

You can appeal your taxes yourself by going to the Cook County Assessor web site. Click on Appeals and then File a Residential Appeal.

If you want to handle your tax appeal yourself but need some help, the New Trier Township Assessor is a great resource. They will help you get your documentation in order for your appeal and there is no charge for this service. You can visit their website or stop by the New Trier Township offices at 739 Elm St. in Winnetka.

If you’d rather have an attorney take care of it, there are plenty of options. In fact, you’ve probably received at least twenty solicitations in the mail from tax appeal attorneys in the last month. Almost all of them work on a contingency basis, meaning that you don’t pay them unless they win the appeal (though you may have to pay for an appraisal, which runs about $375). Usually the attorneys’ fee is 50% of the first year’s savings. For the next two years you get to keep it all. If you want a good attorney, give us a call at 847-881-6657 or email us. The Come Home North Shore team can recommend an excellent attorney and we may be able to get you a better deal.

Related Articles:

• Everything You Need to Know About Cook County Property Taxes

The Come Home North Shore real estate team is sponsoring the second annual Kenilworth Gardens Neighborhood Yard Sale on Saturday, May 18.

If you live in the neighborhood and want to participate, it’s easy.  All you have to do is drop us a line and tell us you want in, then put prices on your merchandise, drag it outside and welcome the hoards of buyers that are bound to show up on sale day. That’s it. We’ll supply the signs and the advertising to ensure we get a good turnout.

If you’re not from the neighborhood, we hope you’ll stop  by and check out all the wonderful “merchandise” we’ll be selling. I’m sure you’ll see lots of stuff you didn’t know you needed!

Here are the details:

When: Saturday, May 18 from 8:00 am to 2:00 pm.

Where: Hunter, Beechwood, Kenilworth, Chestnut, Thornwood, Greenwood and Elmwood (north of Lake Ave. and west of Ridge Rd.) in Wilmette

What to know more? Give us a call at 847-881-6657 or email us.

TIPS FOR A SUCCESSFUL YARD SALE

North Shore Market Update – April 2013 vs. Year Ago

All villages posted sales gains except for Kenilworth and Northfield, with the largest growth in Lake Forest (+133%) and Evanston (+119%).  Glencoe and Wilmette also strong gains.

All villages showed price appreciation except for Lake Forest, with Evanston’s median price up 38% from last April.

Market time for the North Shore has decreased to under four months (market time oin a normal market is six months). Glencoe, Wilmette and Evanston are the hottest markets, with homes staying on the market less than three months.

There’s no doubt about it – the recovery is in full swing, with all trends going in the right direction. If you are thinking of selling your home, now may be the right time. There are plenty of buyers out there and not enough homes on the market to satisfy the demand. If you tried unsuccessfully to sell in the last few years, you may want to try again. Your probability of success is much greater now.

Wondering what your house is worth in today’s market? Give us a call at 847-881-6657 and we’ll give you a market analysis.

Enjoy Guided Bird Walks in Gillson Park beginning May 5 and continuing each Sunday in May.

The Illinois shoreline juts farthest into Lake Michigan at Gillson Park, making it an excellent spot to observe warblers and other migrant birds as they rest and eat during their long journey north every spring. Beginners and experienced birders of all ages are welcome to join the free, annual guided bird walks sponsored by Go Green Wilmette and the Wilmette Park District.

Where:  Meet at the top of the Wallace Bowl near the Lakeview Center in Wilmette’s Gillson Park.  Don’t forget your binoculars and bird books.

When: Tours on May 5th at 7 & 8 a.m. and May 12, 19 & 26 at 8 a.m.
For information see www.gogreenwilmette.org or contact info@gogreenwilmette.org

 1223 Fairfield Road, Glencoe, IL 60022

This lovely newer home from HighGate Builders sits on nearly a half acre near the Glencoe Golf Course.

We’re big fans of HighGate’s homes. They are always well-designed for today’s lifestyle and always constructed with the finest materials. But here’s what we love about this home in particular:

• Knock-out finishes throughout, including walnut floors, stone entry, walnut panelled library, cook’s kitchen, high ceilings and luxurious master bath.

• A private, fenced back yard, perfect for entertaining, kids and dogs.

• Five bedrooms and four baths on the second floor, great for big families. A sixth bedroom and full bath on the lower level is a private retreat for guests, teenager or nanny.

• A lower level complete with home theatre, exercise room, rec room, bar and wine room.

This exquisite home is being offered at $2,695,000. If you would like to see it, please call us at 847-881-6657 to arrange a private showing.

You can see other North Shore new construction homes here.

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 contact us at 847-881-6657 or send us a note here