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How's the Market?

Real Estate News of Chicago's North Shore   

March, 2012 

In This Issue
Property Condition
In the news
Just the facts...
Highest sales in February
Ten Tax Tips
4 Tax Breaks
Best and Worst Buys of March
Quick Links
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What does it take to get my house sold?  Part 3: Property Condition

April, 2010 

 

Architectural Digest
The first time I took some young buyers out to look at homes in Lake Forest, it turned out to be a rather negative experience. When we walked into the first house, the owners were sitting there watching TV with bags of potato chips and pretzels strewn on the coffee table. There were dirty dishes in the sink; wet towels on the floor in the bathroom; blinds half up and torn with windows that were in need of washing; and carpets that had obvious dirt and dog hairs on them. Needless to say...
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In the News....
"...The Chicago-area homeownership rate dropped to 66.3 percent in the fourth quarter, its lowest point since...."
Homeownership rates tumble along with Market
-Crain's Chicago Business

"Foreclosure activity rose 3% in January, compared with December, and there are signs that the foreclosure process is beginning to get back to normal after its slowdown.... "

Foreclosure activity up 3% in January   

-Wall Street Journal

   
 "Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit..."

Housing Crisis to End in 2012 as Banks Loosen Credit Standards  

-DSN News  

 

 "The housing bust isn't over yet. Home prices hit their lowest levels since 2006, and experts say more losses could be on the way - in particular for the nation's priciest properties...

Why Luxury Home Prices May Fall Further

-SmartMoney   

Real Estate Definition:
PMI
PMI
Private mortgage insurance (PMI) is special type of loan insurance that many lenders require borrowers to purchase. Purchasing of PMI is a fairly standard requirement for all buyers who do not put down 20 percent when they purchase a home.  The cost of the insurance depends on the size of the down payment. The smaller the down payment, the PMI will account for a greater portion of a home loan monthly payment.

"Indoors or out, no one relaxes in March, that month of wind and taxes, the wind will presently disappear, the taxes last us all the year."
 -- Ogden Nash

 

Greetings!

Can you believe this winter?  It's already March and I am way under budget in my snow plowing expenses.  Nothing to be upset about, except I'm wondering what this weather is going to do to my garden this year.  We'll find out.

The real estate market is starting to wake up again for the spring rush.  We're seeing more appointments and great turnouts at open houses.  I think buyers are starting to understand what a phenomenal time we are in for purchasing the home of their dreams.  I'm hopeful that we'll have lots of great activity in March. 

 

 
Just the facts..
How's the market?
...So how was the market in February?
  
Inventory levels went up again this month - but then that is not particularly unexpected.  It's pretty typical for more homes to come on the market after Superbowl Sunday - and this year was no exception. 
  
There are a couple of numbers that I like to study, when determining how the market is performing.  First, I consider the absolute number of... 
 
The North Shore's Highest Sales in February
 
Winnetka - 17 Indian Hill Road17 Indian Hill
Original List - $5,995,000
List - $4,995,000
Sale - $4,400,000 (92% of asking)

Total Days on Market - 285

Days on Market at Final List Price - 38

(Home initially listed in 2006 for $9,500,000.  Has been on and off the market for a total of 1212 days.) 

 

Lake Forest - 521 Stable Lane 

Original List - $3,195,000 

List - $2,650,000

Sale - $2,450,000  (83%)

Total Days on Market - 425 

Days on Market at Final List Price - 136

 

Glencoe - 475 Greenleaf Avenue

Original List - $3,395,000

List - $2,775,000

Sale - $2,285,000  (82%)

Total Days on Market - 598

Days on Market at Final List Price - 137

 
Ten Tax Tips for Individuals Selling Their Home
IRS Logo
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

 
 
4 Tax Breaks of Homeownership

There are two things you can count on when Home as Shelteryou become a homeowner: You get more tax breaks, and your taxes get more complicated. Whether you've purchased a single-family home, town house, or condominium, there are tax breaks available to you. It's time to get familiar with the...

     
Best and Worst Buys of March
valentine candy Seasonal items are on sale, but don't expect to find a deal on a vacuum to help with your spring cleaning.

Here are the best deals of March....

 

    
Featured Listing  

665 Grandview, Lake Forest

 

WOW -- What an amazing value for this wonderful Whispering Oaks home.  Over 4000 sq ft of superior first floor living space: gorgeous newer kitchen, office, laundry, mud room, sun porch, guest 

bed/bath in addition to family room, dining room and living room.  Four bedrooms upstairs - finished basement; hardwood floors throughout -- Must see to 

believe!  Priced to sell at over $100K less than recently appraised value.   

See all the details about this beautiful home... 

  

5BR/5 Baths  

List Price:  $835,000

 
As always, if there is any way that I can assist you with your real estate needs, please don't hesitate to call or write!

  

Here's hoping we have a brilliant Spring Market! 

 

Ann 

 

R. Ann Jones,

Broker Associate 

Prudential Rubloff Properties

 


Details Make the Difference!

 

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If your property is currently listed for sale with an agent or broker, this is not intended to be a solicitation of that listing.