How's the Market - September, 2012

How's the Market?

Real Estate News of Chicago's North Shore

September, 2012

In This Issue

Buyers are liars

In the news

Just the facts...

Highest sales in August

3.8% Real Estate surtax in health care law

Angie's List about buying and selling

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Best of My Blog
Buyers are Liars
September, 2010

"The very first time I heard the expression, "Buyers are liars," was shortly after I started working as Realtor. I was annoyingly surprised that someone would actually say that. So cynical. Buyers aren't liars, they just know what they like... or so I thought..."

In the News....

"Even the rich aren't immune to the pressures of the housing market.

Prices for homes priced at $1 million or more have fallen a 20 percent this year, according to.."

For Luxury Real-Estate, the 'Year of Capitulation'

-CNBC

"Millennials, of course, are sharing more than transportation: they're also sharing living quarters..."

The Cheapest Generation

- The Atlantic

"Housing has never been more affordable, and yet home ownership is still falling and more Americans are renting. The supply of homes for sale is down 24 percent from a year ago..."

Where Are the Move-Up Home Buyers?

-CNBC

"For some parents, sending kids off to college means equipping the budding academics with a laptop and carting their stuff to a closet-sized dorm room on the far side of campus.

For others, it involves making a different kind of investment: real estate...."

Property in College Towns a Boon to Real Estate Investors, Parents

- US News and World Report

"My favorite poem is the one that starts 'Thirty days hath September' because it actually tells you something."

- Groucho Marx

Greetings!

Welcome back to "How's the Market?"

There is something about September that always make me feel like we're starting the new year. I suppose that feeling started at a young age, when Labor Day was synonymous with the end of summer and the beginning of a new school year. Or maybe it's because my birthday is in September... who knows. I just know how much I love this time of year.

I always find autumn on the North Shore is just so special. I love the cooler nights and the changing leaves and clear indigo-colored skies. Did you see the blue moon on Friday night?

Fall is also a time when the real estate market starts to have it's final last push before the holiday season. Let's hope we see a lot of interested buyers snapping up some wonderful homes for sale!

Enjoy your September!

Just the facts..

It's Labor Day, so sadly I guess summer is finally over. Given how warm it continues to be, it doesn't feel quite like fall yet. But the nights are getting longer, so it's a sign of things to come. This is the last great push of the housing market until the holiday season. While August was a little quiet, here's hoping we have a robust fall.

So, how is the market?

The North Shore's Highest Sales in August

Highland Park - 65 Vine Avenue
Original List Price - $7,495,000
List Price - $5,395,000

Sale - $4,500,000 (83%)

Total Days on Market - 589

Days on Market at Final List Price - 49

Glencoe - 521 Longwood Avenue

List - $4,750,000

Sale - $4,700,000 (99%)

Total Days on Market - 1

Lake Forest - 425 Woodland Road

List Price - $3,195,000

Sale - $2,875,500 (86%)

Total Days on Market - 21

Total of 7 homes closed for over $2,000,000 during the month of August:

Evanston - 0

Winnetka - 4

Lake Forest - 1

Highland Park - 1

Glencoe - 1

(There are currently 200 homes for sale over $2,000,000.)

Health-care reform law contains surtax that can affect home sales

When the Supreme Court upheld the health-care reform law on federal tax grounds, it restoked a housing issue that had been relatively quiet for the past year: The alleged 3.8 percent "real estate tax" on home sales beginning in 2013 that is buried in the legislation.

A 3.8 percent surtax takes effect Jan. 1 on certain investment income of upper-income individuals -- including some of their real estate transactions.

But it's not a transfer tax and not likely to affect...

Some other related articles:

Reality Times, "Luxury Home Owners Are Scrambling To Sell To Avoid Potential New Tax Hike"

Realtor Magazine, "Top 10 Things You Need to Know About the 3.8% Tax"

Forbes, "How Much Is The Obamacare Mandate Going To Cost You?" highlights this 3.8% surtax.

Angie's List: buying or selling a house in today's tricky market

In the housing market, whether you're looking to buy or sell, everyone is looking for a deal. Angie's List founder, Angie Hicks always recommends getting some professional help. "Buying a house is one of the biggest investments consumers make," she said, "so getting the expertise ...."

Late-Summer Yard & Garden Upkeep Ideas

Don't despair that summer is almost over! You can still have a well-groomed lot and enjoy the outdoors well into the fall. There are even a few easy prep steps you can take now for a vibrant landscape come next spring. Here's your late-summer outdoor upkeep guide...

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!

And for those of you who are looking for a fabulous family event, don't forget the 25th annual Bagpipes & Bonfire on Sunday, September 23 in Lake Forest.

Ann

R. Ann Jones,

Broker Associate

Prudential Rubloff Properties

Lincoln Park 2520 is taking its place among Chicago's grandest buildings. Rarely does such an idyllic location become available, so it is only fitting that this one will embrace a structure that is destined to be a landmark for decades to come.

Ask me if you'd like to learn more!

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.