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How's the Market?

Real Estate News of Chicago's North Shore   

July, 2013  


In This Issue
What's the value of my home?
In the news...
Just the facts...
Highest sales in June
Five Biggest Insurance Mistakes
Kitchen Remodeling Decisions
Beautiful plants for the shade
What do buyers want?
Don't make these mistakes
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What's the value of my home?

September, 2009

One of the biggest confusions that I see in this job is how people (primarily sellers) misunderstand the "value" of their home. I think it's because there are so many ways value is assigned to a property.  In an effort to clear up the confusion...
In the news...

 "Low interest rates, increasingly aggressive lending and Generation Y's housing preferences are among the top factors shaping the U.S. real estate market this year, according to a group of leading real estate experts..."

Real Estate's 2013 Pivot Points: Interest Rates, Gen Y, Health-Care Demand

- Wall Street Journal

 

"A lot of people were surprised by the upsurge in home sales and prices last year, especially in some of the nation's most depressed markets. Nationwide sales prices rose 7.3 percent last year, according to one major index, while prices in..." 

- New York Times

 

"Is the American Dream still alive? ... Is there still an American Dream? And if there is, is the essence of what makes up the American Dream shifting based on age and other demographics?..." 

- ThinkGlink

 

"Cash buyers, low mortgage rates and rising consumer confidence are among the biggest drivers pushing luxury housing in the U.S., according to luxury real-estate agents at the annual conference of the..."

Luxury Sales Continue to Bounce Back, Brokers Say

- Wall Street Journal

 
"When in the Course of human events, it becomes necessary for one people to dissolve the political bands...."
Thomas Jefferson
 
 
 
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Ann Jones Header
Greetings!    

Welcome back to "How's the Market?"  Boy, did June ever rush by -- I can't believe it is already July.

The Case-Shiller report came out last week.  Things are definitely on the rise.  On a seasonally adjusted basis, prices rose 1.1 percent from March to April in the Chicago area and 1.7 percent in the 20-city index.  With that good news, it's sobering to know that local prices are down about 34 percent from their peak in September 2006, according to S&P/Case-Shiller data.  
 
Did you see the interactive map in Crain's Chicago Business?  It's very enlightening and worth checking out. It shows precisely how prices have gone up and down in the Chicago area.   The good news is that just about every suburb on the North Shore has seen gains from 2012 (Lake Forest was the exception.)  

I spent last week in Michigan near Sleeping Bear Dunes -- it was gorgeous, as always.  I loved meandering through the towns - Frankfurt, Beulah, Glen Arbor, Leland... fun to look at the real estate ads posted in each of the towns and see what it might be like to own a summer house.  Interesting article in the Detroit Free Press, Michigan vacation homes no longer a bargain paradise, would indicate that the second-home market is also recovering.  

Looking forward to the 4th of July and celebrating summer!
 
Just the facts...
 

Well the spring market is officially over and what a spring!  For the first time in 7 years, I really believe the market is back to a healthy situation.  New listings are appearing; prices are stabilizing and even going up in most of the North Shore communities; builders are rebuilding and we're even experiencing multiple offers on some properties.    We are definitely seeing a more robust housing market....

 
The North Shore's Highest Sales in June

Winnetka - 319 Sheridan Road

Original List Price - $16,749,000

List - $15,975,000 

Sale - $12,700,000 (79%)

Total Days on Market - 323

Total Days on Market at Final List Price - 229

 

Kenilworth - 311 Sheridan Road 

Original List Price - $5,650,000

List - $4,999,000 

Sale - $4,650,000 (93%)

Total Days on Market - 219

Total Days on Market at Final List Price - 27

      

Lake Bluff - 718 Mountain Road

List - $5,200,000

Sale - $4,000,000 (77%)

Total Days on Market - 151

  

Total of 12 homes closed for over $2,000,000 during the month of July:

Lake Bluff - 1

Lake Forest - 2

Winnetka - 4

Glencoe - 2

Kenilworth - 3 

(There are currently 232 homes for sale over $2,000,000.)

       
Trying to Save Money? Avoid the Five Biggest Insurance Mistakes!

....Following are five of the biggest insurance mistakes that consumers should look out for:  

1. Insuring a home for its real estate value rather than for the cost of rebuilding.....
  
Kitchen Remodeling Decisions You'll Never Regret
 

"Afraid your kitchen remodeling choices will look so 2013-ish in a few years? Relax, we know how to make your kitchen timelessly gorgeous and functional..." 

 
Beautiful Plants for a Shady, Wet Site 

Planting for shade can be challenging enough; combine shade with soil that remains moist or even wet year-round, and it's enough to make even an experienced gardener shudder.

Yet there are some stunning perennials, shrubs and even trees that revel in such conditions - indeed requiring moisture-retentive soil to thrive. This garden has been transformed into a cool, leafy glade through a combination of soothing colors and contrasting textures. A path weaves through the space to an ... 
   
 
"Many people shopping for real estate today are younger than previous generations of home buyers, and they're extremely tech savvy. They grew up with smartphones, apps, and Google searches. And they want to use technology not only in their search for a home but throughout the home itself...."
    
Buying a House? Don't Make These Mistakes
  
First-time homebuyers can get easily side-tracked by fixable "problems," like an unappealing paint color, and they often overlook hidden costs of home ownership like maintenance expenses. Such rookie errors are hardly their own fault, since they lack the experience that comes with owning property over time. With low mortgage rates luring many newbies into the marketplace, we gathered up four of the classic mistakes they tend to make...
  
Have you discovered Pinterest?  I love it.  I've found Pinterest a great way to display pictures and ideas for the home.  I don't know whether you have a  Pinterest account, but it is wonderfully visual way to communicate.  If you like my newsletter, I think you'll really like my Pinterest account.  Follow me to see the latest updates and new ideas. 

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!

  

Enjoy the fireworks!

 

Ann 

 

R. Ann Jones,

Broker Associate 

Prudential Rubloff Properties

 

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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.