How's the Market?

Real Estate News of Chicago's North Shore October-November, 2014

Perhaps you noticed I didn't get out my October newsletter. My beloved father passed away on September 30th. As you might suspect, I found myself dealing with things that were more important than the newsletter, so hopefully you understand the omission.

Dad lived an intentional, interesting and long life -- we celebrated his 90th birthday in May. That said, one never likes to lose a parent -- particularly one as special as mine. Obviously, I'm biased, but I think my dad was the best ever, so I felt like sharing on my blog a few of the lessons he taught me along the way.

I'm continuing my "Rocking the Ages" series from the Best of My Blog. This month I share some thoughts about marketing to the so-called "silent generation." While many in this age group are moving to communities like Lake Forest Place or The Glen, there are still others, who prefer to stay in their own homes -- just downsizing a bit. It's a smaller cohort than other age groups, but worth considering as potential buyers for certain types of properties.

In This Issue...

Just the Facts

Lakefront estate fetches $19.5M

Renovation Solutions

Pretty Trees for Patios, Paths..

8 Ways to Embrace Fall

10 Tips for a Chic Thanksgiving

For the Garden

Featured Listing

Marketing your home to the Silents

In the News

Step of the Month

Just the Facts...

Rather than providing a detailed update this month, I thought would share a letter from BHHS-KR management about the market.

So How is the Market? Read on....

There was also a very interesting article in Crain's Chicago Business about the differences in high-end sales between the suburbs and the city. A couple more recent articles in Crains include: The deceleration in home prices continues and More choice for homebuyers as Chicago listings rise.

North Shore's Highest Sales in September/October

45 Lakewood Drive Glencoe

Glencoe - 45 Lakewood Drive

List Price - $7,539,000

Sales Price - $7,000,000 (93% of asking)

Days on Market - 51

255 Mayflower

Lake Forest

255 Mayflower Road, Lake Forest

Original List Price - $11,500,000

List Price - $7,525,000

Sales Price - $6,100,000 (81% of asking)

Days on Market - 1,097 days

Days on Market at Final List Price - 170 days

1160 Michigan Avenue Wilmette

1160 Michigan Avenue, Wilmette

List Price - $4,995,000

Sales Price - $4,800,000 (96% of asking)

Days on Market - 4 days

* * * * *

There are currently 224 houses for sale on the North Shore that are priced greater than $2M. During the months of September and October, 19 houses closed in this price range:

Highland Park - 2

Winnetka - 7

Glencoe - 4

Lake Forest - 3

Wilmette - 3

Kenilworth - 0

Source: MRED (Midwest Real Estate Data) Multiple Listing Service

Lakefront estate fetches $19.5 million, a likely record

A top executive at Sam Zell's Equity Group Investments sold a four-acre lakefront estate in Glencoe for $19.5 million, likely the highest price ever paid for a Chicago-area residential property... see the article

Home of director John Hughes will be donated to Lake Forest Hospital

Nancy Hughes, widow of the late movie maker John Hughes, is donating her home to Northwestern Lake Forest Hospital, which will in turn sell it and use the proceeds toward building its new hospital... see the article

Renovation Solutions: Bigger isn't always better in home remodeling

When it comes to home remodeling, we stand by the saying: "Bigger isn't always better."

...Good home remodeling is about function and design, not about size. We have seen small homes with much better style and function than homes with double the square footage...

Crowdfunding your home renovation:

Should you do it?

Meghan Reidy really doesn't like her downstairs bathroom.

"It's just ugly and is the main bathroom that all our guests use..."

She and her husband are hoping that family, friends and maybe even complete strangers can help fund the $500 renovation. Reidy posted her appeal in July on recently launched crowd funding website FeatherTheNest.com...

3 Apps That Make Your Home Remodeling Easier

Home owners and renters looking to redesign or renovate can turn to new apps to help simplify the process and get the job done sooner and more efficiently...

Pretty Trees for Patios, Paths and Other Tight Spots

People have grown trees in their gardens since ancient times. But as gardens become smaller and more valuable as outdoor living spaces, is there still room for a tree? I know from living with the smallest of garden spaces that whether or not to plant a tree isn't an easy decision, but it can bring real garden benefits. Trees add volume and height to the garden, as well as year-round interest with foliage, flowers, bark and fruit.

8 Ways to Embrace the Wonder of Fall

There is something about the change in the weather, the calm before the holiday chaos and the clear night skies that makes fall the perfect time to take stock of where you've been and what the coming months may bring. This season take pleasure in the small, simple things, like collecting acorns, pressing oak leaves and wrapping up in warm blankets to count the stars overhead. These suggestions will help you feather and enjoy your nest.

10 Tips for a Simply Chic Thanksgiving

Thanksgiving is all about focusing on what really matters: family, friends and the ultimate comfort food. Take a fuss-free approach with tips for setting a seasonal table that incorporates rustic elements with a touch of sophistication.

For the Garden...

"A November gardening calendar really highlights the differences in regional gardens. For many there is no November garden to speak of. Others can't wait for the cool days and slower pace of fall gardening. But even if your garden is already covered in snow, there are still garden tasks calling..."

Events this month at the Chicago Botanic Gardens

For the full November Calendar
Nov. 7 - 9 - Fine Art of Fiber

November 28, 2014 - January 4, 2015 - Wonderland Express

Wonderland Express

As Thanksgiving approaches, I am reminded that gratitude is a healing gesture, so I'm counting my blessings. I'm grateful that I had my wonderful father in my life for as long as I did. I'm grateful for the nurses, CNAs and techs that lovingly cared for Dad in the last few months of his life -- I'm especially grateful for the staff at Lake Forest Place and Balmoral Care Center. But most of all, this Thanksgiving I'm grateful for my siblings.

Hoping you, too, have lots to be grateful for this year -- and always!

Happy Thanksgiving!

As always, if there is any way that I can help you with your real estate needs, please call or email and I am happy to help!

Ann

Broker Associate,

Berkshire Hathaway HomeServices KoenigRubloff Realty Group

Featured Listing

5430 Fairmont Road

Libertyville

WOW -- what an amazing value this home presents. Vacation at home as you enjoy this stunning Chic Martin designed house -- with higher ceilings, gorgeous millwork and open floor plan. This home provides a terrific layout for both living and entertaining. Luxurious master suite with fireplace. Gorgeous landscaping and pool. Private suite with own entrance can be used for home office, nanny or in-laws. Finished English basement. Amazing storage and closet space.

List Price: $1,295,000

6BR/5.2 Baths

See the details at:

5430 Fairmont Road

Best of My Blog

Rocking the Ages Part 5 - Marketing your home to the Silent Generation

"...The 50 million people born in the US between 1925-1945 or the Silent Generation, made it the smallest generation in the last 100 years. In 1951, a Time Magazine article was written in which the children of the generation were described as 'unimaginative', 'withdrawn', 'unadventurous', and 'cautious'. Time Magazine used the name 'Silent Generation' to refer to these individuals, and the name has stuck.

However, describing this generation as the Silent Generation is a bit of a misnomer.... "

In the news...

"Talk to any Chicagoan who has lived in a home designed by a premier architect and you'll hear pros and cons that run the gamut. A Wright house in Oak Park has art glass windows but no basement. A Mies condo in Streeterville offers excellent views but a cramped kitchen. For David Adler mansions, the virtue and vice are the same: expansiveness..."

A Look at the Adler Mansions for Sale Around Chicago

- Chicago Magazine

"... Over the past 10 years, we have witnessed an unprecedented rise in real estate prices, a housing crash, the near-total freeze of lending for residential real estate, and a recovery in housing prices that occurred almost as quickly as the preceding crash.

But the real real estate revolution has yet to happen...everyone from policy makers, to home builders, to academics are concerned about one thing: America's coming demographic transformation and how it will change housing in the coming years..."

American real estate's future: Older, poorer, and more diverse

- Fortune

"....four years since foreclosures and short sales peaked in the Great Recession, millions of former borrowers have spent the required amount of time on the sidelines, which means they have cleared at least one of the major hurdles required to qualify for another government-backed mortgage. Whether the rest of their financial lives have sufficiently recovered - or whether they even want the burden of a new mortgage - are still open questions. But there is early evidence that some former borrowers are slowly returning....."

Years After the Market Collapse, Sidelined Borrowers Return

- New York Times

"When Tom Greco bought his four-bedroom home three decades ago, he assumed he'd pay off the mortgage before retirement - just as his parents did.

Things didn't work out that way.

Instead, his $4,500 monthly mortgage payments - a consequence of several equity withdraws over the years - became a financial drag."

Many seniors trying to retire with a mortgage

- LA Times