How's the Market?

Real Estate News of Chicago's North Shore April, 2015

Welcome back to How's the Market? I can feel the spring market starting to bloom... lots of new listings and eager buyers out there looking. People are coming out of hibernation and it feels like things are starting to move.

As I was thinking of memorable moments for this month, the one that always comes to mind is the "Great Chicago Flood of 1992." I remember it all too well. I was working on the 25th floor of 69 W. Washington, when they evacuated our building. They shut off the elevators, so off we went down 25 flights of stairs -- I wore high heels in those days... what an experience! When I got to street level there was water and hoses everywhere -- and no buses... I had to walk home... such a mess. Have any memorable moments in May to share?

And since it's April, I thought I would talk a little about taxes... to quote old Ben Franklin...

"In this world nothing can be said to be certain, except death and taxes."

In This Issue...

North Shore's Highest Sales in March

Which Suburb has the highest taxes?

Who Put the "Forest" in the Forest Preserves?

Goldman Sachs just nailed millennial homebuying

Now Serving: 7 tips for a healthier planet

What Do You Know About Today's Home Buyers?

For the Garden

Just the Facts...

As we leave winter behind us, the market is beginning to pick up. March 2015 was fairly similar in terms of units sold to March of 2014.

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

North Shore's Highest Sales in March

Glencoe - 395 Lakeside Terrace

Original List Price - $4,750,000

List Price - $4,300,000

Sales Price - $3,962,500 (92% of asking)

Days on Market - 97

Days on Market at Final List Price - 35

To see pictures and detailed information go to 395 Lakeside Terrace, Glencoe

Lake Forest - 184 W. Onwentsia Road

Original List Price - $3,995,000

List Price - $3,650,000

Sales Price - $3,275,000 (90% of asking)

Days on Market - 447 days

Days on Market at Final List Price - 337

To see pictures and detailed information go to 184 W. Onwentsia Road, Lake Forest

Lake Forest - 830 Lake Road

List Price - $3,395,000

Sales Price - $2,900,000 (85% of asking)

Days on Market - 1 day

To see pictures and detailed information go to 830 Lake Road, Lake Forest

* * * * *

There are currently 204 houses for sale on the North Shore that are priced greater than $2M. During the month of March, 8 houses closed in this price range:

Highland Park - 1

Winnetka - 2

Glencoe - 1

Lake Forest - 3

Wilmette - 1

Kenilworth - 0

Lake Bluff - 0

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

Which Suburb has the highest taxes?

I took a class last month about appealing ones' property taxes. It was actually pretty interesting and I learned some new things. But the one question they couldn't really answer was why Illinois has among the highest property taxes in the United States.

And which suburb in our market reigns as the best tax value?

I looked in the MLS and pulled up homes that sold for around $775,000 during the last six months. While each house is quite different, and in varying neighborhoods, this can give a buyer a theoretical comparison just based on sale price.

How did the taxes rank?

Lake Forest $11,389 (2604 square feet, 4 bedrooms/3 bathrooms)
Evanston 12,312 (2945sf, 3BR/2.1BA)
Kenilworth 12,922 (1932sf, 3BR/2.1BA)
Lake Bluff 15,448 (2624sf, 4BR/3.1BA)
Northfield 16,227 (3399sf, 4BR/3.1BA)
Glencoe 16,772 (3098sf, 4BR/4BA)
Wilmette 16,877 (2956sf, 5BR/2.1BA)
Winnetka 17,210 (2431sf, 4BR/2.1BA)
Libertyville 18,450 (2914sf, 3BR/3.1BA)
Highland Park 21,799 (3966sf, 4BR/3.1BA)
Deerfield 21,160 (3213sf, 4BR/3.1BA)

As I suspected, Lake Forest came out as #1. My hometown continues to have the lowest taxes in our market, which is one of the many reasons why I like living here!

The main lesson I re-learned from the class:

The budget is what the budget is -- if you really want to lower your taxes, you need to be present when the budgets are being approved and the tax levies are being determined.

Protesting ones taxes only shifts the tax burden to the neighbors -- it does nothing to lower taxes now or in the future.

Learning more about property taxes

As many of you may know, the tax assessors maintain websites with a wealth of information about your property taxes --- and your neighbors. They have forms, maps, videos, etc. that explain the taxing process and procedures.

Take a look:

Cook County

Lake County

Maximizing Your Tax Deductions And Tax Breaks As A U.S. Homeowner

...The U.S. tax code offers incentives to homeowners, and by taking advantage of these breaks, 1040-filing citizens can maximize their financial investment in homeownership.

Whether a home is financed via a mortgage, or paid-in-full with cash, there are a multitude of tax-savings opportunities associated with owning a home -- even at current mortgage rates which are the lowest since May 2013....

Who Put the "Forest" in the Forest Preserves?

At the turn of the twentieth century, civic and political leaders dreamed of establishing a system of open land to serve as a natural retreat for Chicagoans. To begin realizing that vision, Chicago's City Council hired architect Dwight Perkins to compile a report for an enlarged park system in 1903. Perkins in turn asked Landscape Architect Jens Jensen to recommend land to include in what they called an "outer belt park." They published...

Goldman Sachs just nailed millennial homebuying

Wow, Credit where credit is due.

Anyone need to know everything about millennials, home buying and their spending profiles?

Oh, but you only have less than 60 seconds? Head to this hugely...

Now Serving: 7 tips for a healthier planet

Earth Day falls on April 22nd, but you can have a meaningful discussion with your loved ones about it any time. If needed, this website offers some background about the history of Earth Day, and reasons why taking care of our environment is so important.

Finally, empower your loved ones by sharing with them these surprisingly easy ways to make a difference in your home and neighborhood. Then invite them to research their own ideas and add to the list...

Quiz Yourself on Home Buyers

How much do you know about today's home buyers? Take this quiz, based on the findings of the 2014 Profile of Home Buyers and Sellers, to find out.

For the Garden...

It's April ... What to do in the garden:

April Checklist

What's happening at the Chicago Botanic Gardens this month?

Antiques Garden and Design Show - April 17-19

Earth Day Walk - April 25

As always, if there is anything I can do to assist you with your real estate needs, do call!

Happy April!

Ann

Broker Associate,

Berkshire Hathaway HomeServices KoenigRubloff Realty Group

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Featured Listing

101 Lauralton Street

Lake Bluff

Looking for a beautifully updated and superbly maintained townhouse? Look no further than The Hamptons in Lake Bluff. This unit is unique with first floor living, hardwood floors, basement and delightful patio.

List Price: $199,000

2BR/2 Baths

See the details at:

101 Lauralton Street

In the news...

"If you had $30 million, where would you live?

Chances are, you would choose New York, London or Hong Kong-or all three-according to a new report..."

The Top 10 Cities for Ultra-High-Net-Worth Home Buyers

- Wall Street Journal

".. pending home sales report hugely beat expectations, with pending sales rising 3.1% in February. This was much stronger than the 0.3% gain forecast by economists. Furthermore, it's just one more piece of evidence that the housing market's upswing is far from over..."

8 reasons why the US housing market comeback is far from over

- Business Insider

" Generation X homeowners - many of whom took the biggest brunt of the housing crisis and went under-water on their homes - are now selling more of those properties according to a new..."

Its (Finally!) A Sellers' Market For Gen X

- Forbes

"Spring and all its glory is right around the corner-just take a look at the signs all around you.
No, we're not talking about the budding flowers or the chirping birds-we're referring to those "For Sale" signs that start popping up on lawns across the country as the weather starts heating up..."

House Hunting This Spring? 5 Tips From Real Estate Experts Across The Country

-LearnVest