Archive for December, 2015

Micro Market Review: Year 2015

2015 is finally coming to a close and it’s time again to see how the year did in relation to 2014 statistics. The review is for a micro market review of Evanston and Wilmette Communities. Statistics are from all sales posted up to December 29, 2015 a couple of days before the end of the year.

I have included both Single Family and Attached closed statistics for each community.

Year 2014: Single Family

City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 424 $525,432 71 0
Wilmette 368 $861,219 58 0

Year 2015: Single Family

City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 485 $576,526 81 9%
Wilmette 358 $852,961 72 0

Summary:

All year agents were complaining about low inventory but in reality the number of homes sold was the same for single family homes for the past two years. Evanston prices actually increased 9% while Wilmette remained about the same. Wilmette’s average home prices however are much higher than Evanston. The average market time was also the same for the past two years.

 

Yr 2014: Attached

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City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 548 $260,949 89 0%
Wilmette 95 $335,373 114 0%

Year 2015 Attached

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City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 637 $258,292 92 0%
Wilmette 83 $341,445 109 1%

Summary:

Attached properties include both condo and townhouse sales.  Evanston has more attached homes than Wilmette. Inventory levels for Evanston were slightly better than Wilmette. However the  average sale price seems to be flat with no increase. Average days on market is also about the same.

Written by Jack Lewitz | Discussion: No Comments »

Independent vs Franchise Agent

Independent-Person-paper-dolls-Thought-Bubble

 

 

 

 

 

 

 

 

 

 

In a recent Inman article ” The shift toward Independent Brokerage” report the following:

  • There are more independent agents than agents working in national franchise companies
  • As the agent population grows more of them are deciding to work for independent brokerages vs  national franchise companies.
  • 97% of all independent agents say they would never consider moving to a national franchise company.

Why the shift to Independent brokerages?

  1.   there are no franchise fees
  2.   less beaurocracy and office politics
  3.  more flexibility to adapt to local markets
  4.  less value joining a national franchise

As an Independent Broker I find this information comforting because as an Independent I tell my clients you do not have to be big to be successful. You just have to rely on your skills and have confidence in yourself and give your clients good service.

Il Real Estate Specialists think your Special.

If you are looking to sell or buy a home in 2016 then please call

phone                708-309-5334

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NAR VIDEO REPORT on Real Estate

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Happy Birthday Frank … Chicago is My Kind of Town.

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Luxury Real Estate Market: 2015

I am intrigued about the Luxury Real Estate Market for several reasons.

One of those reasons is a selfish one because I would rather sell one good high priced property than several small priced homes.

Second I would find selling a Luxury Home a challenge and I am always up for the challenge.

Third I think I have the knowledge and expertise to serve these clients well.

But before I approach anyone I think I have to be knowledgable about the Luxury Real Estate Market in my area so here are some interesting facts.

Top 10 Closed Home Sales in 2015:

Days on Mkt.                   $ Sale  Price                      Area/ County

53                                       $6,200,000                         Wilmette/ Cook

22                                       $6,100,000                         Winnetka/ Cook

265                                     $6,000,00                            Lake Forest/ Lake

272                                     $5,972,483                          Chicago/ Cook

85                                       $5,500,000                          Chicago/ Cook

446                                     $4,960,000                          Hinsdale/ Dupage

262                                     $4,883,623                         Chicago/ Cook

196                                     $4,880,000                         Woodstock/ McHenry

1                                         $4,818,784                          Chicago/Cook

16                                       $4,750,000                          Chicago/Cook

 

Top 10 Expired Homes in 2015

 

Days on Mkt.                    $ Last List Price                  Area/ County

395                                     $11,200,000                           South Barrington/ Cook

365                                     $8,985,000                             Chicago/Cook

30                                       $7,980,000                             Chicago/Cook

1089                                  $7,900,000                              St Charles/Kane

183                                    $7,900,000                              Winnetka/ Cook

366                                     $7,750,000                               Winnetka/Cook 

366                                   $7,000,000                                 Hinsdale/Dupage

157                                   $6,295,000                               Winnetka/Cook

461                                    $6,200,000                                Lake Forest/ Lake

91                                      $599,999,000                         Highland Park/Lake

 

Summary/ Conclusion:

There are alot Luxury Homes in my market. 7 out of 10 homes sold were in Cook County and 6 out 10  expireds were in Cook County.

The Highest priced home sold was $6,200,000 vs the Highest expired was $11,200,000

While there appears to be a market for Luxury Homes there also is a price point on what is selling in the MLS. The Avgerage Sale is $4,903,000 and the Average Expired is $7,720,000,

In order for these expireds to sell they need to adjust their asking price to sell in the MLS or Market to buyers in a different way.

Written by Jack Lewitz | Discussion: No Comments »

Is it Time to Talk to Mom and Dad?

 

aging parents

 

 

 

 

 

 

 

 

I know many people are confronted with a decision on what to do with their aging parents. Its not an easy decision to talk to a parent about their own safty and care as they age. I know from personal experience that my mom whose age I will not disclose should not be driving a car but she insists on still driving herself and being independent.

But what happens to most parents and children is their will be a day when a discussion about Taking Care of them and making sure they are compfortable with this decision.

Part of the discussion will be what to do about their current living condition. Do they stay at home? Do they get live in help? Do they move in with their children? Do they need assisted living or nursing care?

Are the forgetful or have you noticed any early onset of dementia, altzheimers? How about physical decline and safety issues like does the house they are living in have to many steps.

Moving a parent may be the best thing but it takes planning.

If you have aging parent and want to discuss what to do with their home.

CALL ME FOR A FREE PHONE CONSULTATION

708-309-5334

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Chicago River History

The flow of Chicago River was reversed by the Army Core of Engineers and is what created the beautiful lakefront and gorgeous homes in the North Sh

ore.

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5 Reasons To Buy a home in the Winter

Buying A Home in the winter months offers some advantages if you live in the Midwest.

 

  1. imagesKWE1AVLGInsulation: Buying a house in the winter will show you how well insulated the house is and you can see if there are potential gutter, or ice dam issues.

2.    Fewer Buyers: With fewer buyers looking during the    winter you have less competition.

3.     Motivated Sellers: It seems those who list their homes in the winter are a little more motivated to sell.

4.     Interest Deductions:  One of the best advantages to  home ownership is the ability to deduct interest payments on your taxes.

5.      Change of Seasons: Buying in the winter allows you the opportunity to experience your new home as the seasons change.

 

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