Winnetka, IL Real Estate News

By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Knowing the absorption rate in your area is a great asset when looking to purchase or sell a home in Winnetka.  The absorprion rate is actually a formula that tells you how long the current inventory of homes would take to sell if no new homes came on the market.   In other words, it's the rate at which the market absorbs or eliminates current inventory.  It determines this by the current rate of home purchases made by buyers. In general it is agreed that less than 5 months worth of inventory is a seller's market and more than 5 months is a buyer's market (with some middle ground being a stable market.) It's interesting to see how this changes as the parameters change.  Here are the absorption rates for various types of properties in Winnetka:     The hottest properties in Winnetka righ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
The real estate market in Winnetka, IL has started off more quickly than one year ago.  With interest rates still low and inventory on the lean side, buyers are on the move.   This chart, from the Multiple Listing Service, shows home sales, prices, and days on market for each month in 2014. January home closes reflect actual sales that took place in November and December, yet they are still indicative that the market is busier this year.   In January 2014, there were 26 new listings and 6 real estate closes with a median price of $1,578,546. In January 2015, there were 26 new listings and 16 closes which represents a 166% increase in sales over last year.  However, the median sales price dropped by almost 6% to $1,487,500. I don't think there is any need to worry about the price drop - ...
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By Art Wilson, Realtor - Chicago's North Shore
(Coldwell Banker Residential Brokerage)
By Art Wilson, Realtor   Winnetka's January Property sales were 18, up 157.1% from 7 in January of 2014 and 5.9% higher than the 17 sales last month. January 2015 sales were at their highest level compared to January of 2014 and 2013. January YTD sales of 18 are running 157.1% ahead of last year's year-to-date sales of 7. The Median Sales Price in January was $1,375,000, up 88.4% from $730,000 in January of 2014 and up 85.8% from $740,000 last month. The Average Sales Price in January was $1,419,088, down -8.9% from $1,558,070 in January of 2014 and up 27.9% from $1,109,506 last month. January 2015 ASP was at a mid range compared to January of 2014 and 2013. The Total Inventory of Properties available for sale as of January was 107, down -0.9% from 108 last month and up 13.8% from 94 i...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
In January, there were 10 new listings in the Hubbard Woods area of Winnetka.  However, only 4 were truly new listings since the 5 others had been previously listed and removed from the market.  There is also one new "exempt" listing. The 4 new listings are: 1416 Edgewood - a very sweet home with 3 bedroom and 2 1/2 baths listed for $819,000. 1311 Holly - a beautiful and sophisticated ranch home with over a half acre of land listed for $1,299,999 1235 Scott - this home was built in 2003, has 5 bedrooms and 4 full baths plus 2 half baths.  The list price is $1,595,000 1482 Edgewood - proposed new construction on a 50 x 200 lot listed for $1,885,000.  The house will have 6 bedrooms and 5 1/2 baths.   764 Locust - is an exempt listing which means that it is available for sale but not yet l...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
UPDATED 2019 If you are trying to sell your home, market time is not your friend.  The longer your house stays on the market, the more the value goes down in the buyer's mind.  If your list price is too high and does not match the perceived value, your house will linger, unsold and stale.Sellers who price their homes way over where the comps have sold, or way over what their real estate professional has told them, are shooting themselves in the foot.  It is a very expensive mistake that is difficult to rectify.  Lowering the price is a good move, but often it's not enough to catch up to the market.Here is something horrifying that I found today on our local Multiple Listing Service.  It shows the days on market for a Winnetka home:That shows 2,344 days on the market.  What's worse, is t...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
UPDATED 2019 Most people know that the spring is a good time to list your Winnetka home for sale.  Particularly in colder climates, the hope for better weather has sellers waiting longer before listing.  You might want to consider listing in early spring rather than late spring or early summer.  The reason is really simple - there is less competition.  The buyers are still out there but they're having a hard time finding inventory.  Locally, the real estate market almost shut down last winter (2014) during the Polar Vortex.  But in general, buyers are unfazed by snow and cold and will go tromping around in hopes of finding their perfect home.  If you're listed and 10 other homes haven't yet, you just may get a quicker sale.  Lack of inventory has been a problem for over a year.  Why add...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
I'm not one to usually get teary-eyed about structures, houses, or buildings being torn down.  Progress, I guess. But I was saddened today to learn that the Hubbard Woods Gazebo, located at the south end of Hubbard Woods Park, will be torn down during the remodel of the entire park, this spring, 2015.  The Winnetka Park District has been planning for some time to tear down the warming hut, which was definitely showing its age (built during World War II.)  The gazebo is 25 years old and the playground 15. The plan that was just approved by the Winnetka Village Zoning Board allows for a new warming hut/shelter to be built where the gazebo is now.  The playground will also be moved from the north end of the park along Green Bay Road to the southeast corner. I wondered where the summer conc...
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By Art Wilson, Realtor - Chicago's North Shore
(Coldwell Banker Residential Brokerage)
By Art Wilson, Realtor   Winnetka's December Property sales were 17, up 30.8% from 13 in December of 2013 and 70.0% higher than the 10 sales last month. December 2014 sales were at a mid level compared to December of 2013 and 2012. December YTD sales of 239 are running -14.0% behind last year's year-to-date sales of 278. The Median Sales Price in December was $740,000, down -45.2% from $1,350,000 in December of 2013 and down -16.1% from $882,500 last month. The Average Sales Price in December was $1,109,506, down -28.0% from $1,541,557 in December of 2013 and up 1.6% from $1,092,505 last month. December 2014 ASP was at the lowest level compared to December of 2013 and 2012. The Total Inventory of Properties available for sale as of December was 106, down -13.1% from 122 last month and ...
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By Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917
(Coldwell Banker)
Winnetka IL Real Estate The beautiful village of Winnetka has tremendous value for home sellers who have waited to place their home on the market. The sales figures are very positive and new construction is going strong despite the Winter months. A sign that the Spring Winnetka Real Estate Market is gearing up for new residents. On the buyers side of Real Estate sales, mortgage rates are great and choices are available, especially if you have guidance of a Professional Realtor to help you get the home of your dreams and make your family happy. More houses and condos are going to be coming on the market shortly and 2015 may be an opportunity to investigate. If you decide to take a look at Winnetka Real Estate click the link and see a live view of the multiple listing service. The same si...
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Greeley Elementary School, Winnetka, IL - January 2015 About Greeley Elementary School Greeley Elementary School is a P-4 school in District 36, and is located at 275 Fairview Ave in Winnetka, IL. It services homes in Winnetka. Single-FamilyHomes22 Condos &Townhomes0 Foreclosuresfor Sale0 NewConstruction4 AdultCommunities0 Homes for sale in the Greeley Elementary School area Address Beds Baths Built Price 720 Pine St., Winnetka, IL 3 2.0 1955 $724,900 606 Maple St., Winnetka, IL 5 4.1 1930 $1,990,000 505 Sunset Rd., Winnetka, IL 5 3.1 1925 $1,194,000 594 Spruce St., Winnetka, IL 4 5.0 1920 $1,895,000 565 Arbor Vitae Rd., Winnetka, IL 6 5.1 1924 $1,745,000 300 Fairview Ave., Winnetka, IL 4 1.1 1904 $735,000 Winnetka, IL 0 0.0 0 $735,000 556 Hawthorn Ln., Winnetka, IL 5 5.1 2014 $1,699,0...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Hubbard Woods real estate was very active in 2014.  Here are the stats: Total Sales:  54 homes    Low Price:  $585,000    High Price:  $3,550,000 Currently for Sale:  27 homes    Low Price:  $599,000    High Price:  $7,750,000 Pending/Under Contract:  8 homes    Low Price:  $399,999    High Price:  $3,399,000   Other local news: 801 Locust -  was originally listed for $1,098,000, reduced to $1,049,000, reduced again to $999,000 and went under contract on November 28.           1016 Westmoor - the newer construction where Locust meets Westmoor, sold for $2,400,000 after being listed for $2,899,000.         809 Locust - the new construction home for sale at the corner of Locust and Vine.  Listed for $2,499,000 -          757 Locust -  for sale at $1,650,000.  A lovely older home on a larg...
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Hubbard Woods Elementary School, Winnetka, IL - January 2015 About Hubbard Woods Elementary School Hubbard Woods Elementary School is a K-4 school in District 36, and is located at 1110 Chatfield Rd in Winnetka, IL. It services homes in Winnetka. Single-FamilyHomes26 Condos &Townhomes2 Foreclosuresfor Sale0 NewConstruction3 AdultCommunities0 Homes for sale in the Hubbard Woods Elementary School area Address Beds Baths Built Price 1149 Laurel Ave., Winnetka, IL 5 5.2 2004 $2,669,000 1138 Scott Ave., Winnetka, IL 4 2.2 1923 $1,088,888 1296 Hackberry Ln., Winnetka, IL 3 2.0 1953 $995,000 1496 Edgewood Ln., Winnetka, IL 5 4.1 1928 $949,000 1122 Gage St., Winnetka, IL 4 2.0 1980 $700,000 1518 Edgewood Ln., Winnetka, IL 4 3.1 1940 $795,000 910 Pine Tree Ln., Winnetka, IL 0 0.0 0 $850,000 766...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Below are home sale prices for December 2014 for Winnetka, Wilmette, Kenilworth, Northfield, Glencoe, and Glenview.                 If you would like to receive additional information about these statistics (i.e. original list price, time on market, etc.) please email or call me.  947-977-6024.  Margaret.Goss@BairdWarner.com      
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
UPDATED 2019 What does it really mean when your Winnetka or North Shore home is under contract?  Do you celebrate with a nice bottle of wine?  As a seller, do you start packing in earnest?  Are the showings finally over?  As a buyer, is the house really yours now?I have found in my many years in real estate that this term is often misunderstood.  And misunderstandings lead to problems.This is the progression: For SaleUnder ContractPendingSold In our local area, the term "under contract" is applied to a home that has a signed contract by both sides, but has contingencies that must be cleared.  The most common contingencies are a buyer's inspection, mortgage, and attorney approval of the contract.An inspection should be done on every home, even new construction.  Only if you are tearing d...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
This weekend the Chicago Tribune reported that:   "In the Chicago area, home sales in the million-and-up category were up 8 percent from January through September, with a median price (in that bracket) of $1.35 million, according to Re/Max Northern Illinois." I checked to see how those numbers compared to high-end sales in the North Shore - specifically Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield.  I used the same time period - January through September in both 2013 and 2014.     2013 2014 # Homes Sold 264 298 Median Price $1,376,900 $1,383,750 Average Price $1,652,377 $1,615,904   There was indeed an increase in high-end homes in 2014 over 2013 - almost 13% more sales.  The Tribune reported that the average for Chicago area homes was 8%.   The median price of Chicago area h...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
I know that buyers and sellers love scrolling through Zillow, Trulia, and other real estate sites to look at properties.  Personally, if I am looking for properties in an area that I'm unfamiliar with, I prefer to find a local realtor or brokerage and peruse their site. Why?  Because I know that Zillow, while fun and seemingly comprehensive, is often incorrect.  They show foreclosures that are not, in fact, anywhere near to being listed.  They show homes for sale that sold months ago. Example - a client called me today and asked about a "For Sale by Owner" condo in a Winnetka complex that she is interested in.  She sent me the link and I was astonished to see how much of the information was wrong.  And the listed phone number was disconnected. It was listed as a three-bedroom For Sale b...
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By Art Wilson, Realtor - Chicago's North Shore
(Coldwell Banker Residential Brokerage)
By Art Wilson, Realtor   Winnetka's November Property sales were 9, down -55.0% from 20 in November of 2013 and -43.8% lower than the 16 sales last month. November 2014 sales were at their lowest level compared to November of 2013 and 2012. November YTD sales of 221 are running -16.6% behind last year's year-to-date sales of 265.  The Median Sales Price in November was $985,000, up 6.2% from $927,500 in November of 2013 and down -10.8% from $1,104,000 last month. The Average Sales Price in November was $1,195,017, up 5.0% from $1,137,776 in November of 2013 and down -7.0% from $1,284,465 last month. November 2014 ASP was at highest level compared to November of 2013 and 2012.  The Total Inventory of Properties available for sale as of November was 124, down -14.5% from 145 last month a...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
UPDATED 2019 Indian Hill Road in Winnetka is a small winding road that is perfect for walkers and runners.  It encircles Indian Hill Country Club and runs for about 2 1/3 miles and winds through the golf course and past homes.I once lived a block away and it was my regular jogging and baby walking route.  Nowadays, I'm a few miles away and love to ride my bike there.Indian Hill Country Club is a private 18-hole club that was established in 1914 and is open to residents who live in the villages that abut it:  Kenilworth, Winnetka, and Wilmette. You do not need to be a member to live on Indian Hill Road.The name Indian Hill comes from the fact that Ridge Road, which runs along the east side of the club, was considered a "high" road when stagecoaches and horses couldn't traverse the "low" ...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
Each week, I showcase several new listings that I think are a good value.   First, is this absolutely adorable, move-in ready home in west Winnetka.  It has four bedrooms, three full baths, and one half-balf plus an attached 2-car garage.  Someone might want to expand the family room, but otherwise it's a very good value at $795,000.  Located near a huge park. (Listed by Jean Wright Real Estate.)             Next is a home closer to downtown.  This house needs some updating, but it has two bedrooms on the first floor, and two more upstairs, plus 2 full baths.  It has an irregular lot and a 1-car attached garage.  Listed for $700,000 but walking distance to downtown Hubbard Woods, the train, and local schools.  (Listed by Jean Wright Real Estate.)           Please call  me (847-977-6024)...
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By Margaret Goss, Chicago's North Shore & Winnetka Real Estate
(Baird & Warner Real Estate)
"Red Invitation" Holiday Sunday Sale -Winnetka is once again having a pre-Christmas sale this coming Sunday, December 7. Merchants will be offering discounts, special deals, personalized service, and refreshments. It's always a very busy day but lots of fun.  All three shopping districts in Winnetka (Hubbard Woods, East Elm, and West Elm) will have participating stores, plus several in Northfield as well. Stores will have separate hours and different discounts - please check the Winnetka Chamber Shopping Chart to find this information. 37 stores are participating - come out and have some fun, then stay for dinner!          
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