Last November I wrote a post about Steve Stewarts famous (infamous?) button that say's "buy from me.. or get out of my car!", I was lamenting the loss of my button years before...

then... my good friend Linda Davis found an extra one lying around the office.. and sent it to me!

So with five sets of transferee's under my belt and several local buyer's.... I would have to say that the vote is in... the overall reaction is one of...

BEMUSEMENT

That's right... the buyer's "get it"

the reactions have been:

"Hey Honey, look at this!"

"Hey Honey did you see this?"

a chuckle... and a long drawn out "NIIIICE!" and then a "sweetie.. look!" as he taps on the visor

and my favorite..

"Can we wait until we we get the job offer?"

Quite a year for the Condo/Townhome market in Naperville. The average sale price took quite a leap (about 14%) while the total number of transactions declined about 16% to 869 units sold (compared to the previous years 1034 units)

A large contributing factor to the average price is the advent of the million dollar condo in Naperville which prior to 2006... did not exist.

Another factor that affects these numbers is the recent spate of condominium conversions... these units siphon sales from the general market and are not generally reflected in the Multiple Listing Service.

This chart illustrate the average price by month for attached homes in Naperville, by month for a two year span.. illustrating the upward pricing trend

The following chart tells a story for the immediate future of Naperville real estate in 2007. This chart illustrates the Months Supply of Inventory (MSI) meaning, how many months would it take to sell the current inventory of Naperville condos & townhomes based on recent sales data... The National Association of Realtors (NAR) concludes that the market is trending towards a buyer's market when inventory supply reaches the 6 month threshold... clearly in the winter market we have surpassed those numbers. It's important to remember that these numbers provide an overall feel for the market... there are many factors that play into the market conditions.

Last years total combined Naperville Real Estate compilation 2004/2005

Previous Years total combined Naperville Real Estate Compilation 2003/2004

 2006 was an interesting year for residential real estate in Naperville as overall sales declined from 2005 by about 21.5% Single family detached Naperville home sales fell from 2232 total units in 2005 to 1705 total units in 2006 a decline of 23.6%

Of course the total transaction decline created an uncomfortable feeling for the many new real estate agents (over 350 agents were added over the course of one year... an increase of about 20%!)

The good news for area seller's is that while average market times increased... so did prices. The average sale price for single family detached homes in Naperville increased to $504,674 and increase of about 8.5%

An interesting phenomena in 2006 was that while transaction volume was down... in the million dollar + market... transactions were up significantly... according the Multiple Listing Service of Illinois (MLSNI) sales of custom and luxury homes in Naperville increased by a whopping 50%  (which might help to explain away some of that 8.5% gain in average sale price)

This chart illustrate the average price by month for single family homes in Naperville, by month for a two year span.. illustrating the upward trend

The following chart tells a story for the immediate future of Naperville real estate in 2007. This chart illustrates the Months Supply of Inventory (MSI) meaning, how many months would it take to sell the current inventory of homes based on recent sales data... The National Association of Realtors (NAR) concludes that the market is trending towards a buyer's market when inventory supply reaches the 6 month threshold... clearly in the fall and winter market we have surpassed those numbers. It's important to remember that these numbers provide an overall feel for the market... there are many factors that play into the market conditions.

Last years total combined Naperville Real Estate compilation 2004/2005

Previous Years total combined Naperville Real Estate Compilation 2003/2004

 No, I'm Not Dying... 

How do you measure your financial sucess?

Reading through the struggles that some new people are having reminds me of the way that I always used to think about my finances.

"If everything that is scheduled to close, closes... I'll have money to live for the next three months..."

"....if I don't get a closing soon, I'll run out of credit card room in two months"

My buddy Steve and I used to call it.."I've got _ months to live" and it's how we told each other how we were doing. In our brutally honest way we pushed each other to develop a better "cushion" at the same time sharing our difficulties. There was a time or two when it got down to 0 months... and then the miracle quick closing came through... That's the thing about wearing blinders and being committed... you kind of count on stuff like that to happen... because you've really got no choice. 

I'm not even talking about being new... because even in my "mid-career" years when I was selling 35-40 houses a year (average of $100,000 -$120,000 at the time) there were struggles.. some months without income... some long winters... My wife Lisa bought into the concept, I would be whining (I know, hard to believe!) and she would say "no big deal, we've got 4 months!"

I don't have to do that anymore, we measure difficulties in different ways now. But we don't forget... and that makes us appreciate what we've got.

moo

History at it's heart - The Naper Settlement

Right in central Naperville is a piece of land preserved as it might have been in the 1800's. A cultural museum called the Naper Settlement

Located on Aurora Avenue, just steps from Naperville's thriving downtown and renowned riverwalk... the Naper Settlement preserves a long and rich history to the benefit of the community. A 13 acre 19th century village complete with costumed villagers.

Enter the Settlement at the Pre-Emption house, a hotel and tavern where Grover Cleveland and Abraham Lincoln would stop for a pint or two. Abraham Lincoln once gave a speech from the Pre-emption house roof. This building is a recreation of the original which was located just a couple of blocks away.

The expansive grounds are home to many historical buildings... one of the most notable being the Martin Mitchell Mansion  a beautifully restored mansion and carriage home from 1883. A three year renovation at a cost of 2.8 million dollars has returned this magnificient building to it's former grandeur. The Martin Mitchell Mansion is listed in the National Register of Historic Places.

In addition to it's many magnificient structures, the settlement is home to many of the more modest dwellings of Naperville's early settlers, including a log house, blacksmith shop, chapel (available for weddings) and  firehouse.

Not only does the Naper Settlement offer a delightful return to yesteryear but it reaches out as a vital member of the community, hosting numerous events for the town (Civil War Days etc) and hosting many outings for the local schools. Truly one of Naperville's hidden gems and a beacon of community spirit!

Visit my site for more information about Naperville or Naperville Real Estate call me at 630-717-7386

We're curious. We've always been that way.

We like to check out neighborhoods and see what folks are up to. There is always some street we haven't been down recently and we are going to take it. It's a natural curiosity that pays dividends when you are in this business.

I frequently get stopped by folks with questions like... "What's with the new place on Spring Street... is that a restaurant or apartment building?" (it's a house) or "What's the deal with that new house with the pillars by the library?" or "They put up a construction fence in Hobson West... are they tearing that house down?" And while I may not always know the answers, I almost always know what they are talking about. One real estate conversation leads to another....

My wife Lisa frequently participates in the 60 mile Susan G. Komen Breast Cancer walks ... I "get" to do practice walks with her of 12-15 miles. We can cover a lot of ground and like to make it an exploration walk... visiting places we usually only go by car.

But, it's not just our town that we like to explore... we look at houses and neighborhoods everywhere we go... whether it's Maine, Minnesota, Alaska or Italy. 

So coming home from dinner at Hugo's Frog Bar in Downtown Naperville (2 miles) could take just a little extra time (7 miles) Our friends discover so much about their town when they are in the car with us. I love to talk about Naperville and show it off (even to other residents) My boy's are usually pretty good about it... but occasionally there is a revolt, a foot stomps and someone says "Not more houses! Can't we just go home?" of course my response: "Don't worry, it's on the way!"

Moo

Our first home purchase - "The Life of the Unrepresented Buyer"

1985 We looked at a couple of condos alongside the El tracks in Chicago... nice places, great complexes close to everything... we were assured that we would "get used to the train" the screeching, the rumbling, the shaking... At $48,000 it seemed like a bargain and fit in our price range, but at the last minute we decided NO. The agent was disappointed, but she didn't have to show us much. She was really disappointed when we didn't buy the next house from her either, but we didn't understand how things worked, after all she had only shown us her own company listings up until then.

Happily living in a two bedroom apartment in Chicago's Logan Square neighborhood until a new psycho landlord that called himself "The Colonel" moved in upstairs.... a guy that really enjoyed acting the part. There was really something wrong with him and we needed to move.... 

So, being the typical couple we took the newborn for drives (at least he would stop crying that way) and visited open houses for fun. We stopped in some FSBO's and it always seemed a bit awkward... they always wanted to sit down and talk to you... mostly, we just wanted to get out of the house.

We stumbled across an open house on a brick bungalow on Chicago's northwest side in the Cragin neighborhood. It was a very dated all brick bungalow from 1928. Another family was there talking about how awful it was... Lisa and I walked around and were nudging each other.. thinking "this might work for us" at $62,500 it seemed a bit pricey, but...

So we met the agent sitting at the kitchen table he didn't get up and looked old and tired (I was 24, he might have been 38 for all I know) He volunteered that the seller would take $57,000. Lisa and I took his card and told him we would call later.

The next day we called the agent and told him we would like to put in an offer... he seemed a bit confused and asked what this was about... so we explained how we had met him the day before. He offered that he is an alcoholic and has been on a drinking binge and doesn't remember any of the previous few days.

OK, we still want to make an offer and mention that we would like to start at $55,000... he flies off the handle. I tell him that he's the one who told me that the owner would take $57,000... he hesitates and says that he shouldn't have said that and we better come into the office ('the lucky penny company") Lisa and I get there, he introduces us to his Broker... and then leaves. The Broker then proceeds to tell us that we can't offer that much, he won't present it, she's a little old lady and the house is all she has. We explain that his agent told us she would take $57,000, the broker says he shouldn't have done that and that the agent has  problems" (duh!) I explain that I'm not going to pay any more than that. The broker gets rude and yells at us, we stand up to leave and all of a sudden he wants to talk finances... somehow we get hooked up with Sears Mortgage, he presents the offer... which she accepts.

We luck out and get a 12.5% mortgage with 3 points, so we are feeling pretty good about things. Our finance contingency is due in mid July, we have plenty of time...YET...things drag on... Sears Mortgage keeps asking us for more things, our date has come and passed and now it's time to close... amazingly the day after our rate lock expires, we are suddenly approved for a 14% mortgage with 4 points. Isn't that something?

Despite everything, we loved that house... I (who had always lived in apartments) gutted the only bathroom (that almost led to divorce court!) and installed a dishwasher in the kitchen (no leaks!) we re-carpeted and we had a detached garage built!

In 1988 we sold it for $87,000 with multiple offers... we ended up with problems on the closing and terrorized our agent - (I'm really sorry Rich!) but that is another story. 

Then... being unrepresented buyers Lisa and I purchased a home to be built... we put in a lot of upgrades and then paid a premium for a large cul de sac lot (It backed to a highway)

Once I became a Real Estate Agent in early 1989, I found it embarrassing that I had paid a premium to purchase that location. The worst part was that despite extensive, expensive landscaping... it cost me a larger premium to sell it (in the form of a reduced price)

Fortunately, I am now able to avoid these pitfalls... young Angus could have used my (the older versions)help... 

Moo

Holy Cow! What a week! Bookended with holidays, family (and just a little business...) it was tough keeping up, there were so many wonderful posts and so many great ideas it was fun to look over the notes, bookmarks and saved files for my first week in review. Being that it's the first time that I've done this... I "appropriated" many categories and ideas from Jeff Belongers W-I-R posts last month. Thanks Jeff!

CHRISTMAS SPECIALS:

With a wry grin (or grimace)some of us start the holiday just like any other day...on Christmas day Reneee Burrows takes an Interactive Meeting

and Scott Daniels takes a call in
New Generation of Realtors Part 19:It`s Christmas we don't give Showing Instructions today!

BEST STORIES:

Neal Pender learns from experience in:
Lessons Learned the Hard Way: 3. Love ‘em or they'll leave you

Something stinks in Randy Prothero's Is There a Skunk in Your Office?

Kristal Kraft mixes it up in Lessons we learn from the roadside of life

POSITIVE & FREE THINKING IDEAS:

Carole Cohen wants to help young people get started in:
Being Part of the Solution: Helping Young People Learn Good Finance Practices

Jeff Turner keeps his word in "I Promise" :: Those Are Some Strong Words

ABOUT A REGION & LOCAL CONTENT:

Loads of compelling information in:REAL ESTATE IN FAIRFAX COUNTY, VIRGINIA - A GUIDE FOR CONSUMERS by Lenn Harley

and Mitchell Hall brags on: Manhattan Neighborhood Market Report: CHELSEA: A Consumer Buyers Guide

Renee Burrows is positive in Vegas Las Vegas Valley, Nevada: Real Estate Has Never Been a Better Value!

MARKETING & MARKET STRATEGIES:

in See MapQuest for Directions Leanne Paynter is looking for some guidance

Christoper Walker suggests when taking over an expired that we check the: Protection after listing expiration. The Realtor safety clause.

Roberta Murphy is looking for sales from new sources: US Real Estate a Bargain for International Buyers?

Home stager Val Alloco asks for opinions about direct mail: MAILERS: MARKETING MARVELS or MARKETING MISTAKES?

Chris Griffith wonders what they were thinking in Do Your Listings Speak For Themselves & What Are They Saying?

Broker Bryant welcomes the consumer to Active Rain Hello, John Q. Consumer. Welcome to our world.

PROBLEM SOLVING:

Don't Let High Radon Level Kill Your Deal  by Jennifer Fivelsdal

Jonathon Dalton expounds on handling inspection issues: Seeing the Forest for the Trees

in Overcoming Challenging Listing Scenarios Lola Audu gives some back..

Ken Cook makes me wish he were in my market: How To Get Referrals From A Busy Mortgage Broker

Suzanne Marriott also weighs in on Home Inspections Buyer Inspection DOES NOT EQUAL Negotiations Round 2

Steve Dalton is Creating Urgency in a Buyer's Market

NEW GROUPS & FUN BLOGS: 

Maureen Francis tips the scales with Help! My New Listing Has a Fish n' Flush!

while Robert Ashby rounds up  More Tales From the Criminally Stupid...

Chris Griffith gets stuffed (or not!) in Oh no, this is NOT happening!

John Occhi looks back at some Inman Predictions for 2006 Wonder What they Said Would Happen in 2006?

ADVICE FOR NEWBIES: 

Janice Lipka offers up: CHALLENGES OF A NEW AGENT

Mark Flanders gets webby... I Have A New Website - What Do I Do Now?

Advice for new licensees-part four in a series just for the newbie is a guide from Shari George

TECHNOLOGY & BLOGGING TIPS:

The Real Estate Tomato recognizes the value of comments in blogging and proffers:
Adding Your Two Cents - Stay On Top Of Your Comments

Ken Smith focuses the lens on Squidoo talk yet again...

CONSUMER CONTENT:

Jeff Belonger offers the advice  Buying your first home can be intense.......

and in 10 Things You Need to Know About Commercial Real Estate ... Sheryl A. Smith outlines how the business side of things work. 

Monika McGillicuddy lays it out: Sellers...do you know where buyers come from?  

FORECLOSURE - SHORT SALE TALK

Broker Bryant brings it on with Three blind mice, three blind mice.........blah, blah, blah.

and Lenn Harley lays it all out in BANKRUPTCY AND FORECLOSURES ARE NOT NEW

TOPICS OF DISCUSSION:

Marc Blasi wonders if size really does matter in: Does Company Size = Company Quality?

Rick & Ines keep it real... on an even keel in : Emotions FOR SALE - price negotiable  

Will Collins informed us about a disturbing development in New Jersey:
Court Ethics Panel Renders Seller Concessions Unethical

Jeff Corbett stirs up some controversy with this post: Disclosing Your Competitions Weakness?

Karen Hurst - asks who shoulders it in The Blame Game................................

Renee Burrows ponders a valid question: Do Median and Average Sales Prices Mean Much in Your Market These Days?

Prodigious blogger Ardell joins the fray wondering Why won't the MLS let me?

Marcus Burke wades in with: NAR = Not Absolutely Rational?

Jeff Belonger wants to know... Marketing YOURSELF or your COMPANY...... Part 1 of 2

ACTIVE RAIN UPDATES:

Active Rains new consumer portal Localism needs good content Upload regional photos to Localism.com and earn points!

Active Rain: The kinks are getting worked out quickly and there is already an update: Localism.com photo uploads - update

Rich Jacobson wants to know What's Your Strategy for ActiveRain/Localism: "Umbrella or Bucket?"

CONTESTS:

Maureen Francis let's us know about an exciting new turn of events in the:

Carnival of ActiveRain: Memorable Posts of 2006

Caleb Mardini posts later not to forget Remember That? It's Carnival Time Again?

2007 is Predictable:

Teresa Boardman wonders: What will 2007 look like?  

And of course being the time of year that it is... honors for the final official post of 2006 go to :

Happy New Year  by Caryll Miller - Good job and congratulations!

Moo