winnetka: Seller’s Market...But Are Sellers Able To Maintain The Upper Hand? - 03/17/14 08:38 AM
Seller’s Market...But Are Sellers Able To Maintain The Upper Hand?
 
Let’s face it.  In most price categories in Winnetka, Glencoe, Wilmette and Kenilworth, it seems to be a seller’s market.  What that means is that for well priced listings, the market times are very short and sellers have some power on pricing and other terms in the sale of their properties.
Frequently, we are seeing multiple offers for desirable properties.

 
This has been further compounded by the extremely small inventories of home for sale.  
 
However, there is an interesting phenomena that is taking place all … (4 comments)

winnetka: The New, New Thing? - 04/12/13 09:33 AM
Inventories are at the lowest levels we’ve seen in over a deca
de.
 
 
This is true in Winnetka, Wilmette, Kenilworth and everywhere else on the North Shore.  It’s also true in many parts of Chicago as well as much of America.  
 
At the same time, the level of demand for homes has increased by leaps and bounds.
 
 
 
 
 
 

         (Feeding Frenzy courtesy of rwcox123’s photostream at Flickr.com)
 
 
These are the questions that keep real estate professionals awake at night.  
 
It was not long ago … (6 comments)

winnetka: The Incredible Shrinking Inventory - 12/03/12 11:03 AM
The Incredible Shrinking InventoryThere are many home buyers out there today.  The know what they want...and they’re not finding it.In the North Shore market, there has been a reduction in inventory of single family homes since Labor Day of 2011.  Of course, we have seen the seasonal increases, particularly in the spring market, but the number of properties coming to market has dropped significantly.  Currently in Winnetka and Wilmette, the inventory of homes for sale is at levels that have not been seen in years.  Interestingly, the inventory of condos and townhouses, which the market had been flooded with, is also … (0 comments)

winnetka: Is Now the Time To Sell? - 10/26/12 05:36 AM
Is Now the Time To Sell?As we move into the historically quiet holiday period, many homeowners who are contemplating selling their homes now are holding off until the traditionally stronger spring market.  While the number of potential buyers will in all likelihood be greater in the spring, there are some startling events occurring in the current market on the North Shore that may make you want to re-think your plan. This chart reflects the number of active listings of single family homes (not including properties that are under contract) exactly one year ago compared to today:
Village                        October 25 2011               … (4 comments)

winnetka: I’m Just trying to Make an Appointment - 10/16/12 10:57 AM
I’m Just trying to Make an AppointmentMost of the real estate firms in Winnetka and across the North Shore market utilize a centralized showing service to set up appointments. Up until a few years ago, if I wanted to make an appointment to show a property, all I had to do was either call the listing office or the listing agent for approval and directions.  If the showing required approval from the homeowner, I usually received a prompt response.  If it was taking a while and I wasn’t updated by the person who took the call, it was easy for me … (10 comments)

winnetka: Progress? - 09/13/12 11:03 AM
We’ve lived on the North Shore since the early 80’s.  First in Evanston for five years.  Then on to Winnetka for a long, long time beginning in the mid 80’s.  We lived in several houses in Winnetka.  We bought older homes that needed “loving care” and we renovated, rehabbed and added on, before selling and moving to the next. It was fun, time consuming and financially rewarding. Our children did not like it as much as we did. For the last ten years, we have been on a continuing journey of downsizing.  Our most recent move, five or six years ago … (2 comments)

winnetka: ...And You Thought The Inventory Was Small Now? - 08/17/12 02:58 AM
...And You Thought The Inventory Was Small Now?It seems to be a universal problem.  There is very little fresh inventory in most residential markets. This is particularly true in Winnetka, Wilmette, Evanston and Glencoe. We’ve heard all kinds of reasons why:
Homeowners who have been holding on this long are seeing improvements in the market and are deciding to wait a little longer; Underwater homeowners, are hesitant to commit to short sales and feel that they can’t sell; Those thinking about “moving up” or “downsizing” are reluctant to take a hit on their current homes; and Countless other theories. © Copyright … (2 comments)

winnetka: The Low Hanging Fruit Has Been Picked From The Vine - 04/22/12 03:12 AM
The Low Hanging Fruit Has Been Picked From The Vine
As is the case in much of the country, the Winnetka, Wilmette, Glencoe and Kenilworth markets are experiencing a very small inventory of fresh, well-priced, new listings.  We are seeing competitively priced properties in move-in condition, selling in a matter of a few days, often with multiple offers.  The best barometer of changes in true market value is looking at resales of recently sold homes.  For many of those few homes that sold in the last year or two and are returning to the market this spring, we are commonly seeing … (0 comments)

winnetka: The Worm Has Turned - 04/04/12 11:34 PM
The Worm Has Turned     It’s been a long wait.  There have been many “fits and starts”.  We thought it might have happened several times over the past several years, only to be disappointed.  This time it seems to be the real thing.    Of course, I’m talking about a residential real estate recovery on the North Shore.         All real estate is local.  Therefore, I’m not talking about a national, or even a regional recovery.  I’m specifically speaking of a strong upswing in the Winnetka, Wilmette and Evanston markets.  The Kenilworth, Glencoe and Highland Park markets are showing some new strength … (73 comments)

winnetka: Is Redfin Trying To Become a Listing Agent? - 03/23/12 12:41 AM
Is Redfin Trying To Become a Listing Agent?I read a very interesting news story this morning.  Redfin has introduced a home pricing tool which seems to be created along the same lines as Zillow’s “Zestimate”.  I haven’t found the next logical step...which is how they are going to help homeowners market it on their own, but I sense that is the direction of their business plan.Many real estate professional have found the Zestimate to be one of the most unfortunate innovations of the electronic age.  While Zillow has staunchly defended their accuracy, many in the real estate industry believe that they … (2 comments)

winnetka: "Home Alone" Home Sells at Sizable Discount - 03/08/12 10:13 PM
"Home Alone" Home Sells at Sizable Discount Winnetka is home to many blue ribbon properties.  From incredible lakefront mansions to turn of the century Victorian masterpieces to newly constructed “McMansions”.    However, there is no Winnetka home that is more frequently visited by tourists or photographed in the media than 671 Lincoln....commonly known as the “Home Alone” home.  Yes, this is the house where the 1990 classic staring Macaulay Caulkin, Joe Pesci and Daniel Stern and directed by the late John Hughes was filmed. Although born in Lansing Michigan, Hughes' family moved to Northbrook when he was twelve or thirteen and never … (6 comments)

winnetka: A House of Cards? - 02/16/12 01:23 AM
Yes, the U.S. economic recovery is quite fragile at the moment.  There are still major concerns regarding the debt restructuring in Europe.  The war in Afghanistan continues to rage...as well as drain our economy of much needed resources both in dollars and in human capital. The Iranian nuclear threat is sending shivers throughout the world.  The partisan activities of Congress are an anchor on economic progress. All of these factors are clearly placing a level of uncertainty in the minds of Americans.However, the employment situation is clearly improving.  The stock market, which is often a reflection of confidence in the economy...or … (8 comments)

winnetka: For What It's Worth - 02/07/12 02:11 PM
Something’s happening here...What it is, ain’t exactly clear...For what it’s worth, something is happening in the North Shore real estate market.Since Labor day, there had been an unusually small number of new listings hitting the market on the North Shore, particularly in Winnetka and Wilmette.  Sure, there is always a seasonal slowdown, but it was much more pronounced this year.  Since then, some properties have been sold...some that were “for sale” were rented and some listings expired and did not return to the market.  Others were taken off the market for the holidays.  2012 began with the fewest active properties for … (8 comments)

winnetka: WE Can Lead A Horse To Water.... - 01/10/12 10:44 AM
We Can Lead a Horse To Water.....A few times in the past year or so, we have had North Shore listings that didn’t sell and eventually, the sellers withdrew them from the market.  In each of these situations, we had recommended a lower initial asking price or price reductions and the seller either delayed them until they were way behind the market or didn’t agree to them at all.  Most of the time, the sellers asked us what we could do to bring THE buyer to the property.  We discussed all of our marketing efforts. 
                                                             (photo courtesy of aboutmattlaw  via … (2 comments)

winnetka: What is wrong with this picture? - 12/08/11 02:06 AM
What is wrong with this picture?
If you haven’t noticed, we are great admirers of market  statistics. The following chart gives some very interesting information about the supply/demand curve in the Winnetka real estate market:
(any errors in statistics are purely unintentional)Let’s start with the top end of the market...Year to date, 5% of the properties sold in Winnetka were at prices of $3 million and above.  Currently, 21% of the active properties are priced at $3 million or above.A total of 14% of the sales were for transactions of $2 million and above.  Currently, 37% of the active listings are … (2 comments)

winnetka: Some Interesting Market Statistics for Winnetka - 12/06/11 07:45 AM
Some Interesting Market Statistics for Winnetka     The fall and early winter is generally a slow period in the North Shore real estate market.  Inventories general dip due to the holidays and showings also drop as both buyers and sellers retrench with holiday shopping and decorating.  This year is no exception, but the velocity of the drop in units on the market has increased dramatically. An example is the Winnetka market as shown in the following chart:
This bodes well for the properties that are currently on the market.  As the number of showings has slowed down, it appears that the buyers … (2 comments)

winnetka: Do Home Sale Contingencies Work For Anyone? - 12/01/11 02:09 PM
Do Home Sale Contingencies Work For Anyone?
While “Home Sale Contingencies” (HSC) were never a common practice in the North Shore market, we began to see a growing number of them during the first years that the market began to fall.  Typically, they would be in effect for 90 to 120 days after contract signing.
There would generally be a “kick out” clause that would allow a seller, who received another offer, to force the HSC buyer to either drop the contingency or walk.  This is the long and the short of it....but who benefits from it?         Let’s look at the … (0 comments)

winnetka: We’d Like to “Add Value” in Certain Areas...But We Can’t - 11/30/11 03:24 AM
We’d Like to “Add Value” in Certain Areas...But We Can’t
The way that we try to differentiate ourselves from other agents to our buying clients is to provide “added value” to their total transaction process. We do this is many ways including but not limited to:
 
Our knowledge of the current inventory in the Winnetka, Wilmette, Northfield, Glencoe,  Kenilworth and other North Shore markets; The history of transaction in these areas; Our ability to assist you in negotiating the best possible price and other terms for your purchase;  Our ability to “flush out” properties that are not currently on the … (6 comments)

winnetka: We Can Help - 11/15/11 02:26 AM
We Can Help
We pride ourselves on listening to our buying clients on the North Shore.  We try to incorporate everything you tell us about what type of home you are looking for.  We listen to your priorities in regard to location (Winnetka vs. Glencoe vs. Northfield), or neighborhoods (Hubbard Woods vs. Kenilworth Gardens vs. East Winnetka) or school districts.Of course we need to know your general parameters including:   
old vs.new, homes needing some work vs.homes in “move-in” condition,   particular house styles,  minimum number of beds and baths, level of finishes, finished basement etc.  
(photo courtesy of Chief … (2 comments)

winnetka: The “Consumer is the Beneficiary of the Real Estate Revolution” - 11/13/11 03:21 AM
The “Consumer is the Beneficiary of the Real Estate Revolution”
 
(photo courtesy of heyjudegallery)

The internet has proven to be the ultimate destroyer of inefficiencies in EVERYTHING.  Through blogging, it has allowed the “little guy” to have an audience that rivals international news gathering organizations. Through worldwide penetration, it has allowed for the dissemination of information worldwide.  What has been called “The Arab Spring” could not have happened without it. Through the ability to offer goods and services to the entire world, it has allowed for consumers to effortlessly comparison shop for products from sellers in Oshkosh, Guangzhou or … (4 comments)

 
Howard and Susan Meyers (The Hudson Company Winnetka and North Shore)

Howard and Susan Meyers

Winnetka, IL

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The Hudson Company Winnetka and North Shore

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