Shore Times Fall 2020 Issue

fall 2020

issue six

the

shore times

the impact of covid-19 on real estate

212 E. Ohio Street, Suite 200 Chicago, IL 60611

Postal Customer

page 2

staging a home that sells page 6

uber-luxury making a comeback page 7

If your property is currently listed with another broker, this mailer is not a solicitation for business.

north shore market update At @properties, we know what drives success in the luxury marketplace. And the proof is in the numbers. If you’re thinking about making a move, reach out to an @properties agent to learn how our sophisticated marketing programs and leading market share give buyers and sellers an edge.

July 2020 vs. July 2019*

19.1%

70.8%

+

+

home sales

homes under contract

2.7

117

months’ supply of inventory

average days on market

luxury opportunities

700 CRAB TREE FARM LANE, LAKE BLUFF | $14,900,000 | Andra O’Neill, 847.650.9093

the impact of covid-19 on real estate

Q: How has COVID-19 impacted the North Shore real estate market?

Q: Other than the late surge in sales activity, what other changes have you seen in the market?

A: Don Shea, @properties VP of Brokerage Services, Wilmette & Evanston The North Shore market got off to a strong start in early 2020. Then COVID-19 set in, causing many buyers and sellers to take a step back. But shelter in place shined a light on housing needs for a lot of buyers, and, as a result, when things lifted, we saw a big surge in activity in May, June, and July. And we have experienced one of the most active summer seasons in a long time. There have been more homes under contract in New Trier Township, for example, than there had been in any month since 2016.

Perhaps the most telling metric is that the number of homes under contract in June and July is higher than it has been in five years, suggesting the strength of this market will continue into fall.

A: Keri Cook Falls, @properties VP of Brokerage Services, Lake Forest One of the biggest trends that has emerged is the renewed desire for larger homes. People are obviously focused on space for work-from-home, e-learning, home fitness, and being outdoors. That has generated a lot of interest in communities like Lake Forest and Highland Park, where we have large, beautiful housing stock on bigger lots. Home prices in these areas have also become a relative value compared with towns like Winnetka and Glencoe.

And the commute to the city also doesn’t seem as daunting given that many people are spending less time in the office, so buyers are more willing to move a little farther for the green space and the larger home.

723 8TH STREET, WILMETTE | $3,395,000 | Mary Baubonis, 847.477.4209 | 723-8thStreet.info

Q: Are buyers still expecting homes to be turnkey, i.e. perfect condition, or has that changed because inventory is tight?

A: Amy Corr, @properties VP of Brokerage Services, Winnetka & Glencoe Properties that are updated continue to sell much more quickly and for prices that are close to or even above asking. For sellers, putting a home on the market in turnkey condition is important, because buyers are busy – they’re working from home, kids are starting school, etc. – so it’s hard to take on a project right now. Fortunately, @properties has partnerships with local companies like ReFresh which specialize in pre-sale home renovations and take the hassle out of the entire process.

Q: What is your best advice for North Shore home buyers and sellers right now?

A: Jorge Abreu, @properties VP of Brokerage Services, Highland Park & Glencoe While we’re really encouraged by the market rebound and we have a strong outlook on the rest of the year, both sellers and buyers need to know this is not your typical market, and it’s crucial to be prepared. For sellers, this is as good of a selling opportunity in some communities as we’ve seen in a long time. But they still need to do the right things and not take shortcuts.

If your home is the nicest one in its price range and it’s priced appropriately based on the market, you are likely to find yourself in a position to make some quick decisions and potentially even have multiple offers. For buyers, be prepared to make a quick decision as well. Have your financing in place, have a game plan and – in this environment with very tight inventory – be ready to make a strong offer if you find a home that has everything you’re looking for.

310 RALEIGH ROAD, KENILWORTH $3,775,000 | 310Raleigh.info info@heritageluxury.com | 847.962.1200

HERITAGELUXURY.COM *Source: BrokerMetrics LLC, North Shore (Evanston, Wilmette, Winnetka, Kenilworth, Glencoe, Highland Park, Lake Forest, Lake Bluff, Northfield, Northbrook, Glenview, Deerfield), July 2020 vs. July 2019.

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there’s no place like

home

opportunities

159 E WALTON PLACE, UNIT 31A, CHICAGO · $10,900,000 Ken Jungwirth · 773.398.5585 · Palmolive31A.info

2500 TELEGRAPH ROAD, BANNOCKBURN · $7,500,000 Jacqueline Lotzof · 847.917.8220 · 2500Telegraph.info

315 CUMNOR ROAD, KENILWORTH · $3,899,000 Team Mangel · 847.881.6134 · 315Cumnor.info

2878 SHERIDAN PLACE, EVANSTON · $2,540,000 Debbie Magnusen & Jill Blabolil · 847.226.7138 · 2878SheridanPlace.info

5 ROLLING RIDGE ROAD, NORTHFIELD · $2,500,000 Carrie McCormick · 312.961.4612 · 5RollingRidge.info

565 ARBOR VITAE ROAD, WINNETKA · $2,495,000 Karin Zawaski · 847.867.0591

atproperties.com · 3

740 ARDSLEY ROAD, WINNETKA · $2,200,000 Lyn Flannery · 847.338.2753 · 740Ardsley.info

511 CAMBRIDGE ROAD, LAKE BLUFF · $2,100,000 Megan Jordan · 847.533.2852 · 511Cambridge.info

732 BRONSON LANE, HIGHLAND PARK · $1,925,000 Louise Eichelberger · 847.612.3347 · 732BronsonLane.info

1016 SENECA ROAD, WILMETTE · $1,895,000 Carrie Tarzon · 847.345.9909 · 1016SenecaRoad.info

2576 SHERIDAN ROAD, HIGHLAND PARK · $1,599,000 Dina Silver · 312.636.5668 · 2576SheridanRoad.info

1159 CHURCHILL LANE, CROWN POINT, IN · $1,499,000 Linda Wiechnik-Goble · 219.973.8040 · 1159Churchill.info

480 W WESTLEIGH ROAD, LAKE FOREST · $1,495,000 Jeannie Emmert · 847.987.7600 · 480Westleigh.info

1056 MEADOW ROAD, GLENCOE · $1,469,000 Susan Maman · 847.878.5235 · 1056Meadow.info

900 SENECA ROAD, WILMETTE · $1,449,000 Carrie Tarzon · 847.345.9909 · 900Seneca.info

1025 ASHLAND AVENUE, WILMETTE · $1,425,000 Mary Baubonis · 847.477.4209 · 1025Ashland.info

1725 TALLGRASS LANE, LAKE FOREST · $1,399,878 Stephanie Wesson · 773.306.8700 · 1725Tallgrass.info

1201 S PRAIRIE AVENUE, UNIT 2001, CHICAGO · $1,395,000 Mariam Moeinzadeh · 312.448.8212 · 1201SPrairieAvenue2001.info

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opportunities

59 LOGAN LOOP, HIGHLAND PARK · $1,350,000 Alison Wertheimer · 312.720.9354 · 59LoganLoop.info

2860 HILLCREST LANE, NORTHBROOK · $1,189,000 Michael Mitchell · 847.910.0146 · 2860Hillcrest.info

624 GROVE STREET, GLENCOE · $1,099,000 Michael Mitchell · 847.910.0146 · 624Grove.info

27455 N MEADOWOODS LANE, LIBERTYVILLE · $1,095,000 Julie Morse · 847.830.4356 · 27455Meadowoods.info

1657 HICKORY STREET, HIGHLAND PARK Stephanie Wesson · 773.306.8700 · 1657Hickory10.info

354 WHISTLER ROAD, HIGHLAND PARK · $859,000 Alison Wertheimer · 312.720.9354 · 354Whistler.info

1165 TAYLOR AVENUE, HIGHLAND PARK · $760,000 Susan Brown Burklin · 847.910.8905 · 1165Taylor.info

350 EDGEFIELD LANE, LAKE FOREST · $750,000 Joanna Koperski · 847.668.0096 · 350EdgefieldLn.info

96 NILES AVENUE, LAKE FOREST · $620,000 Chris Puszynski & Julie Frentzas · 847.812.7265 · 96Niles.info

148 MAYFLOWER LANE, FONTANA-ON-GENEVA-LAKE, WI · $604,000 Julie Morse · 847.830.4356 · 148Mayflower.info

910 N ROESKE TRAIL, MICHIGAN CITY, IN · $549,900 Jordan Gallas · 219.861.3659 · 910RoeskeTrail.info

357 WOODLAWN AVENUE, GLENCOE · $599,000 Susan Ringel Segal · 847.542.5747 · 357Woodlawn.info

atproperties.com · 5

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staging a home that sells

Set the focal point Creating a focal point can make a room look more cohesive and can help buyers better envision themselves and their belongings in the space. Once you identify the focal point, style the furniture and décor around it. As a reference, the living room’s focal point

Staging not only helps buyers visualize a property as their future home, but also makes a home stand

can be the fireplace, window or TV; the bedroom is often the headboard and the bathroom is the vanity area.

out from the crowd. If you are thinking about putting your home

Select a color theme

on the market, follow this list of staging preparations to highlight

A fresh coat of paint throughout the home can go a long way,

a home that sells.

and it’s one of the most cost-effective things you can do. Select a

Create space Many buyers move to gain more space, so your home should appear as spacious as possible. Eliminate excess or oversized furniture so potential buyers have a better idea of the room size and can easily navigate the space. If you question if a piece is too large, remove it.

Closet contents should also be reduced. A jam-packed closet appears significantly smaller than it really is, so be sure to keep it neat and organized.

neutral paint palette that seamlessly transitions throughout the house and appeals to the widest audience of potential buyers.

This color flow makes the house feel more open and offers buyers a blank canvas.

Let in the light Allow as much natural light to come in as possible. Open draperies and shades, remove unnecessary blinds, and move any items that may obstruct windows or other light sources. You also may want to add some extra lamps to brighten rooms with fewer windows and emphasize your home’s best features.

Lastly, remove clutter from all surfaces. Create four categories —

Don’t forget the exterior

throw out, donate, move to storage, and keep. This will make

A home’s exterior is its first impression, so be sure to make it

the home free of visual clutter and also make your eventual

count. Make sure the landscaping is manicured, the front door is

move easier. If you have an abundance of furniture and décor

in good condition, and the exterior lighting is functional, and add

pieces you don’t want to part with, rent a storage unit that you

seasonal arrangements to the front porch or steps. Power washing

can utilize while your home is on the market.

the siding and deck can also make an impact.

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insights uber-luxury

2

205 Sheridan Rd., Winnetka Sold Price: $8,200,000

making a comeback

Bedrooms/Bathrooms: 5 br / 4.1 ba Square Feet: N/A

It may be hard to believe, but the uber-luxury market is bouncing back in 2020 after a down year in

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Sold Price: $7,500,000

2019. So far this year there have been a number of multi-

Bedrooms/Bathrooms: 5 br / 6.3 ba

million-dollar sales in both the city and the suburbs, with

Square Feet: 8,201

several over the $5 million mark.

Listed by Linda Rosenbloom & Carol Gooze of @properties

@properties co-founders Mike Golden and Thad Wong attribute the increase in upper-bracket sales to a renewed focus on home and the desire for more space. Today’s

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Bedrooms/Bathrooms: 4 br / 6.1 ba

in large homes throughout Chicagoland. Meanwhile,

Square Feet: N/A

if you look at the properties that are selling at the top of

Sold by Mary Grant of @properties

the market, Golden and Wong note that many of them looking for space, affluent buyers are finding value in

5

405 N. Mayflower Rd., Lake Forest Sold Price: $5,000,000

the high-end market and seizing the opportunity.

Bedrooms/Bathrooms: 10 br / 11.4 ba

Here’s a rundown of the top 5 residential sales in the

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Square Feet: 24,500

suburbs and the city year to date.

Suburbs 1

887 Private Rd., Winnetka Sold Price: $5,500,000

buyers are looking for a retreat, and they are finding it

are trading well below replacement cost. So beyond

143 Sheridan Rd., Kenilworth

City

68 Locust Rd., Winnetka Sold Price: $8,750,000 Bedrooms/Bathrooms: 6 br / 6.4 ba Square Feet: 16,791 Listed and sold by Jena Radnay of @properties

1

800 N. Michigan Ave. #5101, Gold Coast

3

9 W. Walton St. #1901, Gold Coast

4

1241 N. State Pkwy., Gold Coast

Sold Price: $7,200,000

Sold Price: $5,900,000

Bedrooms/Bathrooms: 4 br / 4.1 ba

Bedrooms/Bathrooms: 6 br / 6.2 ba

Square Feet: 5,230

Square Feet: 7,430

451 E. Grand Ave. #6311, Streeterville

5

1822 N. Howe St., Lincoln Park

Sold Price: $8,400,000

Sold Price: $6,250,000

Sold Price: $5,850,000

Bedrooms/Bathrooms: 5 br / 4.1 ba

Bedrooms/Bathrooms: 3 br / 3.1 ba

Bedrooms/Bathrooms: 5 br / 4.1 ba

Square Feet: 6,240

Square Feet: 4,798

Square Feet: N/A

Listed by Alexa Hara & Guido Piunti of @properties

Sold by Suzanne Gignilliat of @properties

Source: MRED, LLC

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