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
2
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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