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Photographer Phillip Ross is enjoying life as a semi-retiree P18
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NO. 460 | A JWC MEDIA PUBLICATION
RETURN TO NORMAL? LOCAL REAL ESTATE PROFESSIONALS SAY THAT AFTER A HOTTER THAN HOT MARKET DURING THE COVID-19 HEALTH CRISIS, THE NORTH SHORE MARKET APPEARS TO BE RETURNING TO USUAL SEASONAL TRENDS.
A truly inspiring and unexpected experience, exploring the power of music through the hands and heart of Leonard Bernstein
MUSIC BOX For more information, visit Ravinia.org/Page/RaviniaMusicBox
This spectacular home at 55 E. Onwentsia Road in Lake Forest, listed by Donna Mancuso of Coldwell Banker HomeServices, closed in early June for $5,350,000. The newer construction home sits on three pristine acres in highly sought-after East Lake Forest. BY MITCH HURST THE NORTH SHORE WEEKEND
As North Shore residents begin to return to pre-pandemic routines—going out to restaurants, attending concerts at Ravinia, hosting summer gatherings with friends and family— local real estate experts say the unprecedented hot market for homes on the North Shore is beginning a return to traditional cycles. For both buyers and sellers, this could be a good thing. “Last year was one of the busiest years
we've had on the North Shore in 20 years. It was unprecedented,” says Thomas Downing, Vice President of Brokerage Services and Designated Managing Broker for @properties in Winnetka. More recently, low inventory has frustrated buyers, Downing says, and sellers are having to deal with multiple offers on their houses, which isn’t always easy. “The good news is we have had a slowdown in the last three or four weeks where we're seeing more inventory coming on the market,” Downing explains. “Sellers have been as exasperated as buyers by the fact they couldn't
find anywhere to move to, either.” The key to a healthy, long-term, real estate market is balance, and Downing says he’s starting to see that happen. “I actually think a little bit of a more balanced market is healthier because everybody wins,” says Downing. “The national news was talking about it being a seller’s market, but all real estate is local. The absorption rates, which is the amount of inventory it’s going to take to see a balanced market, is six to seven months of inventory, and right now we’re about at Continued on PG 10