Noah Levy: November 2009

As a REALTOR  in Highland Park Illinois the number one question that I am always asked is..... "How is the Market?"  Obviously, my clients ask me this question but I am also asked this question by friends, family and/or acquaintances. I am asked this question at the grocery store, while I am walking my dog, at school functions, as a spectator at a sporting event, cocktail party- anywhere and everywhere.

So to answer "How is the real estate market  in Highland Park Illinois" - I have gathered information from the Coldwell Banker Market update and the MLS to provide information which I think a consumer would find of interest:

1. Home prices in Highland Park Illinois are currently similar to what the prices were in 2003.

2. Highest list price for a single family home in Highland Park Illinois is shy of $9,000,000 while the lowest list price is $140,000.

3. The average list price for a single family home in Highland Park Illinois is $985,000 and the median price is $649,500.

4. The average listing market time in Highland Park Illinois is in excess of 6 months - understand that this is an average and that "pricing a home right for today's market" will result in a quicker sale.

5. Selling price vs. listing price - the average in October of 2009 in Highland Park Illinois was 83.3%.

I think that it is a wonderful time to sell if you are looking for a great opportunity to buy - I have had two clients who recently sold their homes for less than they had paid for them in 2004/2005 but made up for  it up on their buy. If you do not own anything it's a wonderful time to buy too.  With the extended tax credits in place and interest rates under 5% for a conventional loan - there are some amazing opportunities in Highland Park Illinois.

So How is the Market in Highland Park Illinois?  I think it's good! The market in Highland Park Illinois is filled with opportunities!!

Who else loves Bravo TV's show "Million Dollar Listing?"  Sure, Los Angeles is about 2000 miles away from my home turf of Highland Park, Illinois, but it's so interesting to see how market highs and lows play out in such different communities.  Much as I love the drama between the real estate agents, I thank my lucky stars that my own relationships with other brokers here on the North Shore of Chicago are infinitely more professional.  What's most interesting about this show is the interaction between agents and clients.  Those relationships are essentially the same, whether you've got LA Chad with his $600 haircuts or wash-and-go Noah Levy, realtor in Highland Park, Illinois.

"Million Dollar Listing" is in its third season.  The first two seasons showcased high-rolling buyers eager to sign on the dotted line and sellers entertaining multiple offers.  Season three is another story.  In LA, like in Highland Park, Illinois, property values have dropped at an unprecedented rate.  That's great news for buyers and a tough spot for sellers.  I've watched attentively as Chad, Josh and Madison have tried to explain to their prospective sellers that they need to forget what their house was worth two years ago.

On last week's episode, Madison went to list his friend Kimberly's Malibu home she thought it was worth $5.5 million.  I was impressed by the way he broke it to her, explaining, "I do this everyday for a living, and from a friend to a friend, that's not a realistic number in today's market."  When Kimberly balked at his suggested list price in the high 4s, Madison suggested leasing the house.  It was great problem solving for a client carrying two mortgages, and a solution that I have put to work when it made the most sense for my clients facing similar situations in Highland Park, Illinois and elsewhere on the North Shore.

This week there was an equally impressive conversation between Josh and his client, Dr. Sam, who was looking to upgrade.  (Turns out that Dr. Sam is Josh's dentist and he does Tyra Banks' teeth too, thanks Google!)  Dr. Sam bristled when Josh told him that his house was worth much less than he thought.  Josh was honest in saying that he couldn't predict if they would get traffic at a lower price, but he knew that the higher price would be a non-starter.  Dr. Sam recognized that he was poised to get a great deal on the buy and deferred to Josh, listing at his recommended price point.  Later in the episode, Dr. Sam was baffled by Josh's decision to "creatively market" his home with swans in the swimming pool.  I'm with Dr. Sam, I don't think that swans would "fly" here in Highland Park, Illinois either!

This is a tricky market, but many people are in an excellent position to come out ahead.  Just this afternoon, CNN's Ali Velshi said that it's a great time to buy a home.  With low interest rates and tax incentives , this is an ideal moment for many buyers.  Whether you are a first-time buyer or a current homeowner looking to sell and find something new, give me a call.  Let's talk about homes in Highland Park, Glencoe, Deerfield and other communities on the North Shore of Chicago.  We can discuss your situation and figure out what makes the most sense for you.

My goal as a Highland Park, Illinois REALTOR  is to help you with your real estate needs. In order to do my job and best serve your needs, I need to ask a lot of questions, many which actually don't have anything to do with the house we are viewing, some which don't seem to have any apparent connection to real estate.

I recently had the opportunity to assist a young couple moving from Chicago  to Chicago's North Shore with their home search.  We briefly spoke on the phone and met the following weekend.  We looked at several homes in Northbrook, Deerfield and Highland Park that they had seen on MLS.  At every stop I asked the couple more questions. They were questions about each house as we walked through but they were also questions about their interests and lifestyles.  Do they entertain a lot or are they homebodies?  Do they like to cook?  Garden?  Exercise?  Do they spend a lot of time outside?  Are they handy?  What is more important to them, a large home or a neighborhood feel?  Do they want to be able to walk to transportation or a coffee house?  We were together for about an hour and in that time I got a much stronger sense of their wants and needs for their next home on Chicago's North Shore.

The following weekend I selected a few homes for them to see in Highland Park, Illinois  that I felt met their needs.  These were at a higher price point, but based on the information I gained the previous weekend I thought that they might provide a better fit for them. They liked two of the homes; one was less expensive than the other and they tended to gravitate toward that one. They came back to show the two contenders to their parents.  Their parents liked the more expensive home best for their kids, but it was beyond their financial means.

I suggested putting together the best offer they could make along with a handwritten letter to sellers. My clients liked the idea and asked me to help them with them with the content.  I also took the time to meet with the listing agent to present the offer in person instead of faxing it over to her.

To my buyer's disappointment, the sellers came back with a counter although we had told them that this was our highest and best.  Again, my goal was to get my client into the house.  We pulled out the mortgage calculator and reviewed the variance of a mortgage payment if we increased the offering. We went back with a slight increase to the sellers.  After a weekend of deliberations the sellers accepted the offer.

My buyers let me help them. I was direct with the questions I asked in order to get an understanding of their housing needs.  They were open to rethinking their price point, sharing about themselves to the sellers, and extending a final olive branch to see if we can put the deal together.  The results - we sealed a deal on a perfect fit in Highland Park, Illinois.

                                                  Letting your REALTOR help you is essential in today's market - every buyer needs is different,  every situation is unique and every home for sale has its own story attached to it.  Whether my client is moving to Highland Park, Illinois or another Chicago North Shore suburb, my goal is to get my client into a home they love that suits them well.  With my sales skills, strong negotiating tactics and creativity I am able to make their home a reality!

One of Highland Park's greatest treasures is the Park District.  My family and friends get so much out of it, and I always make a point of telling clients to check out its offerings.  My oldest son just wrapped up his third season of Little Giants Travel Football, a wonderful program coordinated by the Highland Park Park District.  My youngest is just starting his first season of Travel Basketball.  These are two great programs through the Highland Park Park District, which is a great resource, value and social hub.  Throughout the years, we have reaped the benefits of the Highland Park Park District and Recreation Center.  There is wonderful programming for every age, from toddlers to seniors.  I've taken Tennis lessons at Deer Creek, as have my children, and my husband frequents the track at the Highland Park Rec Center.  The Rec Center also has a beautiful pool where swim classes start for students as young as six months, a spinning studio, a wide range of group fitness programs, a wonderful fitness room with weights and machines  and personal training.

2009 marks 100 years of the Highland Park Park District.  What started in 1909 as a 2.5 square mile parcel of land has grown to 650 acres with over 40 parks, a swimming beach, an 18 hole golf course, 97 acres of nature preserve and various facilities.  In the Summer time we let our dog romp on the shore of Lake Michigan at the Moraine Park Dog Beach.  We all love to visit the Hidden Creek Aqua Park during the summer months - one can start off in the zero depth entry or in the six-lane lap pool.  The kids love the drop slide and speeding down the water slides. For the younger children there is a sand area and a water playground.  Centennial Ice Arena is the place to be in the Winter - it has a large indoor  skating rink and also a gymnastics room.  For those who love the outdoors the Heller Nature Center in Highland Park will be a regular visit - enjoy the three mile trails and stroll through nature.  During winter months cross country skis can be rented or you can bring your own and enjoy the Park Districts paths.

I don't think many  know how unusual it is for a town to have such fun, amazing facilities. Truly, there is something for everyone.   We love North Shore living and everything that Highland Park has to offer.

I'm just getting my feet wet with this whole blog thing and thought I should take a moment to introduce myself.  I am an active real estate agent on Chicago's North Shore specializing in Highland Park IL, Glencoe, Deerfield, Northbrook, Highwood and surrounding areas. I reside in Highland Park IL with my husband, two sons and our big white dog.  Highland Park is absolutely gorgeous right now.  We had a great time decking out our house with spooky Halloween decorations and are looking forward to Thanksgiving.  The leaves have changed colors and are flying everywhere.

How did we end up in Highland Park Illinois?  I actually lived in Highland Park IL when I was a kid and my husband grew up in the neighboring North Shore community of Deerfield.  We made the decision to leave a great town home in Chicago's Lincoln Park neighborhood after my second son was born, almost 10 years ago.  We needed more space and easy access to the city via the highway, Metra rail and PACE bus system.  We needed convenience and good quality of life in the form of great restaurants, grocery stores and retail.  We wanted a spacious lot with plenty of space for two growing boys to climb trees, run and explore, and we wanted close proximity to the beautiful beaches on the North Shore of Lake Michigan.  More than anything, we wanted an amazing, safe, close-knit community with wonderful schools that have a high level of parental involvement.

The writing was on the wall: all of our North Shore friends and family seemed so happy here.  We focused on Highland Park, did our homework and found that stats to support their enthusiasm, with award-winning schools, homes at varying price points in every size, shape and style, and residents with a fierce commitment to bringing out the best in their community.  We moved to Highland Park and never looked back.  I don't just do business here on the North Shore, I am raising my family here and modeling good citizenship through my own community involvement, in Highland Park and neighboring towns.  I look forward to sharing more about this gorgeous area through my blog.  Hopefully I can help neighbors to make new discoveries in their own backyard and encourage prospective residents to come up and explore Highland Park and the North Shore.