Noah Levy: How "Million Dollar Listing" Plays in Highland Park Illinois

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.