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The news stories are accurate - this real estate market has been a strenuous experience for Sellers and Buyers. Despite historically low interest rates, buyers are leery of the pricing assigned to homes. Sellers are coping with home valuations much lower than just a few years ago. Lenders are more rigorous in how and to whom they lend money. All in all, this has been a difficult environment to work in.
We have been fortunate to work with clients who placed their trust in our analysis, guidance and recommendations. Together we have been able to get buyers and sellers to make a deal, at prices and on terms acceptable to both.
Below is a summary of just some of the deals we have pulled together in 2010. Many required creative thinking and insights derived from smart analysis. We have many happy clients, excited about their 2010 real estate deals.
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693 Sheridan Rd, Wilmette
Elegance on the Lake
This magnificent home on Sheridan Road, was restored to its orignial elegance with smart, contemporary updates. Yet as the market slowed, getting buyers in became more and more difficult. Not because the house didn't deserve a multi-million dollar price tag, but because the lending environment became tighter. Working with agents representing clients qualified at higher prices we are able to craft a deal that met the needs of all participants.
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Never Stop Marketing
When the owner of 925 Ashland asked us to take their house off the market they were, like many sellers, tired of the showings, worried about the general market, concerned that any deal they received might not actually close. And with three young children, all very active, it was grinding to have the house ready for showings every day. We opted to take it off the market “temporarily”. For us, as agents, that meant a new set of marketing tactics all geared towards finding the right buyer.
Reaching out to the agent community on a continuous basis, we found the right partner who was working with clients that needed to move and loved the house.
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2005 Greenwood, Wilmette
The Importance of Pricing ...
and Having Strong Agent Relationships
How do you sell a house in a neighborhood that has over twenty homes for sale, each on a similar lot and many with identical room counts? An analysis of this very-micro-market uncovered a price point that would position the house competitively without sacrificing profit and which would attract buyers. The sellers agreed to our pricing strategy, although somewhat nervously. We reached out to our network of partners to alert them of this great house.
We found a partner within a day. Properties that were deemed “comparable” and that were on the market at the same time are still on the market and have taken multiple price reductions.
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1003 Dobson, Evanston
The Importance of Pricing – Part 2
We all know and have heard stories about the decline of house prices. For many this decline meant not being able to get a price equal to what was paid for the house. Worse is having a house too highly priced that doesn’t attract buyers. When we met with this couple, we showed them a market analysis that was more than just “comps”. We focused on micro-market trends and what influenced housing in specific neighborhoods.
With the right price, the home was sold in 15 days.
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1454 Grace, Chicago
Relocating back to Chicago
Looking for a home can be an anxiety provoking experience. It can be even more so when the move is from another part of the country. Our clients were relocating back to Chicago from Palo Alto. Their timing was uncertain but they knew they wanted to move back to the Lakeview neighborhood. Experienced remodelers, they started looking for 2- and 3-flats that could be converted to single family homes. We also explored the REO and pre-foreclosure markets looking for homes that needed updating or upgrading.
Suddenly, priorities changed and the time frame became “this Spring”. We provided a new market analysis of pricing and identified several homes that needed only minor cosmetic changes. Today, our couple lives one-half block from the elementary school in a wonderful home.
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Focused on the Goal -
Helping the Client Sell The Property
In the middle of negotiations it is easy to lose sight of the end goal - helping the client sell (or buy) a property. In this extraordinalrily difficult market, prices have declined markedly; buyers know that and many exploit it. Sellers bear the brunt of the emotional cost in this market. Rejection is too easy to achieve. Keeping buyers interested and engaged is crucial. The task becomes setting targets, price points at which "No" really does mean, "No"; having 100% alignment with each other (client and agent) on the primary needs and goals in the deal; and maintaining focus on structuring a good deal for all are the keys to success.
This deal required time (over two weeks) to negotiate; perserverance when one party "took a break from the negotiation"; and having the confidence that we had found the right buyer and we knew our targets.
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Other Homes We Represented or Helped Clients Purchase in 2010:
SOLD:
Single Family Homes:
2620 Fargo, Chicago (Seller)
2723 Lawndale, Evanston (Seller)
2721 Thornwood, Wilmette (Buyer)
1519 Maple, Wilmette (Buyer)
44 Salem, Evanston (Buyer)
2721 Park, Evanston (Buyer)
3330 Davis Evanston (REO, Buyer)
735 Central St., Evanston (Seller)
1421 Davis, Evanston (Buyer)
3034 Park Place, Evanston (Buyer)
234 Catalpa, Wilmette (Buyer)
2754 Ewing, Evanston (Seller)
310 Third, Wilmette (Seller)
565 Lakeland, Lake Bluff (Buyer)
Condos:
1935 Sherman, Evanston
622 Judson, Evanston
Single Family Home, Wilmette
PENDING SALES:
Single Family Home, Wilmette
Single Family Home, Evanston
Condo, Wilmette
We are working with several buyers and sellers. If you have a question about how we work with either, please don't hesitate to call us. You can also follow us on our blog or on Facebook.
DS - Sept. 2010
@properties
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