Jory Rozner Strosberg, ThePropertyDiva’s Blog
Highland Park Illinois
Market Analysis
As we are all aware, the market has declined over the past few years. Enough time has now elapsed where I can show you specific examples of same home sales’ over the course of a few years in the Highland Park Illinois real estate market. Here are two great examples that put the numbers to all of the media reports. This, of course, may really hit home (no pun intended!)
Case Study #1: 991 Bob-O-Link Highland Park, IL 60035
991 Bob-O-Link in Highland Park Illinois has sold 4 times since 2003.
The lot is 72.5×180.45 and was listed in 2003 for $429,000 and sold within 4 days for $420,000. Benjamin Builders, a local builder, tore the existing home down and built a 5200SF home with all the bells and whistles and sold it in September 2004 for $1,377,000.
In February 2007, it was listed for $1,569,000. After 60 days it was reduced to $1,489,000. 30 days later it was reduced once again to $1,449,000. 2 weeks later, the listing was cancelled and given to a new broker.
In May 2007, it was listed for $1,449,000 with the new broker. After 60 days, it was reduced to $1,399,000. 30 days later, it went under contract for $1,215,000. (That is a 12% reduction from its 2004 selling price)
In July 2009, it was listed for $1,199,000 and after 71 days, it went under contract for $1,085,000. (That is a 21% reduction from its 2004 selling price)
Case Study #2: 1135 Green Bay Road Highland Park IL 60035
In 2002 the property was listed for $439,000. It didn’t sell and needed work. Then, in July 2003, the property was listed for $399,000 and sold within 5 days for $376,000.
Then, in February 2004, after being completely renovated with new kitchen and baths, the property was placed back on the market for $575,000. After 41 days, it was reduced to $549,000 and within 39 days sold for $525,000.
In July 2008, it was marketed at $569,000 and sold for $535,000 just one month later. This was a fluke according to the sellers (who I know personally) as the buyer was in desperate need for a house in that price range and location and their house just met his requirements. However, when he went to sell it four months later at a list price of $579,000, he sold it for $420,000 after having it on the market for over a year. That is a 20% discount off of the 2004 selling price.
Both of these examples show a market correction of 20-22% in Highland Park on regular conventional home sales, excluding foreclosures and short sales.
For more information about Highland Park Illinois real estate or real estate in Chicago or on Chicago’s North Shore, please contact Jory Rozner Strosberg, ThePropertyDiva at 847.436.4752 or email me.
I specialize in Highland Park Illinois Highwood Illinois, Glencoe Illinois and Deerfield Illinois as well as Chicago Illinois Real Estate including the South Loop, River North, Gold Coast, West Loop, River West, River East and Streeterville areas. I’ve also recently sold homes in Lincolnshire Illinois, Wilmette Illinois, Winnetka Illinois and Lake Forest Illinois.
You can also find me on Twitter
I’m available to consult and to speak about social media and Realtor outreach programs – two effective ways to get more prospects through the door! Call 847.436.4752 or email me to schedule a speaking engagement or to schedule a consultation.
About Jory Rozner Strosberg, ThePropertyDiva!
A CPA who launched her real estate career in 1991 in New York City, she worked on lease-ups, outside rentals and sales throughout Manhattan. In 1998, she started a community niche portal with a chatroom and bulletin boards, a predecessor to what is now known as social media. She raised $2Million dollars and her community website was awarded Yahoo’s top 100 websites for 2000. When the internet bust occurred, she dove right back into a successful real estate career working both onsite and off. Now, she blends her real estate and social media experience to create innovative marketing programs to property owners. Whether you are looking for a Chicago Realtor or doing a lease-up of a property anywhere nationwide, Jory Rozner Strosberg, ThePropertyDiva, has solid social media and broker outreach programs that you can get started with right way.
