Highland Park Illinois Market Case Studies – The Decline in Real Numbers

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.

Using Video for Home Owners and Rental Insurance

Jory Rozner Strosberg, ThePropertyDiva’s Blog

Chicago Realtor selling Chicago area real estate

Videotaping your home for insurance

I had a flood exactly 1 week after I moved into my newly renovated house.  My entire first floor was destroyed and my basement ceiling collapsed.

I wish I had videotaped my home, belongings and furnishings before the flood and right after the flood.  It would have been a lot easier to claim everything that was damaged.  For example, the Tumi suitcase that was in my closet was rejected because it wasn’t visible in photographs I took that night.

Make sure you get insurance before occupying your home.

Making the video:

  • Take an inventory of all belongings. Videotaping works well to jog your memory if items are lost. When taping, read off brand names, and serial and model numbers. Also, use a ruler to determine size.
  • Document approximate costs and purchase dates of household goods. This will give you an idea of how much coverage you need and assist you with filing a claim if disaster strikes. When figuring how much coverage you need, many companies offer a “contents evaluation guide” to assist you.
  • Keep a copy of inventory video in a safe place AWAY from the buyers home.

For other homeowner tips or if you are interested in buying or selling a home, please contact Jory Rozner Strosberg, ThePropertyDiva at 847.436.4752 or email me.

You can also find me on Twitter @THEpropertyDiva

Visit Jory Rozner Strosberg, THEpropertyDiva’s website

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.

My areas of specialty include Chicago’s North Shore Highland Park, Glencoe, Deerfield, Lake Forest, Highwood  Winnetka, Wilmette as well as the Chicago neighborhoods of River North, Gold Coast, River East, Streeterville, West Loop and South Loop.

Twitter 101 for the Multifamily Industry

The Dos and Don’ts of Twitter

For apartment leasing and new home community sales

By Jory Rozner Strosberg, ThePropertyDiva

DO

  • Find industry experts, local businesses and local people relevant to your property
  • Follow them
  • Listen to them
  • Learn from them
  • Converse – Re-tweet interesting tweets, reply often, respond and ask questions
  • Add value – Tweet good articles, good ideas and good answers
  • Be transparent and somewhat personal
  • Let us know who is tweeting for your community
  • Keep your brand message consistent

DON’T

  • Don’t try to rent or sell by spamming your twitter stream with your available units
  • Don’t use twitter as a billboard to tell us about your specials
  • Don’t have different people tweeting for your community on different days
  • Don’t fail to respond to your @mentions or direct messages
  • Don’t direct message (DM) people with your specials or offerings.  Save that for your opt-in email lists

Follow these simple steps and suggestions and you will automatically begin to get followers, learn a lot and increase your brand exposure for your community.  If you don’t, people will unfollow you or  just tune your noise out.

For more information about how to use Twitter for your property, please contact Jory Rozner Strosberg, ThePropertyDiva at 847.436.4752 or email me.

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.

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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.

Pricing A Home. The Art, Rather Than The Science

For some reason, many people see pricing and selling a home as a “do-it-yourself” endeavor.

Reasons for trying to act on your own behalf are compelling:

  • Save the commission
  • Easy to get information online
  • I can sell and negotiate (I do it in my own business)

Are you really saving the commission?

If sellers don’t price a home right, it will not sell.  Period.  Most sellers who price on their own end up way overpriced and therefore don’t sell and get stuck with a “stale” listing.   Older listings will eventually sell at a lower price than had they been priced correctly from the beginning.

Second, the buyers come in and know the seller isn’t paying a broker and will undoubtedly ask for the price to be reduced by the would-be commission amount or more.  These types of buyers are looking for a deal.  Homes that are listed without a broker are seen as prime pickings for “getting a deal” as the buyer predicts that the seller, who is not a real estate professional, isn’t being properly educated or advised.  They buyer is correct.

Third, because the seller is doing all of the appointment settings, showings and marketing while working at a regular job and dealing with life, they will become worn down by the process and be more likely to become more negotiable.  Being emotionally involved in their own home lessens negotiating abilities.  Its been proven that homes sold without a Realtor sell for less than they would with a Realtor.  Why suffer the hassle for no gain?

True, there is so much information available to people online that anyone who spends a decent amount of time studying the market online or by going to open houses can get some sense of value.  However, even the actual Multiple Listing Service, never tells the real story about a sale or listing.  Its not the true value. Zillow, Realtor.com and other listing sites don’t tell you that a particular house sold at a certain price because the owner had lost his job and was in great distress.  It doesn’t tell you that the War of the Roses was happening in another and the owners had to get out before they killed one another.   It doesn’t let you know that the seller wanted a quick sale because they bought a more expensive home and because they did so well on their buy, they were ok losing a little on their sale.  As a non-industry expert, are you going to know and convey those stories to your buyer prospect?   Those stories can only be told by a local Realtor who knows the neighborhood and is highly networked with other brokers in the area.

Pricing is an art.  Its a combination of historical data, market trends, real stories behind past sales and current listings, comps and seller motivation.  It takes many years of study in a local market to even come close to pricing well and its never perfect.

Besides pricing issues, full-time experienced Realtors have negotiating skills specific to residential real estate.  Its a quirky business that combines psychology and business.  Its unlike any other business I know.  So if you sell cars or life insurance and therefore think you automatically sell houses, you are in for a big surprise.  There is a reason that even builders and commercial real estate brokers list their homes with residential real estate agents.  Its not as easy as it looks!

What do you have to lose by using a Realtor?  NOTHING!

You will get more exposure since we are real estate marketing, internet and social media experts.  Your home will be priced correctly from the start (if you listen to our advise).  And, best of all, most of the work will be done by us.  (you just have to keep the place clean and in showing condition)

My question to you is, who is more qualified to sell your home?  You, who has a different career where you spend at least 1/3 of your time?  Or me, a Chicago Realtor who eats, drinks and sleeps Chicago real estate?

If you are serious about selling or buying a home in the Chicago area or the suburbs please contact me:  Jory Rozner Strosberg 847.436.4752 or email me

Follow me on Twitter @THEpropertyDiva

Jory Rozner Strosberg, THE propertyDiva!

223 West Erie, 3rd Floor Chicago, IL 60654

Chicago Realtor with experience throughout the city. Chicago real estate, Highland Park real estate, Glencoe real estate, Deerfield real estate, Evanston real estate, Wilmette real estate, Highwood real estate, Lake Forest real estate, Naperville real estate, Northbrook real estate, Oak Lawn real estate and Winnetka real estate Illinois real estate.

Social media. Is it worth it?

Jory Rozner Strosberg, ThePropertyDiva

Jory Rozner Strosberg, ThePropertyDiva

So my parents and husband want to throw my phone out the window.   They completely don’t understand that I’m actually working during dinner, not just texting my friends.  Different generation, I suppose… (no offense to my wonderful husband).  They think that facebook and twitter are all just fun and games.  Yes, there are some people that are playing Bejeweled Blitz and Mafia Wars, but barring that, the social networks are very powerful marketing and sales tools.

I just watched this video and you should too.  The numbers are incredible proving that companies can benefit greatly…exponentially…from participating in social media.  Its worth it.  Watch.

Jory Rozner Strosberg, ThePropertyDiva

Jory Rozner Strosberg, ThePropertyDiva

One thing about me is that I’m a celebrity obsessed, People Magazine reading person.  I look forward every week to my Star Magazine.  I just can’t help myself.  And, then add fabulous real estate to the mix and I’m in heaven.  So here, I begin my blog on celebrity real estate.

Sadly, one of my favorite directors, John Hughes, of Ferris Bueller’s Day Off fame, passed away several months ago.  So sad…I grew up with his movies, exactly the same age as his characters when they came out so I could really relate.

Now, two John Hughes related real estate deals have come to light.

The first is a house for sale in Highland Park, Illinois.  Not just any house, but the house where Ferris Bueller’s best friend Cameron lived (in the movie)  Its a really cool house.  I’ve been in it because I’m a real estate broker here in Chicago and part of my job is looking at cool houses.  Its a mid-century modern home cantilevered on a ravine.  If you can recall, they drove Cameron’s father’s Ferrari through the glass walls into the ravine in the movie.  Well, the glass has been repaired and the space is well insulated again!  Anyway, the house, despite needing a massive overhaul, has a unique structure and amazing setting.  It was originally on the market for $2.3million and has recently been reduced to $1.8million.  Yes, it is still overpriced, but maybe somebody will pay a premium since it was featured in a movie.

Take a look at the virtual tour of the Ferris Beuller house.

The second is a home just purchased by the widow of John Hughes.  She closed on the house mid-October and paid $5.2million.  It was originally listed at $5,795,000.  Its a 17 room, 9500SF (including a 2300SF finished basement) Tudor style home built in 2005.  You cross a 55foot private bridge to get to the home located just 1 block from Lake Michigan.  Dennis Rodkin from Chicago magazine goes into more details of the home in his Deal Estate blog.

What do you think of these houses?

@ThePropertyDiva

Zipple Property Group

Jory Rozner Strosberg, The PropertyDiva!

223 W. Erie, 3rd Floor

Chicago, IL 60654

847.436.4752

jory at propertyDiva dot com

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