1750 Braeside-NorthBrook

One of Gloria Matlin’s current luxury North Shore listings – 1750 Braeside Lane in Northbrook, Illinois (click for details)

It’s not surprising that the latest S&P/Case-Shiller numbers show that single-family home prices in the Chicago metropolitan area jumped more than 11 percent last October, posting their best year-over-year rise since December 1988. After all, “bidding war” has been the byword for prime properties in the city for months—a trend that’s growing….But neither trend applies to the North Shore, insist big-ticket broker Gloria Matlin of Coldwell Banker. For the first time in years, supply and demand are dictating the luxury market trends on Chicago’s North Shore. Here’s why:

So prices aren’t up on the North Shore, even for luxury properties?

GLORIA MATLIN: What people want goes so fast that these homes usually sell for top dollar before they hit the listing services. Brokers get their buyers in there before you can even think bidding war, and they pay what it takes.                                          PC: Everyone has different priorities, but there are two new universals: Everyone wants the New Trier school district and new construction with new everything inside and out. That’s the problem: Nothing new has been built in the last few years. Developers are just gearing up again. As soon as they put up a building sign, someone sees it and buys the house straight from the plans for, say, $1.6 million before it comes to market. But that’s not luxury. Those are starter homes.

Where does that leave luxury prices?

GM: Much higher than in the city. Nice starter homes go for $1.6 million to $2.4 million, but true luxury starts at $2.5 million. Don’t get us wrong: You can get a really nice house for under a million, but it’s dated.
PC: It’s cheaper to buy resale and renovate, and more expensive to buy new, but buyers can get mortgages more easily than home equity loans for renovations. People used to be willing to buy a gorgeous old house for $2 million and put another million in, but now they don’t have the time and can’t get the money. So that makes a beautiful, clean, 3,500-square-foot house more valuable.

What about locations? Is it still better to be near the water?

GM: It depends on what you want. Working couples may want to be close to the train; families might want to be in a certain lower school district. If you have three kids, it’s nice to be in Kenilworth because it’s the same school for K to 8.                                      PC: The most important thing is to work with someone who can help you figure out what you really need and get you there. Gloria Matlin, Coldwell Banker, 640 Vernon Ave., Glencoe, 847-835-6058. See the complete Michigan Avenue Magazine article HERE

A Chicago North Shore real estate expert with a compelling record of top producing, top performing, and high ranking client focused results; Gloria Matlin has been a consistent resource for over 25 years.  This top tier Realtor finds pride in helping each and every one of her clients with one of the most important processes in a lifetime.  Let her be your guide to making  a North Shore- Chicago real estate dream a reality! See the complete profile of her North Shore-Chicago real estate listings HERE and HERE.