Saturday, May 12, 2012

Wilmette's Frothy Real Estate Market

Another house in Wilmette, 2534 Iroquois, went under contract in a matter of hours this week.  This has been the case for scores of houses in 2012 as the real estate market improves on the North Shore and we see the realization of some pretty strong pent-up demand.  But this phenonoman in Wilmette is happening in a very scripted way:  the houses that sell in mere days are either extremely undervalued or somewhat undervalued and presented and staged to perfection.  And both cases are true only up to about $1,300,000 - otherwise, buyers are still taking their time when shopping at a high-end price point.

The house at 2534 Iroquois is a perfect example of how an energetic price (under a million), perfect condition, recently renovated, thoughtfully decorated/staged and a great location (Indian Hill Estates) all combine to yield a market time of less than one week.  By the numbers: 10 rooms, 4 bedrooms, 2.1 baths, 2 fireplaces, lot size 80' x 168', list price - $999,800.