Wilmette, IL

Plaza del Lago is a tiny strip of lakefront land along Sheridan Road in Wilmette that has a history all its own. There are a total of seven condos or co-ops that were mostly built in the late 60s. They have been a perennial favorite of people that have sold their nearby homes, wanted to downsize and stay in the area. One building, 1630 Sheridan, is designated as 55 years and older.

Historically, prices at the Plaza del Lago condos were no bargain - they were expensive, had cachet, and were extremely sought after. In recent years they have been harder to sell because of new competition from senior housing such as V at the Glen (formerly the Hyatt) or the expansion of Mather Lifeways. Along with the drop in housing prices, these units are now priced extremely well.

Who would have thought that a 3-bedroom condo with lake views could be purchased for as low as $250,000? Unfortunately, there is more to the story. While prices have dropped and are negotiable, the assessments have stayed the same or increased and cannot be negotiated. I would venture to say that many people can now afford the price of these condos, but the corresponding assessments are unmanageable for most.

Of course, some of the assessments include a great many perks such as 24-hour doorman, valet, party and exercise rooms, pools, and parking. Much of it must be spent on lakefront maintenance.

The bottom line is that all together the Plaza del Lago condos are very affordable for lakefront living in Wilmette or the North Shore. A home on the lake will sell for $4 to 9 million dollars plus all the attendant expenses.

Plus, there is something for everyone. One, two or three bedrooms, some with lake views from all rooms, some from just the main rooms. All have indoor and outdoor parking, most have pools. Two are co-ops the rest are condos. Some have been gutted and rehabbed, some need work. But all have a great location with the lake on one side, and shopping at the Plaza del Lago Shopping Center just across Sheridan Road.

Call me for more information on the Plaza del Lago condos and co-ops.

Plaza del Lago Condos for Sale

Wilmette has had fairly strong sales all year - and by strong I mean more sales than Winnetka, Kenilworth and Glencoe. Strong also means that homes were priced better and sold faster. Today is the Monday before Thanksgiving, so there are no new listings, but here is a breakdown of current Wilmette homes for sale:

Under contract and pending are slightly different: under contract means that a buyer has put in an offer but there is still a contingency period which typically includes holding an inspection and having an attorney review the contract. The buyer can still easily cancel the contract at this point and recoup their deposit. Pending is the stage after the inspection where the contract have been approved and the buyer has delivered the balance of the earnest money as specified in the contract. It is less likely, but not impossible, for the buyer to cancel the contract at this time.

Call me for more information on Wilmette homes for sale - I'm here to help answer any questions you have about the community, schools, activities, and of course, homes for sale.

Wilmette Homes Sold in October 2011

Last month, 13 Wilmette homeowners sold their homes.

3 homes sold were Foreclosures.

2 homes sold were Short Sales.

Currently, 131 homes are for sale.

31 homes have a pending contract.

Based on last month’s sales, it will take 10 months to sell current inventory.

Data provided by the Midwest Real Estate LLC (MRED) multiple listing service and includes properties listed and sold by various participants in the MLS. Data supplied does not reflect all market activity in the area.

Extraordinary value

Houses that sell faster offer extraordinary value.

Houses that offer extraordinary value are priced correctly at the get-go and show like a model home.

If you want to sell your home quickly, you must offer extraordinary value.

If you want to buy a home that offers extraordinary value, you’ll know it when you see it.

It’s Judy … your North Shore Chicago real estate agent.

Homes for Sale in Wilmette (November 2011)

Upscale homebuyers are discriminating and careful, and want the best home the North Shore has to offer at the right price.

If you’re a homebuyer looking for a great deal on Chicago’s North Shore, look for properties where the homeowners are motivated.

One indicator of motivation is market time … how long the property has been for sale.

Another sign of motivation is by comparing current list price to original list price. The greater the price deduction, the more the homeowner has settled into the realities of the market place. Usually the two go hand-in-hand … but not always since homeowners who understand the value of their house are willing to wait for the right offer.

Below is a sampling of homes for sale in Wilmette.

Data provided by the Midwest Real Estate LLC (MRED) multiple listing service and includes properties listed and sold by various participants in the MLS. Data supplied does not reflect all market activity in the area.

Wilmette is an exclusive North Shore suburb of Chicago, and coveted by many homebuyers for its lakefront location, its convenience to downtown Chicago its excellent schools including coveted New Trier High School, and finally for its proximity to acclaimed Northwestern University, home of the Wildcats.

Established at the turn of the last century, Wilmette boasts timeless historical homes, classic bungalows and American 4-square homes built in the Craftsman style, Prairie houses built by Frank Lloyd Wright, as well as contemporary and neo-traditional houses.

Wilmette neighborhoods are as varied as the homes, from the front porches, brick roads, and stately trees indicative of the pricey CAGE subdivision … to the more modest homes of Kenilworth Gardens … and the often upscale homes of Indian Hill Estates.

Homebuyers can find a lot to like about Wilmette.

It’s Judy … your North Shore Chicago real estate agent.

Have you been thinking of buying a house?

The road to homeownership isn’t an easy path, but if you approach the process one step at a time, you’ll get there.

Whether you’re a first-time homebuyer or you purchased a house before, it’s going to be brand-new experience. So here’s a short primer.<!--more-->

1. Establish your purchasing power – If you plan to buy with all cash, then you’ll need to submit proof of funds. If you’re going to finance your purchase, you should be pre-approved for a loan. Be careful, though. Not all pre-approvals are created equal. A legitimate pre-approval requires verification of your stated income as well as a credit report.

2. Find a real estate agent to put your trust in– A good real estate represents your best interests, guides you through the buying process, helps you solidify your requirements for a new house, provides all the information you need to make a wise choice, stands by you in negotiations, and makes sure the lead-up to closing runs in a smooth and organized fashion.

3. Go on a test run– The first day of touring houses should only be a test run. Don’t expect to see every house out there; the day will run out of hours. Instead, get your feet wet by seeing one or two houses that seem to fit the bill. Don’t rush through them. Instead, observe. Use this opportunity to rule out features that aren’t as important as you thought or to rule in other features that you definitely want. The first day isn’t meant to buy a house. It’s to clarify your desires. It’s also to establish a meaningful partnership with your chosen agent so that both of you can find a common language and establish a common goal.

4. Clarify your wants and needs – As you look at more houses, make sure you express to your agent what you liked about each house and what you didn’t like. In this way, your agent will get a feel for the kind of house that will meet your needs. She’ll start to see houses through your eyes. You may think this is impossible. But a good agent — one with the ability to put herself in your place — can eventually grasp the kind of house you’re looking for. Maybe even better than you, since she won’t be as emotionally involved and can approach the process through with practicality. She’ll also be looking for potential problems with the house while you’re being blinded by luxurious bathrooms and fabulous kitchens.

5. When you find the house of your dreams, you’ll know it– Going through this measured and sometimes meticulous process allows you to zero in on what you really want in a house and how the right house should fit in with your lifestyle. When you do find the house that completes your ‘picture’ of the perfect house, you’ll know it in your heart and won’t have to talk yourself into it. What’s more, if you picked the right agent, she’ll know it, too. She might actually get just as excited that you have finally found your ‘home sweet home’.

6. Once you find the house of your dreams, don’t let it get away – This is the moment where you’ll have to put your money where your heart is. Don’t try to get the steal of the century. Do be prepared to pay for the privilege of making this house your own. While your agent will help you calculate the house’s fair market value, you’ll be prepared to gauge its worth because you’ve been studying the market. So go for it.

7. Take a deep breath, toast your good fortune, and get into gear– Once you make the commitment, get prepared for a whirlwind of activity. Signing papers. Getting the earnest money deposit ready. Hiring a home inspector. Calling your loan officer and starting the application. Gathering financial records. Lining up a real estate attorney. Making and taking tons of phone calls. And collecting packing boxes!

Finding the house of your dreams will be one of the most difficult projects you’ll ever undertake. But once you find it, don’t look back. And don’t have misgivings. Your future awaits.

It’s Judy … your North Shore Chicago real estate agent.