Margaret Goss, Realtor Winnetka & North Shore Real Estate

With the real estate market slow down that we've seen, there are now over 99,000 listings in the Multiple Listing Service of Northern Illinois as of today. Since properties are taking longer to sell, home sellers are looking at every possible means of snagging a buyer.

The new buzzword is "Real Estate Auction."

As anyone who's driven down Sheridan Road in Winnetka has seen, the home at 609 Sheridan Road will be auctioned in October. But this is not a fire sale or a desperate seller trying to get out before the bank comes calling. The owner has stated that the desire to sell quickly was her prime motivation although she concedes that "the uncertainty of the current real estate market is another reason she is going for the sealed bid." DK Realty Partners, LLC of Schaumburg are handling the auction and their take is that "there is no buyers market or sellers market. There is just ‘The Market'".

But I have to disagree with them and as mentioned above, over 99,000 listings in Northern Illinois and over 4,000 just in the North Shore suburbs, we have a lot of inventory. And big inventory means few buyers.

The auction route is not a new one. In fact, this method of selling can be traced back to 500 B.C. and is not much different than eBay. In a nutshell, an auction is a venue where buyers and sellers get together and goods are offered for bid and then sold to the highest bidder. If the value of the house is undetermined or variable, then an auction is a method for determining that value. In other words, the buyers determine the value by the amount the highest bidder is willing to pay.

Auction companies will tell you that buyers and sellers benefit equally from real estate auctions. Buyers benefit because they make deals at fair market value and avoid dealing with sellers who are hesitant. Sellers are getting fair market value for their properties and they close quicker with no contingencies.

Winnetka and the North Shore suburbs are not typically an area where auctions are on the rise, but at least one new construction builder sold this year considerably lower than his original price. In Wilmette, a rehabbed home that was like new constructions also went to auction after sitting on the market for over two years.

Auctions may not be for everyone, and you still need to understand the terms before you either buy or sell at auction. Still, in a tight market, it pays to look at all options.

Here are some great reasons to get up, get out, and make the most of our beautiful home: the North Shore of Chicago which includes the suburbs of Evanston, Wilmette, Kenilworth, Winnetka, Glencoe, Highland Park, Lake Forest and Lake Bluff

No. 1

THE NORTH SHORE COASTLINE AND BEACHES

Stretching fro Wilmette to Lake Bluff, North Shore communites revel in their national status as the "Third Coast." Sailing clubs, private and public beaches, and luxury homes all make livng along the coast of Lake Michigan a reason to enjoy this magnificent body of water for all seasons.

No. 2 NATIONALLY RECOGNIZED SCHOOLS Abundance of top-rated public and nationally recognized private schools makes the North Shore a magnet for parents. With small class sizes and a solid tax base, the North Shore schools set an example for the rest of the country.

No. 3 GREAT SHOPPING It's no secret that the North Shore is home to beautiful stores, but there are some shopping locales that go unrivaled. From finding Jimmy Choo and Bottega shoes to a myriad of antique and specialty stores, the North Shore is second to none.

No. 4 SPECTACULAR GOLF COURSES Stretching over acres and acres of manicured landscape, the North Shore boasts some of the state's finest private and public golf courses sure to delight any enthusiast. Over 13 private clubs and 15 public courses are located throughout the area.

No. 5 BEAUTIFUL PUBLIC PARKS Many of the North Shore's individual Park Districts have distinct features that residents embrace such as summer camps, tennis or golf lessons, and pools. An abundance of beautiful parkland throughout the communities offers a great draw throughtout the year.

No. 6 INCREDIBLE DINING OPTIONS Foodies flock to the North Shore for dining delights. The international spectrum is represented here from local hot spots to haute cuisine. Choose from swanky jazz bars, casual Mexican, superior Italian, a myriad of sushi options, and much more. Click Here for a Restaurant Search

No. 7 EXTENSIVE BIKING AND WALKING TRAILS The North Branch Trail System is a Class I bicycle trail located in northwestern Cook County, Illinois. The trail starts at Caldwell and Devon Avenues in Chicago, and continues north approximately twenty (20) miles to Lake County, Illinois. The trail winds along the North Branch of the Chicago River and the Skokie Lagoons, providing access to various picnic groves, golf courses and also the Chicago Botanic Garden. This trail will eventually connect the Green Bay Bicycle Trail. The North Branch Trail offers bicycle riders many opportunities for fun, exercise and relaxation. You may want to pack a lunch and ride to pack a lunch and ride to the Chicago Botanic Garden or to one of the picnic groves along the trail. Whether it's the whole day or just an hour, plan time right now to get out and enjoy the beauty nature offers right in your own back yard.

No. 8 TRANSPORTATION Commuting is a breeze with the Metra North Line located walking distance or a short drive from your home. Stops are conveniently located at each town along the line, with Winnetka and Evanston having multiple stops. On Metra you can reach Chicago's beautiful lakefront, museums, zoos, sporting events, shops and restaurants, concerts, special events, schools and colleges as well as quaint, historic suburbs and small towns.

No. 9 FOREST PRESERVES There are 68,000 acres of Forest Preserves in Cook County making up 11 percent of the land area. The first forest preserve district was formed in Cook County in 1913. Since then counties throughout the state have adopted the model. Activities go well beyong picnics: biking, birding, boating, cross-country skiing, dog training, horse back riding, fishing, golf, in-line skating, sledding, snowmobiling and swimming are all great activities to participate.

No. 10 MARGARET GOSS An agent with extensive experience in selling real estate on Chicago's North Shore coupled with a dynamite firm makes for a very compelling 10th reason to live in one of our great neighborhoods!

All eyes are on Capitol Hill now - will they or won't they come to the rescue of distressed financial institutions with a $700 billion bailout? Are we on the verge of economic collapse without it? What will happen if they do nothing? How will it affect the economy in general, and real estate in particular?

Well, I don't have any of those answers and if you've been listening to the news, you know that neither do the politicians and economists. On one hand, we have Paulson and Bernanke saying that we will have the "systematic collapse of the economy" without the recovery package. Yet this morning watching the news, I saw Senator Shelby (a sworn foe of the bailout) waving his hand while holding several rolled pieces of paper, claiming they contained warnings from the country's most highly regarded economists that it would be a huge mistake to move forward on this.

Again, I don't have the answers but how could I considering that the brightest minds can't figure it out. I know I'm being simplistic, but I will tell you this: we need to regain consumer confidence before we can begin to see a change in our markets. People are wary, and rightly so, to take on the challenge of buying a new house in the current climate. Prices have leveled off, good credit will get you a decent loan at a decent rate, but none of that matters as long as consumers feel that the overall picture is bleak. Simply put, it just doesn't feel right right now.

In the North Shore communities of Chicago (Winnetka, Wilmette, Kenilworth, Glencoe, Evanston, Glenview, Northbrook and Highland Park) home buyers have stayed well hidden. "For Sale" signs have sprung up like poisionous mushrooms on steroids. We're not in dire need here, this is an upscale community with a solid footing, good schools, stately homes and proximity to Lake Michigan, but we're not totally inured from the larger economic pressures that threaten us.

I share MLS data with my sellers that show that nothing else compatible to them has sold either. I've gotten as many price reductions as I'm going to get for awhile. I'm putting my trust in those economists and politicians to make a good decision and can only hope that we could finally be on the road to recovery. There is no magic pill or potion. We're going to have to tough it out a bit longer.

By now everyone knows that New Trier Partners of Lincolnwood have plans to demolish the Fell Building on Lincoln St. in Winnetka. They want to build a four-story building with condominiums, retail and two levels of underground parking that would be 50 feet tall, 5 feet over the current allowed limit. And so the battle lines are being drawn as the preservationists galvanize for its survival, while others feel its time has passed. The building, designed by Walter Sobel in the 1960s received an Outstanding Merit Award in 1976 and was originally designed to handle the addition of two more floors.

There can be a sentimental angle when a building comes down - many of us remember shopping there primarily for boy's and men's clothing as well being "the" place to go to rent tuxes for our sons first proms. Its modernist style is unique to Winnetka and even its angle to the street gave one pause. But Winnetka's preservations ordinance is self-selecting meaning that only the owner has the right to nominate it for historic landmark status and that is unlikely to happen.

I know firsthand the agony of defeat when I sold my "large lot with old home on it" in Kenilworth in 2004. In spite of all the work we'd done it was still viewed as an old house (i.e. small rooms and closets, old plumbing, tilting floors, etc.) I suspect the same is true for commercial buildings. Being able to add two floors will not create the kind of space the new owners are envisioning. And it always comes down to who has the right to make these decisions - the owner owns it after all. Most new owners of properties insist that if the preservationists want to preserve it, they should buy it themselves. Not exactly practical as villages struggle to maintain their "small town" feel in the face of "progress."

Everyone is familiar with too-large homes on too-small lots that have been allowed to grow just about everywhere (aka McMansions.) Winnetka residents that are opposed to the new building say it is too imposing and bulky and the design will not fit in with neighboring structures. Sounds like the residential complaint all over again.

The question of how new designs fit in with old is too big to handle here and the debate will not end anytime soon. Buildings in Europe have stood for many hundreds of years while those here are just decades old before they get the wrecking ball. What is worth saving and what isn't?

People living in Winnetka know that their village is beautiful - with its tree-lined streets, clean beaches, numerous parks and shopping areas. But, unfortunately, everything gets older and to keep looking our best some changes are in order. The Streetscape Master Planis an idea to unify and enhance Winnetka's three commercial districts and has been in design for over a year. Included are such things as realigning curbs, additional parking spaces, and adding new lighting, signage, sidewalk pavers, benches and landscaping.

The three commercial districts are known as Hubbard Woods, East/West Elm, and Indian Hill. More intensive changes will be constructed in these main areas with lesser designs along some of the streets bordering the commercial districts.

Phase 1 consisted of the initial design period as well as construction of a "road test" area that went from January 2008 through December 2008. This "road test" site is under construction as I write and is located at the south end of Hubbard Woods on Green Bay Road next to Zengeler's Cleaners. Upon completion, residents will be able to view the work and make comments.

Phase 2 will go from January 2009 through December 2010, and Phase 3 up until 2015. The long delay for Phase 3 completion is due to the fact that IDOT (Illinois Department of Transportation) has jurisdiction over Green Bay Road and negotiations regarding the Streetscape just takes time.

So check it out and let the Village know what you think. Keeping our village beautiful is one of the main reasons that people look to relocate to Winnetka. Beautiful houses, beaches, parks, schools . . . and Streetscape!