Month: November 2018

Fewer Glenview Homes Sold At Slightly Higher Prices

Local real estate data from the first half of 2018 shows closing prices of single-family homes edging upwards as the number of sales falls.

Declining demand has driven down housing prices across most of the North Shore, but sales prices of homes in Glenview and Golf have edged upwards. The average sale price of a single-family Glenview home sold this year was $5,000 more than this point in 2017, according to data from local glenview real estate agents.

Across the rest of the north suburbs, the number of new listings, closed sales and houses under contract all fell as of the end June 2018 compared to the same period last year. The number of homes under contract fell by slightly more at 3.8 percent and the average sales price fell by 4.3 percent in 2018, according to local real estate data, dropping from over $750,000 to under $718,000 in the north suburban market.

New listings are up by 1.2 percent to 1,459. However, the number of closed sales dropped from 628 in June 2017 to 605 last month – a decline of 3.7 percent, according to information from Midwest Real Estate Data compiled by the North-Shore Barrington Association of Realtors.

In Glenview and Golf, there were 273 detached single-family homes sold in 2018 as of the end of June. That’s down nearly 11 percent from the 306 homes sold at this point last year. At the same time, the median value of homes sold so far in 2018 was up 3.4 percent to $565,000.

For the north suburban housing market as a whole, the median sales price fell 8.1 percent, from $631,000 to $580,000 compared to last year. At the same time, the average listing price has increased by 4.4 percent, which has bumped up the ratio of listing price to final sale price to 93.7.

Overall housing supply in the area also fell. The inventory of 3,978 homes on the market was down by 2.5 percent compared to last year.

So far in 2018, there have been 2,553 detached single-family homes sold in the area and median sales prices are up 2.67 percent, according to NSBAR. The number of communities in the market that reported an increase in the number of June home sales slightly declined from 2017.


Real estate data from other North Shore towns compared to a year ago:

Deerfield

  • 178 detached single-family homes were sold in 2018 so far, up 11.2 percent from last year.
  • Median June 2018 sales price: $531,250, down 8.4 percent.

Evanston

  • 228 detached single-family homes have been sold year-to-date, the same number sold at this point last year.
  • Median June 2018 sales price: $559,500, up 5.3 percent.

Kenilworth

  • 26 detached single-family homes were sold in 2018 to date, down 23.5 percent since last year.
  • Median June 2018 sales price: $1,240,000, down 13.3 percent.

Glencoe

  • 88 detached single-family homes were sold year-to-date, up 10 percent compared to last year.
  • Median June 2018 sales price: $870,625, up 3.2 percent.

Highland Park

  • 203 detached single-family homes were sold year-to-date, down 9.8 percent compared to last year.
  • Median June 2018 sales price: $520,000, down 0.4 percent.

Highwood

  • 10 detached single-family homes were sold year-to-date, down from 11 at this time last year.
  • Median June 2018 sales price: $505,000, up 35.8 percent.

Lake Bluff

  • 67 detached single family homes sold year-to-date, down 5.6 percent compared to last year.
  • Median June 2018 sales price: $500,000, down 11.5 percent.

Lake Forest

  • 140 detached single-family homes sold year-to-date, up 13.8 percent compared to last year.
  • Median June 2018 sales price: $832,500, down 3.2 percent.

Lincolnshire

  • 47 detached single-family homes were sold year-to-date, down 4.1 percent compared to last year.
  • Median June 2018 sales price: $515,000, up 5.5 percent.

Lincolnwood

  • 51 detached single-family homes were sold year-to-date, down 17.7 percent compared to last year.
  • Median June 2018 sales price: $400,000, up 6.8 percent.

Morton Grove

  • 129 detached single-family homes were sold year-to-date, down 10.4 percent compared to last year.
  • Median June 2018 sales price: $330,187, up 1.6 percent.

Niles

  • 115 detached single-family homes were sold year-to-date, down 1.7 percent compared to last year.
  • Median June 2018 sales price: $318,000, up 2.3 percent.

Northbrook

  • 203 detached single-family homes sold year-to-date, down 18.5 percent compared to last year.
  • Median June 2018 sales price: $568,000, up 3.3 percent.

Northfield

  • 36 detached single-family homes sold year-to-date, up 20 percent compared to last year.
  • Median June 208 sales price: $583,000, down 13.6 percent.

Skokie

  • 229 detached single-family homes have been sold year-to-date, down 3.8 percent compared to last year.
  • Median June 2018 sales price: $345,000, up 6.5 percent.

Vernon Hills

  • 103 detached single-family homes have been sold year-to-date, down 16.3 percent compared to last year.
  • Median June 2018 sales price: $405,000, up 1.3 percent.

Wilmette

  • 219 detached single-family homes have been sold year-to-date, up 9 percent compared to last year.
  • Median June 2018 sales price: $820,000, up 13.9 percent.

Winnetka

  • 122 detached single-family homes have been sold year-to-date, down 13.5 percent. The median sale price in June 2018 was $1,182,000, up 5.3 percent.

credit: patch.com

The future of real estate brokerages is coworking

Shared office space is cheaper and more productive, say Realtors who use companies like WeWork and Regus

A few weeks ago, Stribling and Associates broker Patrick W. Smith had just finished showing a property in Manhattan’s Financial District and needed a space where he could make several phone calls. Smith knew he could use Stribling’s offices on the Upper East Side, or he could head back to his home turf in Queen’s Long Island City. But both options were a schlep.

So instead, Patrick opened the WeWork app on his phone, found one of the company’s coworking spaces, and breezed through the door.

“It was actually adjacent to the building where I was doing the showing,” Smith told Inman. “Why would I waste time traveling?”

Smith was able to use the WeWork building because he is one of a growing number of professionals who have abandoned a traditional office in favor of paying a membership-type fee for shared space. Smith typically has a desk at the WeWork location in Long Island City, but his membership allows him to access any of the company’s locations. It’s an arrangement that Smith praised at length, and which both he and others who spoke to Inman said is likely to play a growing role in the real estate industry.

“It’s very efficient, very modern,” Smith added. “Our clients who have visited us, every one and I’m not exaggerating, every client who has come in has been so impressed.”

Smith isn’t alone. A report out earlier this year that surveyed over 18,000 people in 96 countries found that 91 percent using flexible workspace believed it enabled “employees in their company to be more productive while on the move.” An overwhelming percentage of respondents also said that flexible space also made it possible for employees to work remote, helped maximize profits and helped grow their businesses.

That last point was one of the main draws for Bobby Martins, an eXp broker in San Diego County. Martins pays $335 per month to use a Regus coworking space in Del Mar for 10 days a month. He ticked off a legion of benefits the space offers: the cost is vastly less than the $2,200 a month he used to pay for a conventional real estate office; there are various types of rooms he can book, meaning the office is highly flexible; and the amenities are great.

But most of all, Martins told Inman, he interacts at work with lawyers, accountants, and tech workers — all people outside of the real estate industry. The office, in other words, generates leads.

“In a traditional office you don’t get any business out of it, you’re not going to get any referrals or leads,” Martins said. “If someone is outgoing, [coworking] is really a good option for them because they’ll make lots of friends and they’ll get more business.”

Martins added that coworking is a “game changer” for the real estate industry, and believes that “the days of traditional offices are almost over” because the economics just don’t make sense.

“I think it’s the future,” he said. “I think these big giant real estate offices are just too big and the agents have to pay too much commission to the brokerage to keep them going. It’s just a matter of time before there’s just not enough money to pay that any more.”

The lower cost is also a major draw for Teresa Boardman, a broker who owns Boardman Realty in St. Paul, Minnesota. Boardman uses Fueled Collective, where month-long access starts at $375. Boardman described the space as a coffeeshop-like environment where she can take calls and meet clients. And it allows her to have a “prime downtown location” in Minneapolis for a fraction of the cost.

“I can’t imagine what I would rent that would be less expensive,” she told Inman. “For us, location matters.”

Different coworking providers have different models, but WeWork — which is valued at $45 billion — is perhaps the best known operator. It gives users access to desks, conference rooms, kitchens, and common areas. Companies can pay for as much, or as little, square footage as they need.

WeWork and its rivals have expanded rapidly in recent years, backed by venture capital and tech platforms that let users customize their experience. WeWork’s app, for example, functions almost like a social network and can be used to book conference rooms, network with other WeWorkers, or contact facilities staff.

The model has proven to be a hit among real estate professionals, with one luxury brokerage in Los Angeles even calling it a “roaring success” and using it to expand throughout the region.

Smith also expects to expand within the Long Island City WeWork. He recalled that when Stribling and Associates decided to open an office in Queens earlier this year, the company had the option of getting “an expensive storefront” location, but ultimately opted for the WeWork locale after touring the space and falling in love with it.

“The way they designed the space, they have beautiful lounges, floor to ceiling windows” he said. “You see the sky and views of Manhattan. I find that we’re more productive when you’re in an environment like that.”

Source: Inman.com