There are a small number of cities where the extremely high net worth individuals are investing their fortunes in residential real estate, as reported in this recent USA Today article.
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If you are considering a move to Chicago, it makes sense to learn the neighborhoods. While there are certainly some that you would not want to live in, they are all great places to know and visit. If you are a corporate person who is considering a move here from another state, be advised that Chicago is a city with a soul.
As a lifelong "Chicago guy", married family man and real estate broker who helps over 100 families each year move in and out of here, I'm compelled to tell you that the near western suburbs of Chicago (particularly the Hinsdale IL area) is the best place to live in the Chicago Metropolitan area if you are a professional family with kids. If you need convincing, call me. 630-789-8280.
If you are in need of a space-saving idea, particularly for a laundry room conversion, take a look at this great idea from Samsung. It is a clothes washer with a sink built-in to the top. The benefit is that you can now have a sink in a place where you normally could not fit one.
This is a great solution for families that have limited space in their laundry rooms and want a sink. It is also fantastic for those who want to create a mud room/laundry room combination, but are limited on space.
I don't know where Samsung is getting its designers, but they're knocking it out of the park with their creativity. I'm seeing their "French door" style refrigerator everywhere. In fact, I have one in my house in my bar area for parties. It easily accommodates party trays because of the wide double French door design.
If you're considering a move to Chicago, I need to warn you. Living here can be addictive. It is like a clean New York where people are genuinely nice.
Around Me has put together a slide show with their 27 top reasons why this is a great place to live. If you have an interest in moving here and you'd like to speak to a lifelong Chicago guy who knows the best places to live, contact me. You'll be glad you did. I can save you a lot of time and cut through the noise associated with this decision.
There is no safer place to invest your housing dollar than the Hinsdale Central High School District. Year in and year out, the appeal of Hinsdale Central High School is timeless.
The neighborhood, Fairfield, was developed by James McNaughton Builders, one of the biggest brand names in construction in the greater Hinsdale area. It is made up of like-kind homes in an appealing, well-manicured environment.
The home, 724 Megan Court, is an exceptionally well-maintained home which is truly in move-in ready condition. It's on an interior lot with a flat and functional back yard. The link in the previous sentence will point you to more information on this home as well as it's gallery of photos. If you prefer the personal touch, call me. I'm at 630-286-9242. It would be my pleasure to tell you about this myself.
With an appealing mix of climate, culture and geography, certain areas of the United States are natural vacation destinations and magnets for retirees. Many wealthy homebuyers have historically looked to leisure-rich spots like Hawaii, Florida and Arizona for second homes, or waited until they were finished working to make a move. That’s changing, with recent trends suggesting that younger homebuyers are not waiting until they retire to put down roots in places where they would love to live. In fact, homebuyer surveys and the accounts of local Realtors confirm that ultra high net worth individuals are highly mobile and flocking in growing numbers to areas once pegged as resort or second-home markets, as advances in technology, transportation and communication enable a “live anywhere” working-age population.
Buyer interest in traditional vacation destinations is especially evident in recent sales of homes near ski slopes and sandy beaches. In Vail, Colo., the average selling price of luxury homes in the popular ski destination jumped 42.5% over the past two years to $3.8 million in the fourth quarter of 2014. In a warmer climate, one luxury community with a big uptick in prices and sales is Marco Island, Fla., where the average selling price in the fourth quarter of 2014 was $2.16 million, up 34.5% since fourth quarter 2012. Hawaii is also hot. In Lahaina, on the island of Maui, last year’s $1.86 million average selling price in the fourth quarter was up 7% from fourth quarter 2012.
Leading the charge into traditional vacation destinations are younger wealthy buyers, who are especially likely to put lifestyle ahead of location when choosing a place to live. In a 2014 Coldwell Banker Previews International®/Luxury Institute survey of individuals with at least a $5 million net worth, 75% of millennials (under 35) and 65% of Gen Y and Gen X (35–44 years old) say they have “freedom to choose a residence that truly fits my lifestyle and will not limit my search based on location.” The elements they seek out are amazing views, an interior space that wows them and proximity to favorite activities.
WORK AND PLAY IN A DESERT OASIS
Paradise Valley, Ariz., is a luxury enclave just north of Scottsdale and Phoenix, where homes sold for an average of $1.9 million at the end of 2014. Although Arizona has long been a draw for retirees, the current crop of homebuyers is likely to be more focused on their work than their golf game.
“People conduct their business digitally or on the Internet, and my clients are doing it more and more,” says Jan Kabbani, an independent sales associate with Coldwell Banker Residential Brokerage in Phoenix. “I’m seeing lots of wealthy families and couples moving here for the amenities of the area, many of them in their 40s and far from being retired, coming here from California, Seattle, the Midwest and even Canada.” Tax savings can also play a role in tipping the balance for tax-friendly destinations like Florida and Arizona. Kabbani’s most recent Paradise Valley buyer owns a CPA firm in California that does most of its business in Asia, keeping the accountant constantly traveling abroad to meet clients. Being an accountant, he quickly realized that he could save big money on property and income taxes by moving to Arizona, plus he and his wife sought out the desert lifestyle.
Reprinted with permission by Coldwell Banker's Previews. 2015 Luxury Report.
There is no substitute for the privacy achieved by backing to the woods! And there are so very few homes in the Burr Ridge area which offer this benefit. Imagine not seeing neighbors behind you. Imagine a lot which is nearly as deep as a football field. If you want privacy and you aspire to have quick & easy access to Interstate 55 (like 5 minutes), this could be your next new home.
For your convenience, I've included a link to the numerous interior photos of 7440 Arbor in Burr Ridge. The photos do look good, but this home is every bit as fresh, clean and move-in ready as it appears to be on-line.
However, to truly appreciate the splendor of this beautiful home on an awe-inspiring property, contact Bryan@BryanBomba.com so that we can schedule a private walk through for you. You will be glad that you did. Questions? Just ask.
I cannot tell you how much time I spend talking with home buyers and sellers about the inaccuracies of a Zillow Zestimate. And the deviation from the actual valuation is even more extreme when the house is custom, like all homes in the luxury market.
To be fair, Zillow can be a fun and easy tool when you are measuring the value of a new or almost new home in an area where there is a high degree of homogeneity, like a subdivision. Think about it. Zillow never sees the inside of your home so there is not a way that Zillow can make a judgment on things like physical depreciation, functional depreciation (how bad is your floor plan?), custom finishes, modernization, etc. Does Zillow know how you and your neighbors define a neighborhood, like an invisible line that exists in bisecting many streets? I think not. It's simply a mass valuation tool which uses the few public records it can access, like square footage form the assessor's office to approximate a value.
Here's something else for you to consider: In the greater Hinsdale IL real estate market, it takes about 60 days to close a transaction. So, on average, between the time a meeting of the minds occurs between buyer and seller, public records are devoid of the sales price. Only those very close to the transaction know the details of the deal. In a changing market, sources like Zillow only find out the price after the deal closes. So, they tend to be at least 2 months behind the market in terms of forecasting. Make sense?
It's okay to be entertained by services like Zillow, but if you want an expert opinion on value, call an expert.
At least once per week I have a conversation with a couple about downsizing and/or retiring. In part, that conversation involves the question "Where are you moving?"
While a trend already exists where new retirees are moving into metropolitan area, as highlighted in this USA Today piece, the developing trend is a move toward metropolitan areas that offer a warm, sunny climate, a good local economy and affordable housing.
Recently, the National Association of Realtors had studied the question themselves. NAR has found that in descending order of popularity, here are the top metro markets that will see an influx of homebuyers form the Baby Boomer group:
Albuquerque, New Mexico
Fort Meyers, Florida
Greenville, South Carolina
Raleigh, North Carolina
Where would you like to retire?
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