Real Estate Information

April Exceeded All Expectations!

Our open sales in April were the best month we’ve had since May of 2005. Multiple offers were happening all the time as buyers were anxious to secure a home to lock in low rates and price. Inventory continued to be extremely low as months supply of inventory (MSI) was at 2.1 months entering May for DuPage County.

The good news is our listings were 90 units over last year and the best month since May of 2009.

It appears the last 30-45 days that sellers are really getting motivated to put their homes on the market.

Jim McEneaney
Senior Vice President
Regional Sales Manager

The length of a roof's life is impacted largely by what it is made of. Here are the most common roof material types in the greater Chicagao Metropolitan market and their statistical lives:

• Asphalt or fiberglass shingles: 25-30 years
• Cement tiles: 30-40 years
• Wood shingles: 25-50 years
• Slate: 70-100 years
• Metal: 60 years

Given the unseasonably cold weather we are having this Spring, you may perceive this to be a snow-making system. It is not. It is an in-ground sprinkler system. And it is time for you to get yours turned on. 

My "guy" for this is Kevin Chimack. He can be reached at 847-989-4170. Get on his list before it gets too long. 

 I realize that the use of Zillow is fast and easy. With a couple of clicks, you can have a valuation prepared on the residential property of your choice. And that, I will admit, is entertaining. However, that is where my endorsement of Zillow terminates.

As a former real estate appraiser and current real estate broker (with combined experience of over 20 years) who specializes in a very small geographic area and sells over a hundred homes per year, I think that most reasonable people would agree that I have expertise in the valuation of residential real estate in the greater Hinsdale, Clarendon Hills, Western Springs, Burr Ridge area.

In the near-western suburbs of Chicago, we have custom homes, not tract-built, mass-produced subdivisions. These homes are custom-designed by different architects; custom-built by different builders; maintained and improved to varying degrees by homeowners.

To properly value these homes involves both science and art. The art side requires a "feel' for the mood of the market. The valuation of a house is actually a prediction of human behavior. It is an estimate of what a typical, informed buyer will pay for a home under a specific period of time. This art component involves intimate knowledge about specific sub-markets. For example, does the property being valued have a new kitchen or an old kitchen? Are the cabinets (one of the most expensive finishes in a home) a custom-made beaded inset design or a production cabinet made of an out-of-style material? How is the workmanship of the entire home? How is its condition? The floor plan? Are there any external factors which impact price - like a high traffic street or a park? Is the decorating current?

My assertion is that to most accurately value a custom home, you need to:

A. Know the neighborhood/market

B. See the inside

To most accurately value a home, you cannot use a mechanical price-per-square foot approach. That would be like valuing a car on a price-per-pound basis. Or getting a ziagnosis when you are sick. Qualitative analysis is required to most accurately predict what a buyer will pay for a home.

So please continue to be entertained by Zillow. Just do not ask me to explain why my thorough valuation reports differ from their one-click special!

This is one of those locations where those in the know aspire to live. 

230 N. Park in Hinsdale Illinois has a unique location in that, within a less-than-five-minute walk radius, you can be at The Lane Elementary School (Blue Ribbon Award winner, by the way), the main Hinsdale Metra train station, downtown Hinsdale (and all that it offers including the Farmer's Market, Starbuck's, etc). 

If you have ever had the luxury of a true "walk to" lifestyle, you know what I mean. If you are stuck in a "drive to" lifestyle, now may be the time to upgrade the quality of your lifestyle and downgrade your stress level. 

Unlike many of the narrow Hinsdale homes, this one has broad shoulders. According to the assessor, there are 3,808 square feet of above ground living area plus a nicely finished lower level. The lot is wide, too; it measures 79x144. All four bedrooms are on the second floor. This includes an over-sized master suite with three walk-in closets. 

If this is of interest to you, take a look at the interior slide show of 230 N. Park Hinsdale IL. If you like what you see, please contact Bryan@BryanBomba.com for your own private viewing.

If you have an interest in luxury real estate, you have probably wondered "Where are the highest-priced homes located?" Take a look and see for yourself.

In Chicago, the highest-priced property listing is the Penthouse at Trump Tower. The asking price for this luxury home is $32,000,000. If you have an interest in knowing more about your luxury real estate, just ask.

I anticipate residential real estate market activity to be explosive during the first quarter of 2013.

Using the market activity for the last 30 days of 2012 as a barometer, I will show you what I mean. The following numbers were extracted this week and are based on the trailing 30 day period versus the same period in 2011. They represent the number of accepted contracts expressed as a percentage compared to last year:

Hinsdale-147%
Burr Ridge-171%
Clarendon Hills-233%
LaGrange-138%
Western Springs-83%
Elmhurst-167%

The buyer demand for 2013 has already begun to surge. My team and I are already scheduled out two weeks in advance for buyer appointments. It appears as if it is going to be a good ride in 2013.

To get an immediate online valuation on your home: MyMarketValuation.com.

The "Nantucket", "shingle" or "coastal" style is undoubtedly the most popular architectural style in Hinsdale IL right now. The buyers who demand this style are drawn to its clean line elegance and the feeling of informal luxury. Predominantly, this type of home is sided with cedar (sometimes cement board) with some natural stone accents. The trim and interior doors are always white. The kitchens tend to be white as well.

This specific home is currently under construction at 632 S. Stough in Hinsdale IL. Unlike most of the homes in Hinsdale, this one has the benefit of being on a 59-foot wide lot. Compared to a 50-foot wide lot (the standard), the 59-footer offers nearly 20% more width. And this is definitely something that you can see and feel as you walk the floor plan. It contains five bedrooms,  5 1/2 bathrooms and a nicely finished lower level with bar. It offers an amazingly easy walk to the west Hinsdale Metra train station.

The home is scheduled to be delivered in April of 2013. As construction progresses, the ability to choose specific finishes (tile/paint/etc.) diminishes, so, if you have an interest in living in a coastal home, contact me now so that we may arrange your private showing.

Located at 46 Village Place (definitely an upscale alley, for those of you from out of town) in Hinsdale, IL, Cafe La Fortuna is the newest addition to Hinsdale's ever-changing culinary scene. The cafe's owner, Alejandro Garcia-Palacios, is a 3rd generation coffee roaster. He serves Mexican coffee exclusively. The menu is interesting as well. Take a look:

I had my first cup today. The flavor is definitely distinctive and worth a try. So go ahead and stop by. Give Alejandro some support for offering us an alternative....

Popular Hinsdale IL builder, Pete Corluka of Courtyard Custom Homes, discusses his latest nearly completed home, 623 S. Bruner in Hinsdale IL 60521.