The Illinois branch of the National Association of Realtors released a report showing three consecutive months of stability in the median home price for Illinois. Sales for November were down compared to November of 2009 but it is important to consider that the original deadline for the Homebuyer Tax Credit was the end of November 2009 so there was a lot of extraordinary sales activity going on.
Also from NAR here are some interesting statistics regarding Illinois buyers and sellers in 2010. 53 % of homebuyers in Illinois this year were first-time buyers. Also, commuting costs were considered somewhat important to very important by buyers. The typical buyer searched for 12 weeks and viewed on average 15 homes.
Finally, although almost all (93%) buyers used the Internet as part of their search, 85% of all buyers ended up purchasing their home through a real estate agent or broker.
I was driving along my favorite block in Chicago, namely East Lake Shore Drive, and all of the buildings looked so beautiful for Christmas. It started with the Drake Hotel nicely decked out.
One of my favorite New Year's Eve events was a special party thrown at 189 E. Lake Shore Drive when it was still the Mayfair Hotel, before it was developed by LR Development into a luxury condominium building. Who can forget the Ciel Bleu Restaurant looking out over stunning Lake Shore Drive!
Then the viewing continued on with all of the elegant buildings along the block, including my favorite, 209 E. Lake Shore Drive, with its welcoming entrance.
I was recently blessed to be part of a transaction that will be newsworthy one day, but until then it is hush-hush, which is not all that uncommon in the luxury Real Estate market. I'm sure it will cause some real interest when the news breaks. For now, the discreet brokers know how to keep a secret!
I hope you all get out and enjoy the upcoming New Year weekend, let's all hope for bigger and better things in 2011. Happy New Year!