Real Estate in Barrington & The Northwest Suburbs: Illinois: Lake Barrington Shores

Lake Barrington Shores - Winning The Popularity Contest in 2012

This might seem like a funny title for a year end market report, but's it meant to help sellers understand that they have competition in Lake Barrington Shores in today's buyers market. At the end we'll look at some suggestions to help you win that popularity contest and sell 2012.

My opinion is that 2011 was not really much better a year than 2010. In conversations with both consumers and fellow agents it seems a lot of folks are still waiting for a rubber ball bounce back. It isn't going to happen! Gains will be slow, very slow, and I am not sure when we are going to see the start.

 Let's get back to Lake Barrington Shores.

I did a little research over the weekend into which brokerages were selling the most units in Lake Barrington Shores. It was not at all what I expected. No clear winner. I am happy to say I manage a couple every year, but honestly would like a few more. I get so many visitors to my web site looking for Lake Barrington Shores, I scratch my head and ponder why they don't buy. So what did sell in 2011?

Total units sold were 30.  That's 2.5 a month. How many current listings? 57. How do the sales compare to previous years?

The good news from this chart is that marketing times appear to have peaked and are now leveling off. The bad news for sellers last year, well I guess the graph speaks volumes. Frankly last year was pretty awful. Only 30 sales compared to all previous years in a down market where sales were always more than 40 a year. So what happened?

Now back to that popularity contest. What can you do to jump start your sale this year? 

• Whether listing new or currently listed. Is your price competitive. Get a new analysis of your price!
• Beat your competition. Undercut them. Become the best buy in LBS.
• Upgrades. From the mouths of my buyers. They don't want old kitchens or bathrooms!
• De-Clutter. Too much furniture in too little space makes your home seem small.
• Paint. Purple, pink, aqua, get it gone, neutralize.
• Vacant? Consider staging, well staged homes enable buyers to visualize themselves living there.

It's high time I published the third quarterly report for Lake Barrington Shores. We are more than half way through October and if I don't get it done today I might miss it completely. So here goes.

Let's first take a look at rentals. If you recall last quarter I mentioned that rentals in Lake Barrington Shores were hot properties. At the time of writing last quarters end there were only 2 available. As of today there are now 10 available. That's still under average but at least there is a little more choice.

Now for sales. It's exciting to see more sales in this past quarter than both the first or second. The graph below is showing sales and market times for this year. Sales up, market times coming down, all is good? Maybe, maybe not.

We still have a lot of inventory to move in Lake Barrington Shores. There are 74 units available for sale, with another 6 under contract. Those that are available have a current average market time of 253 days. That's the average, so many have market times higher than that.

So what can we say for sure? Well as usual it's price and condition that are ruling our sales. Location is a given as they are all in the same complex. Waterfront units maybe more appealing but then again some buyers want the golf course, so I think it evens itself out. The lower priced units are selling faster than the higher priced units. If you are listing for sale consider this when you are pricing. Look at your direct competition and undercut them where possible.

I'll be back in January to update the graph but I expect sales may drop a little, although with 6 already under contract maybe they wont. See you in January!

It's been busy at the beginning of July and I am a little behind with my market reports, so let's get to Lake Barrington Shores Properties and see how we are doing.

First let's look at rentals. Not something I do a lot of - out of choice - but I do have a unit available for rent from the first week in August once my buyer has closed the purchase. Lake Barrington Shores Properties has several condo associations and they all have different rules regarding renting units, most often you have to own and live in a unit for 1 to 2 years before a lease is permitted. Some allow pets, others not. Anyway suffice to say the rental market in Lake Barrington Shores right now is scorching hot. Currently there are 2 units available, yes 2.

It was not uncommon to see 10 to 15 up for rent, so 2 gives you an idea of how hot it is. The unit I will have already has one tenant lined up, and we have not even closed the purchase yet. Nothing is set yet, so if $1700 is your budget, a 2 bed, 2.5 bath, 2 car garage, totally updated end unit looking over the golf course is just what you need, call or contact me today! 847-363-3686 (No pets).

Now to Lake Barrington Shores Property Sales.

This graph shows positive things. More sales and shorter marketing times. However the warmer months always bring more sales, so let's wait for next quarter to see how sales go, more or less. One good thing - once you price your home right it will sell at about 95% of asking. But the trick is that price and here is a scary number. The average final sales price was only 64% of the starting price, over the last 6 months.  So the sellers of the 10 homes that sold made some serious price reductions before they were at market value.

Another horrible number, of all the homes listed during these last 6 months, only 9% of them sold. 87% of them did not sell, the listings were either cancelled or expired, the remaining 4% stayed on the market for sale.

It's likely the cancelled listings were renewed and back on the market before long.

However this tells me that there is still a huge disconnect between emotion and reality. So here is what I say. Get the price right, or if you don't have to sell, then don't.

For buyers too it's important to get the price right, there is no need to overpay, likewise low balling well priced homes is also a waste of time. If you would like to buy in Lake Barrington Shores, start your search for properties today.

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

Copyright Corinne Guest *Lake Barrington Shores Properties - Quarterly Real Estate Report Q2 2011*

Lake Barrington Shores 2010 Year End Real Estate Market Report-Comparing Sales to 2009

Lake Barrington Shores is still very much a popular gated community in which to live, as it offers residents that lifestyle way of living. With the security, club house, organized outings, golf course and stunning views every day of the year, residents love it here.

So how did real estate fair in 2010 compared to 2009 in Lake Barrington Shores.

Let's look at 2009 first.

There were a total of 36 sales with closed prices from $135,000 to $480,000

The median price sold was $240,000

The average sales price was $255,124

The average marketing time was 253 days

The list to sales price ratio of all the homes sold was an average of 93% of final list price. 

The list to sales price ratio of all the homes sold was an average of 88% of the original list price.

If you are in the market to buy view all the current listings for Lake Barrington Shores Homes in one place.

Now let's see how Lake Barrington real estate sales compared in 2010, it might give us a little insight into what to expect this year, 2011.

There were a total of 41 sales with closed prices from $150,000 to $450,000

The median price sold was $246,000

The average sales price was $254,920

The average marketing time was 195 days

The list to sales price ratio of all the homes sold was an average of 93% of final list price. 

The list to sales price ratio of all the homes sold was an average of 85% of the original list price.

What are the changes in the Lake Barrington Shores real estate market from 2009 to 2010?

Sales are up by 2% - Not a noteable change.

Market times were down by 23% - This shows more confidence in our market.

Prices are holding steady, no real difference year over year.- Continue to price right and you'll get that sale.

If you are in the market to sell your Lake Barrington Shores home, contact the market expert and let me show you how I have the freedom to market your home to hundreds of Barrington buyers with no corporate advertising restrictions.

Contact:

Corinne Guest
Real Estate in Barrington
Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

Waterfront Townhomes and Condo Homes on Shoreline Road Lake Barrington Shores

Where can you find condos and townhomes in Lake Barrington with a waterfront location? There is only one place to look. Shoreline Road in Lake Barrington Shores.

Shoreline Road in Lake Barrington Shores gated community of condos and town homes is one of the longest roads in this gated community. As you enter the main gate and turn left you are on Shoreline Road. There are condos and townhomes on both sides of the road. On the right hand side you'll find the waterfront properties.

What do condos and townhomes on Shoreline Road sell for and what's available now. Sales this year have ranged between $170,000 and $398,000. The lower end of this price range bought a 2 bed and 2 bath condo with a single car garage and the higher end bought a 3 bed and 3 bath townhome with full walk out basement and a 2 car garage.

Currently available on Shoreline Road are 18 condos and townhomes with prices from $200,000 to $429,900. Not all are waterfront, check with me for a list of the waterfront units. Sizes of these homes ranges between approx. 1300 square feet and 2700 square feet. Each home is assessed a monthly maintenance fee that covers exterior maintenance, common insurance, gated complex security, clubhouse facilities and more. Not all will have basements and some might require some updating.

Visit Lake Barrington Shores information and search for homes or just view all the waterfront homes on Shoreline Road and other parts of Lake Barrington Shores

Contact:

Corinne Guest
Barrington, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

Should You Upgrade Your Lake Barrington Shores Town Home to Sell or Let The Buyers Get a Deal and Do it Themselves?

This is age old question that always has two answers. If you are a seller and have lived comfortably in your home for a number of years it's possible that you consider your Lake Barrington Shores Town-home is updated and does not need any upgrades. After all we are in a down market so why should you spend a lot of money just so you can get a fast sale.

If you are the buyer you absolutely think that the Lake Barrington Shores Town-homes you are looking at to buy should be updated. After all it is a buyers market and therefore you can pick from the cream of the crop so to speak.

So who is going to win the battle? If you are a seller how much are you going to reduce your asking price to compensate and at what point will you finally get your long awaited buyer. If you are a buyer are you prepared to tackle large projects to upgrade a home as long as the price is right?

From experience I can tell you that eventually if the price overcomes the objection you will sell. Or the location of your Lake Barrington Shores town home is so appealing that again the objection will be over come. As a seller only you can decide what to do.

I recently helped my buyers close the purchase of 947 Shoreline in Lake Barrington Shores and today I visited to see how the upgrading was coming along. Although the kitchen of this town-home was not very old the bathrooms were probably originals. There was also a wall which if removed would bring a glorious view of the lake into the kitchen. So it was time to pull out the kitchen, cut a wall in half and pull out the master bath and powder room.

The photo at the left shows that the kitchen wall has been cut down to a half height and so all the light pours into the kitchen from the lake view. Facing the other way on the right there will be a breakfast bar facing into the kitchen. Custom cabinetry, double thick granite, recessed lighting and more is going to make this kitchen one for the glossy kitchen magazines for sure.

The master bathroom was a little busy for photos today and Rosie my new favorite chocolate lab was getting impatient waiting for her walk to continue but I'll go back soon. Hopefully the work will be completed by the end of November but there is still lots to be done.

Contact:

Corinne Guest
Palatine, IL Realtor®/ Royal Advocate Realty
Info@CorinneGuest.com
(847) 363-3686

More information can be found at my Palatine Real Estate website. Research all the villages of Palatine, Deer Park, Inverness and Tower Lakes. Search all the Palatine IL Homes For Sale with no registration required. Sign up for new listings by email.

Providing buyers and sellers agent real estate services in the communities of the Palatine Villages, Palatine IL Homes For Sale, Lake Zurich, Hawthorn Woods, Long Grove and Kildeer.

Mid Year Market Update-Lake Barrington Shores For Sale-Sold

With 6 months of the year behind us this market report on Lake Barrington Shores shows how well condos and town-homes in the gated community are selling. Lake Barrington Shores is a gated community of 1317 homes situated around the lake and a full golf course. Folks love to buy in Lake Barrington Shores because it is not just about the maintenance free homes it's more about the lifestyle. If you decide to look for a condo or townhome in Lake Barrington this might be just what you are looking for.

With the golf course, community center, club house, lake, walking paths, barbeque on the beach, tennis courts and more there is always something to do for all generations. Lake Barrington Shores condos, town-homes and duplexes are condominium ownership, which means you'll own your home plus a share of all the common areas. Lawn care, snow removal and exterior maintenance is included in your monthly assessment fee.

So how are sales so far in 2010?

With 22 sales, 3 of which are foreclosures we have 88% non distressed and 12% distressed in the first half of the year. There have been no short sales closed to date in 2010.

Current homes available in Lake Barrington Shores

There are 85 homes for sale, 96% of these are non distressed, only 4 are bank owned or short sales.

When buying in Lake Barrington Shores the buyer is responsible for a 3 month assessment fee to be paid as soon as possible after contracts agreed. There is also an application fee. After closing buyers will get a closing package from their association and will have an appointment with the office to go through everything a new owner needs to know. You'll get car transponders as well for access through the gates.

If you have children the schools are as follows:

• North Barrington Elementary School
• Barrington Middle School-Prairie Campus
• Barrington High School

Nearest train station if you are going to be commuting to Chicago is Fox River Grove, the parking is cheaper than Barrington. You can also use Fox River Grove for grocery shopping as there is a Dominicks there as well as a Post Office.

Call me to find your Lake Barrington Shores home. Corinne Guest 847.363.3686

Copyright 2010 Corinne Guest All Rights Reserved - * Mid Year Market Update-Lake Barrington Shores For Sale-Sold *

Hi Corinne:

Holly and I know real estate brokers/agents and you, Mrs. Guest, are no real estate broker----at least in terms of the common perception. A guru? Possibly. An advisor? Definitely. Hopefully, even a friend.

If our experience with you is indicative of the manner in which you deal with your clients (and we are sure it is) you are going to give real estate brokers a good name

Holly and I hope to convey our heartfelt thanks for your assistance and guidance. As you know, our Lake Barrington search spanned three years and four buyer's agents and we both feel you were a major element in allowing us to reach a successful conclusion. Not only were you always available and patient, but alone among the buyer's agents we worked with, you actually listened to and acted upon what we wanted. Never did we feel (as we did with other agents) any push to action so that you might earn your commission, nor did you ever seek to push your own sensibilities regarding any prospect. Yet, when we did seek your opinion, you always provided reasoned and incisive advice.

We will definitely ensure that everyone we know is aware of your talent. If we can be of service to you by acting as a reference for future clients, please don't hesitate to use our contact information

Thank you also for the picture of the new addition to your crane family. Holly is so taken with the photo, she is considering enlarging and framing it!

Again, thanks for everything.

John Polacek

July 2nd 2010.

Lake Barrington Shores – Please Welcome Your New Neighbors at 215 Club Circle

John & Holly have been looking for a duplex in Lake Barrington Shores for a while. They knew exactly what they wanted but the perfect unit seemed very elusive. John & Holly wanted a lifestyle change. No more high rise living in down town Chicago - they were drawn to Lake Barrington Shores for many reasons:

• Gated Community
• Golf Course
• Club House
• Waterfront
• Natural Beauty
• Gym & Pools
  
• Low Maintenance
  
• Countryside Feel of Lake Barrington
• Wildlife

Now they are the owners of 215 Club Circle - Lake Barrington, a duplex on a small cul de sac near the club house, with a beautiful waterfront view and location. They accepted the keys to their new home Monday.

John & Holly choose this Lake Barrington Shores duplex unit because in addition to the perfect location for them, it had been upgraded by the seller with a new kitchen, new bathrooms, new carpets and floors. It had a basement perfect for a theater room, the 3 bedrooms they needed and that it looked more like a house than many other units.

I thank John and Holly for trusting the purchase of their new home with me. I know when we met they were looking for a buyer’s agent that knew the area well and needed guidance on Barrington as well as honest input and suggestions as they searched.  They might think I would get impatient with them but I assured them I would stick with them until they were 100% happy with the home they chose and we have become good friends. John and Holly were amazed to find I have Sand Hill Cranes living in my backyard. I have just sent photos of the new baby – he or she is so small.

If you are looking for a new home in Lake Barrington Shores, let me help you find one. Every-one loves the community of Lake Barrington Shores - the security of a gated area and the lifestyle living it offers. There are tow- homes, condos, duplexes and prices as low as $180,000 to $450,000. I live just down the road in Lake Barrington and can help guide you to all that the community has to offer.

Call me anytime: Your Barrington Illinois Buyers Agent. Corinne Guest 847.363.3686

 Copyright 2010 Corinne Guest All Rights Reserved  - * Lake Barrington Shores – Please Welcome Your New Neighbors at 215 Club Circle *