Real Estate in Barrington & The Northwest Suburbs: Lake Barrington Shores Properties - Quarterly Real Estate Report Q2 2011

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*