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Buyers’ Market in the Chicago area

Housing downturn means today’s shoppers pay less for bigger homes and lots

(page 2 of 2)

SUBURBS

HIGHLAND PARK

Highland Park 2007

2007
SALE PRICE: $740,000
2,147 square feet
PRICE PER SQUARE FOOT: $345
LOT SIZE: 12,940 square feet

Highland Park 2009

2009
SALE PRICE: $595,000
2,720 square feet
PRICE PER SQUARE FOOT: $219
LOT SIZE: 20,927 square feet

For far less money, the 2009 buyer got five bedrooms (compared to four in 2007), three-plus baths (compared to two-plus), a lofty two-story foyer (not included in the home’s square footage), and a significantly larger lot.

 

 

LA GRANGE

La Grange 2007

2007
SALE PRICE: $445,000
1,397 square feet
PRICE PER SQUARE FOOT: $319
LOT SIZE: 6,270 square feet

La Grange 2009

2009
SALE PRICE: $445,000
1,599 square feet
PRICE PER SQUARE FOOT: $278
LOT SIZE: 21,410 square feet

The properties sold for the same price, but the 2009 house has four bedrooms (compared to 2007’s three), a family room on the first floor (2007’s is in the basement), and a lot more than three times larger than its 2007 counterpart.

 

 

WILMETTE

Wilmette 2007

2007
SALE PRICE: $713,500
1,526 square feet
PRICE PER SQUARE FOOT: $468
LOT SIZE: 8,400 square feet

Wilmette 2009

2009
SALE PRICE: $712,500
2,144 square feet
PRICE PER SQUARE FOOT: $332
LOT SIZE: 8,750 square feet

The 2009 buyers paid $1,000 less and got an additional bedroom (five, to the 2007 house’s four), as well as a den, a breakfast room, a small office, and a mudroom that the other house doesn’t have—plus oodles more curb appeal.

 

Send tips about high-end home sales to dennis@rodkin.com.

 

Photography: Dennis Rodkin

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