RE: Something's happening here.....

And what it is I'm not exactly sure....or so goes the song.

During a walk around my neighborhood recently, I noticed that some builders are back! There are two homes; on Birchwood and Washington in Wilmette that are going up. "For Sale" signs adorn the front of each lot.

A few years ago, I would have felt irritated and inconvenienced with the sights and especially noise associated with new construction. Now, I am filled with hope. It is possible that these builders have found a way to venture back into the home building business?

The house on Birchwood has 14 rooms;4 bedrooms; 6 baths. It is brick and stone on a 50 X 177 lot. It's listed for sale at $1,399M and if you buy now, you can select the finishes you like. The house on Washington has 15 rooms; 4 bedrooms; 4.1 baths. It is also listed for $1,399M, with the inducement of buyer choice on the finishes if purchased early enough.

Many builders prefer to select their own finishes. It's just easier and quicker. Often, the buyers may linger over their own personal choices, after all, they will be living with it. But, it often has the effect of slowing down the process of finishing the house on time. Occasionally there will be disagreements on how much the builder should allot for finishes, thus causing tension throughout the remainder of the project. Most builders would rather avoid the potential headaches, and do it themselves. This should be viewed as a concession on the builder's part.

Houses of this magnitude would have been listed for a least, $1.5M and up a few years ago. This too, is a sign of the times. More for you money mixed in with motivated builders......a great combination for a buyer looking to purchase new construction.

If you are interested in more information about these homes, send me an email.

RE: State of the Lake

Here are the stats for the past 30 days:

WILMETTE:
actives: 274
pending: 5
closed: 22

WINNETKA:
actives: 241
pending: 3
closed: 19 (includes 4 at $2million or more)

KENILWORTH:
actives: 64
pending: 2
closed: 4

GLENCOE:
actives: 154
pending: 1
closed: 4

Mallinckrodt in the Park foreclosure

The developers of Wilmette's own senior community, Mallinckrodt in the Park have been hit with a foreclosure lawsuit by M&I (Marshall & Isley) Bank of Milwaukee.  Named in the $15 million suit were Donald Gianone, president of Oculus Development, LLC and five family members of Pickus Cos, who personally guaranteed the loan.

You may recall that the Village of Wilmette purchased the former Mallinckrodt College from Loyola University in order to save the historic building from a wrecking ball.  Oculus Development, LLC & Pickus Cos, in a joint venture bought the building from the Village.  They agreed to develop a senior condominium project including 12 "affordable" condo units that were priced at $200,000 in the building that once housed the college.  The remaining units were listed for  considerably higher, some over a million dollars.  To date, approximately half of the 81 units remain unsold.

What do you think of the Mallinckrodt Predicament?  Who are the victims here?  Are there any villans?

On the bright side:  If you find yourself looking for something to do this Sunday, January 11, 2009, stop by the Wilmette Rec Center on Old Glenview Rd.  Starting at 2pm you can view amazing  artwork at the Winter Recital & Vibrant Art of Persons with Disabilities Art Exhibit.  A recital featuring The New Trier High Five Choir and some New Trier graduates begins at 3pm.  Admission is free.   Come and support Wilmette's art scene.