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Elmhurst Community Update

by Thomas Makinney

There’s always something going on here in Elmhurst, and from time to time we’re happy to share with you the things that we find interesting. This week we’ll take a look at some of the events that may have escaped your notice.

The York Theatre at 150 North York is once again sponsoring its Predict the Oscars contest. From now until February 23rd, choose who you think will win the statues from the list of those nominated by the Academy. The winner of this contest will receive free movies for two for a whole year at any Classic Cinemas location, plus a $200 gift card redeemable at any of the 20 Chicagoland Francesca Restaurants. The twelve second place winners will each receive a movie pass for one for an entire year, and each correct entry in the contest will receive a pair of tickets to the Brookfield Zoo, along with a pair of movie passes. Drop off your ballots at the York Theatre lobby.

Located just above the York Theatre, the Theatre Historical Society of America will open a new exhibit on February 1st called Movies in the Moonlight: the Life and Times of the American Drive-In Movie Theatre. This year marks the 80th anniversary of the drive-in theatre, and the exhibit follows the timeline of its popularity, through its peak in the ‘50s to its current quasi-novelty status. The exhibition’s opening will run from 6 to 8 pm on February 1st, and it is a free event; however, space is limited. RSVP to office@historictheatres.org or call 630-782-1800.

The Elmhurst Historical Museum is extending its exhibit, Elmhurst Goes to the Fair, until April 12th. The exhibit considers three Elmhurst residents – Thomas Barbour Bryan, Caroline Wade, and Dorothy Brush – who where all connected to either the 1893 or 1933-34 fairs. This exhibit is sponsored by the York Theatre. Also coming to the Museum, a new exhibit entitled On the Road to Glory focuses on our own NASCAR driver, Fearless Freddie Lorenzen, winner of the 1965 Daytona 500. The exhibit will run from February 1st through May 19th with an opening reception on the evening of January 31st. Reservations for the opening can be made by email at ehm@elmhurst.org, or by calling 630-833-1457.

There’s always something interesting to do here in Elmhurst, and that’s just one of the reasons we call this home. Why not make it your home, too? All of us here at The Gracik Makinney Real Estate Group are dedicated to providing you the best service possible. Contact us today at 190 North York Road in Elmhurst or at (630) 567-5902.

January Newsletter

by Thomas Makinney

December 2012 Real Estate Market Trends

As of December 2012, Elmhurst YTD sales are up almost 18%, from 435 to 509 homes sold. Year-To-Date December 2012 vs. Year-To-Date December 2011, the average price in the Elmhurst Area was down 0.01%. The YTD average price was down from $382,054 to $382,006. The YTD median price decreased 5.9%, from $320,000 to $301,000. As of January 28, 2013 there were 304 active listings in the MLS, representing a 8.52-month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) were up from 141 thru November 2011 to 144 thru December 2012.

 
MARKET SUMMARY - ELMHURST
  New Listings / % Change Closed Sales Avg. Price / % Change Median Price Days on Market
December 2012 44 / 18.92% 32 $377,975 / -10.28% $325,000 171
December 2011 37   31 $421,265   $346,250 163
Year-To-Date 2012 946 / -6.98% 509 $382,006 / -0.01% $301,000 144
Year-To-Date 2011 1017   435 $382,054   $320,000 141

 

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

 

Market Pulse

Supplies have decreased sharply over the past year down 41.82% while going back to 2008 down 56.13%.  Median prices have dropped as well but at much lower rates over the past year (2.64%) compared to overall decrease since 2008 of 33.04%.

As I have continued to caution please understand what these changes in Median Prices are telling us.  These declines are NOT the actual rates of depreciation in the market.  Increased distressed sales are just one factor that has contributed to decreases in prices over the past several years.  Reductions in that facet of the market should therefore allow for Median Prices to increase.  Will that be the rate of appreciation?  No.  But it is one variable that will lead to stronger prices as the market does improve further.  If supply levels continue to remain low (many markets have actually experienced shortages), this will be an additional component to improving market conditions.

While it is too early to really know what direction the housing market will take in 2013, many pieces of the puzzle appear to be falling better into place that will hopefully allow for “13” to be a lucky number.

If any old valuation issues need further clarification or new concerns arise, I am always happy to provide my insight at your office meetings.  Please feel free to contact me with any questions with regard to the attached or any other issues that might arise.

Robert E. Headrick, SRA, SCRP

Robert E. Headrick & Associates, Inc.

Gracik Makinney Real Estate Group Joins Coldwell Banker Residential Brokerage Elmhurst Office

ELMHURST, Ill. (January 29, 2013) – Coldwell Banker Residential Brokerage is pleased to announce that Gracik Makinney Real Estate Group has joined the Coldwell Banker Elmhurst office.   This dynamic team consists of partners Maria Gracik and Tom Makinney, Gina Brigham, and Mary Riva.  The group has made quite a name for themselves over the years, selling over 370 homes and totaling over $190 million in sales since 2006, continuously ranking as top producers in Dupage County.  In 2011 the team was ranked #1 in the Elmhurst Market Share, and most recently grew their business by over 30% to place, for the 2nd year in a row, in the top ten agents of DuPage County for 2012.

 “I am thrilled to welcome Gracik Makinney Real Estate Group to the Coldwell Banker Residential Brokerage family,” said Nancy Thunberg, manager of the Coldwell Banker Elmhurst office. “They are a boutique group that goes the extra mile, helping their clients optimize the presentation of their home, identify their target market, develop a strategic marketing plan, and assess market value.  Their in-depth knowledge of the local community, proven track record of success and commitment to their clients make them valuable assets to our team.”

As two of the strongest individual producers in the Elhmurst area, Gracik and Makinney provided steep competition for each other for years, constantly challenging the other to the top spot.  They eventually joined forces in 2009, combining their extensive experience and unparalleled customer service to become an unstoppable team built on a shared passion.  “Joining Coldwell Banker was a clear choice for us,” said Gracik and Makinney.  “Having the number one global brand in real estate providing us the support and the tools necessary to grow our business is invaluable.  It was important for us to stay true to our commitment to integrity and to position ourselves to better serve our clients.” Maria Gracik can be reached at 630.306.7882 and Tom Makinney can be reached at 630.567.5902.

About Coldwell Banker Residential Brokerage

Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company serving Chicagoland, Northwest Indiana, Southeast Wisconsin and Southwest Michigan, operates 53 offices with more than 3,300 sales associates. Coldwell Banker Residential Brokerage is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.coldwellbankeronline.com

 

Elmhurst Illinois Open Houses for Sunday, January 27 ,2013

by Thomas Makinney

Address:153 N.Caroline Ave   
City:Elmhurst    
Price:$795,000
Scheduled For:01/27/2013 02:00 PM  

 

Address:903 Chatham Ave    
City:Elmhurst    
Price:$999,999
Scheduled For:01/27/2013 02:00 PM

Address:100 W.Butterfield Rd    
City:Elmhurst
Price:$114,900
Scheduled For:01/26/2013 12:00 PM
    
Address:100 W.Butterfield Rd    
City:Elmhurst
Price:$129,750
Scheduled For:01/26/2013 12:00 PM    

Address:100 W.Butterfield Rd    
City:Elmhurst
Price:$153,900
Scheduled For:01/26/2013 12:00 PM    

Address:1170 S.Prospect Ave
City: Elmhurst    
Price:$299,500
Scheduled For: 01/27/2013 01:00 PM    

Address:197 E.Grantley Ave    
City: Elmhurst
Price:$369,900
Scheduled For:01/27/2013 01:00 PM    

Address:135 N.Myrtle Ave    
City:Elmhurst
Price:$372,900        
Scheduled For:01/27/2013 01:00 PM    

Address:949 S.Spring Rd    
City:Elmhurst    
Price:$375,000    
Scheduled For:01/27/2013 01:00 PM    

Address:419 W.2nd St
City:Elmhurst
Price:$399,900
Scheduled For: 01/27/2013 01:00 PM    

Address:621 W.Belden Ave    
City:Elmhurst
Price:$459,900    
Scheduled For:01/27/2013 01:00 PM    

Address:321N.Myrtle        
City: Elmhurst    
Price:$485,000    
Scheduled For:01/27/2013 01:00 PM    

Address:452 S.Kenilworth Ave    
City:Elmhurst    
Price:$675,000    
Scheduled For:01/27/2013 01:00 PM    

Address:466 N.Oak Ave
City:Elmhurst    
Price:$879,900    
Scheduled For:01/27/2013 01:00 PM    


  
 

Realtor Tom Makinney was thrilled to visit this historical prairie style Elmhurst home designed by Walter Burley Griffin in 1903 and meticulously restored by renowned restoration architect John Eifler to original glory with modern amenities.  

This 5800 square foot, 6 bedroom home was awarded a Dreihaus Preservation Award for Historic Rehab in 2005 and is on The National Registry of Historic Places.  

The home is within walking distance of downtown Elmhurst and K-12 schools.  

This home will be listed for $1,850,000.

Tom Makinney of Coldwell Banker's Gracik Makinney Real Estate Group is our tour guide in this sponsored video.

Using the 'Net to Find an Elmhurst Home

by Thomas Makinney

The National Association of Realtors in collaboration with Google released a study earlier this month stating that 90 percent of 2012 homebuyers searched online during their home buying process. Fast access to information seemed to be the driving force, but unfortunately for Elmhurst homebuyers, the information they access may not be 100 percent accurate.

Internet-based real estate sites such as Trulia and Zillow use the Multiple Listing Service (MLS) database to populate their own databases of homes for sale. When a listing agent adds a new home to the MLS database, it takes about 15 minutes to appear. Unfortunately, it can take up to 9 days for that same listing to appear on Trulia or Zillow, and if a buyer is relying upon only this information, he or she may miss a great deal on the perfect home.

Slow data publication isn’t the only problem with these sites. The Internet-based real estate firm Redfin was recently hired to assess the accuracy of the data posted on these sites. They found that approximately 36 percent of the listings shown as active on both Zillow and Trulia were in fact no longer available. What’s more, the study also found that both sites showed only a fraction of the actual MLS listings available. Zillow displayed 79 percent of them, and Trulia displayed 81 percent.

During the past year, more and more brokerages have chosen not to display their listings on national real estate portals such as these. Out-of-date and inaccurate information doesn’t help anyone trying to purchase or sell a property – buyers aren’t the only ones who may be getting the wrong information. Sellers may be tempted to use automated estimating applications on these sites. In particular, Zillow’s Zestimate is advertised as a reliable way to estimate the value of a home. Unfortunately, by Zillow’s own admission, any given Zestimate falls within 5 percent of the actual selling price only 33 percent of the time.

The best way to get up-to-date, reliable information about regional real estate is to enlist the services of professional agents. Access to real-time MLS data, first-hand knowledge of the region and its markets, and the experience to interpret all of this information for your specific needs make real estate professionals the best choice when buying or selling your home. All of us here at The Gracik Makinney Real Estate Group are dedicated to providing you the best service possible. Contact us today at 190 North York Road in Elmhurst, or at (630) 567-5902.

Elmhurst Illinois Open Houses for Sunday, January 20 ,2013

by Thomas Makinney

Address:413 S Scott St

City: Elmhurst

Price:$325,000

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:197 E Grantley Ave

City: Elmhurst

Price:$369,900

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:361 E South St

City: Elmhurst

Price:$399,000

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:419 W 2nd St

City: Elmhurst

Price:$399,900

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:621 W Belden Ave

City: Elmhurst

Price:$459,900

Scheduled for: 01/20/2013 from 01:00 PM to 04:00 PM

 

Address:285 W First St

City: Elmhurst

Price:$464,900

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:321 N Myrtle

City: Elmhurst

Price:$485,000

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

 

Address:837 S Linden Ave

City: Elmhurst

Price:$699,900

Scheduled for: 01/20/2013 from 01:00 PM to 04:00 PM

 

Address:466 N Oak Ave

City: Elmhurst

Price:$879,900

Scheduled for: 01/20/2013 from 01:00 PM to 04:00 PM

 

Address:432 S Prairie Ave

City: Elmhurst

Price:$1,224,000

Scheduled for: 01/20/2013 from 01:00 PM to 03:00 PM

New Year, New Elmhurst Address!

by Thomas Makinney

The New Year brought a few changes here at The Gracik Makinney Group. We have a new address – 190 North York Street – and a new agency affiliation, too. We’re proud to announce that the group is now at Coldwell Banker Residential Brokerage. Please feel free to stop by our new office and say hello!

Elmhurst Real Estate and the Fiscal Cliff

by Thomas Makinney

We had a lot of news coverage in the weeks leading up to the New Year about the fiscal cliff and other tough financial issues that will need to be addressed in the coming months. Congress was able to draft last minute legislation to avoid the fiscal cliff, but what does that mean for homeowners here in Elmhurst?

Shortly after the bill’s passage, the National Association of Realtors released a brief on the issue detailing some of the ways homeowners and real estate investors may be affected. At a fundamental level, the Mortgage Interest Deduction remains, and the Mortgage Cancellation Relief will be extended for one more year until January 1, 2014. The Deduction for Mortgage Insurance Premiums for filers making less than $110,000 will be extended through 2013, and is also made retroactive to cover 2012.

The 10% Energy Efficiency Tax Credit (up to $500) for homeowners for improvements made to increase the energy efficiency of existing homes is extended through the remainder of 2013 and is also made retroactive to cover 2012, too. The exclusion from the sale of a principle residence, $250,000 for singles and $500,000 for couples, remains in place.

Of interest to commercial real estate investors, the 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012. The capital gains rate remains at 15% for those at the top rate of $400,000 individual and $450,000 joint, and for those above that level, the rate rises to 20%. However, the $250K/$500K exclusion for a principle residence still applies.

The estate tax was also addressed in the bill. The first $5 million dollars in individual estates and $10 million for family estates are now exempt from the estate tax. Above that level, the rate will be 40%, which is a 5% increase. The Pease limitations on itemized deductions for high-income filers are eliminated for 99% of American taxpayers, but remain in place for individuals earning more than $250,000 and couples earning more than $300,000. For more specific information on this or any of the decisions affecting real estate, you can read the full NAR brief here.

Here at The Gracik Makinney Group, we’re dedicated to helping you understand the entire process of buying, selling, and investing in real estate, and helping you make the best decision for your individual needs. As part of our own plans for the New Year, the Gracik Makinney Real Estate Group is pleased to announce our new affiliation with Coldwell Banker. Contact us today at our new address - 190 N. York Road in Elmhurst, or at (630) 567-5902.

Elmhurst Illinois Open Houses for Sunday, January 13 ,2013

by Thomas Makinney

Address:496 N Howard Ave

City: Elmhurst

Price:$259,900

Scheduled for: 01/13/2013 from 01:00 PM to 03:00 PM

 

Address:419 W 2nd St

City: Elmhurst

Price:$419,900

Scheduled for: 01/13/2013 from 01:00 PM to 03:00 PM

 

Address:321 N Myrtle

City: Elmhurst

Price:$490,000

Scheduled for: 01/13/2013 from 01:00 PM to 03:00 PM

 

Address:271 Lawndale Ave

City: Elmhurst

Price:$520,000

Scheduled for: 01/13/2013 from 01:00 PM to 03:00 PM

 

Address:123 E May St

City: Elmhurst

Price:$625,000

Scheduled for: 01/13/2013 from 01:00 PM to 03:00 PM

A New Type of Open House in Elmhurst

by Thomas Makinney

Elmhurst’s McCormick House is back in the news – this time it has inspired a new exhibition at the Elmhurst Art Museum entitled, “Open House: Art About Home”. The home designed by Mies van der Rohe prompted the museum’s newly appointed Chief Curator, Staci Boris, to assemble artists’ representations of homes that are meant to explore the experiences, contents, memories, and realities of today’s homes.

The museum’s new Artist in Residence, Alberto Aguilar, will offer a site-specific installation of “domestic monuments” that incorporates objects borrowed from the homes of area residents. These objects are transformed into public sculptures that describe the exchange between the owner and the artist. Aguilar is a Chicago resident. He received his BFA in 1997, and his MFA in 2001 from The School of the Art Institute of Chicago.

The exhibition will also include recent work from Gabrielle Garland, Martin Hyers, William Mebane, Alyssa Miserendino, and Ann Toebbe that are intended to focus on the lives within a home and the paraphernalia that goes along with personal space. These works are introduced by a series of house-shaped sculptures by Don Baum.

The exhibition will run from January 19th through April 20th. The Museum is open from 10 a.m. to 5 p.m. Tuesday through Thursday, 10 a.m. to 8 p.m. on Fridays, and 10 a.m. to 5 p.m. on Saturdays. Regular admission is $5 for adults, $3 for students and seniors, and free for children younger than 5. Admission is always free for everyone on Fridays. For more information, visit www.ElmhurstArtMuseum.org.

All of us here at The Gracik Makinney Group love a good open house, and this one hosted by the Elmhurst Art Museum promises to bring new perspectives about the places we call home. Why not make Elmhurst your home, too? With community knowledge, industry experience, and personal dedication, the Gracik Makinney Real Estate Group is the best place to start. Contact us today at 210 N. York Road in Elmhurst, or at (630) 567-5902.

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