McKenzie Q4 2023 WINTER Newsletter (8.5 × 11 in)

Harper School Neighborhood, Quarterly Market Update, for local data and key insights to assist you in the buying and selling real estate process. Plus read on for seasonal trends and discover lifestyle tips to enjoy all that Fall has to offer!

WINTER QUARTERLY NEWSLETTER

COMPASS:

568 Lincoln Avenue Winnetka, Illinois 60093.

CONTENTS TABLE OF

Meet Ballyhoo’s Corporate Pastry Chef

Team Letter

Overview of this quarter's newsletter highlighting the market and many local topics.

Introducing Ballyhoo’s latest addition to their venerable team, award winning pastery chef Christine McCabe.

How's The Market

Wilmette Spotlight

A market synopsis provided by Ryan Skaggs, Neigh- borhood Loans. He shares his thoughts on the current market environment.

Review market's current performance and evaluate its potential for the upcoming year. the

Helping Our Clients Make Their Move

Local Stats & Neighborhood Sales

Sharing the most recent neighborhood sales for the past quarter, to keep you up to date with the latest activity in our local real estate market.

Meet your local real estate team, combining 25 years of expertise with a passion for turning your property aspirations into reality.

HAPPY NEW YEAR!

Happy New Year and welcome to the first edition of our 2024 Real Estate Newsletter! As we step into an election year, the real estate landscape is poised for some fascinating developments. It's an especially intriguing time for the housing market, and we're eager to see how the upcoming elections will shape our industry. In this issue, we're not just focusing on the bricks and mortar of real estate. We're also diving into the vibrant local community. Excitingly, we're introducing Christine McCabe with Ballyhoo Hospitality Group, the newest culinary star to grace the Wilmette restaurant scene. Known for her exceptional pastry skills, Christine is set to tantalize taste buds and add a new layer of charm to our neighborhood's gastronomic offerings. Alongside this “sweet” introduction, we've got a comprehensive recap of the recent Q4 home sales in our area. This retrospective

Lydia & Jane We extend our warmest wishes for a healthy and prosperous 2024! provides valuable insights into the market's current state and sets the stage for understanding future trends. Additionally, we'll be discussing the latest projections on how the anticipated lower interest rates might impact the real estate market. For those considering a real estate move in 2024, this message is for you. Current trends and indicators suggest that this spring presents an excellent opportunity for selling. Whether you have queries about the market dynamics or are curious about your home's current value, we are here to assist. Our team is dedicated to being your go-to neighborhood resource for all real estate- related inquiries and services.

847.682.7321 | deleo.omalley@compass.com | lydiaandjane.com

BALLYHOO HOSPITALITY GROUP® Meet Renowned Pastry Chef CHRISTINE MCCABE

Christine McCabe (continued): I was becoming bored with accounting and I found myself yearning for something more fulfilling. It was during this time that someone suggested I explore culinary school. Intrigued by the idea, I took the leap, signed up, and from that moment, I never turned back. That way I was able to use my mathmatical brain since baking demands precision and perfection in every recipe. Furthermore, the decision to transition from the world of business to becoming a pastry chef was fueled by my love for baking and creating memorable experiences through sweet delights. L&J: You have had an impressive career working with iconic chef Charlie Trotter and contributed to the opening of several well- known restaurant brands such as Glazed & Infused, Sugar Cube, and Carnivale. What is a time in your career that you are most proud of? Christine McCabe: One of the highlights was Sugar and Dessert bar which was in the city. It was only desserts and that’s where I received a lot of recognition and accolades. L&J : Wasn’t it in 2005 that you were recognized by Bon Appetit as pastry chef of the year….that’s pretty amazing! "Christine was recognized by Bon Appetit as pastry chef of the year"

Wilmette has transformed into a premier dining destination, marked by a significant expansion in its culinary offerings. At the forefront of this evolution is Ballyhoo Hospitality, the distinguished restaurant group that has become a cornerstone of Wilmette's dynamic gastronomic scene. Their portfolio includes a variety of popular Wilmette venues such as Sophia Steak, Buck Russell's – a bakery and sandwich shop, and Pizza by Sal, each contributing to the enrichment of the local culinary landscape. Enhancing the town's offerings in sweet treats is the acclaimed pastry chef Christine McCabe, who recently joined the Ballyhoo Hospitality as Corporate Pastry Chef. We had the privilege of interviewing her on her second day in her new role, delving into her plans and aspirations for the sweeter aspects of the culinary venture L&J: How did you become a pastry chef? Christine McCabe: I was pursuing a degree in Business Management at DePaul University when my passion for baking and entertaining started to take precedence.

L&J: Is there anything you really like to make? Christine McCabe: I have to say one of my favorite things to make is scones which I love to eat. Stay tuned because there will be a new addition to the menu. L&J: Thank you so much for your time today. We are so fortunate to have you as part of our community. For those who haven't yet explored the delightful bakery at Buck Russells, we highly recommend you do so. It's a promise – you won't be disappointed. Plus, Christine McCabe has some sweet, confectionery surprises in store for you! One of my favorite things to make is scones which I love to eat and make. Stay tuned because there will be a new addition to the menu.

L&J: What attracted you to the Ballyhoo Hospitality Group? Christine McCabe : I would say there are three key aspects: their focus on community engagement, exceptional hospitality, and culinary excellence. These elements are fundamental and uniformly valued across the company. I am excited about the opportunity to contribute to and build upon this robust foundation. L&J: Now that you’ve come on board do you have a vision about what you may be introducing? Christine McCabe: Yes I want to elevate and put my signature on everything and expand upon the (sweet confections) program. L&J: We are going to see you in the area next store here at the (Buck Russells) bakery. Christine McCabe: My first impact is going to be here and then we’re going to branch out and hit all of the restaurants.

For The Full Interview:

How's The Market?

The landscape is transforming and we're tempering our excitement with cautious optimism, that there will be more housing inventory for the Spring market. This resurgence is largely attributed to the Federal Reserve's recent decision to pause interest rate hikes this December, a welcome change after mortgage rates reached a 22-year high. The impact is palpable, with falling rates already making headlines. What's more, there's speculation that the Fed might enact three or more rate cuts this year. Projections suggest that by December, mortgage rates will fall below 6%. The long and short of it is that buying a home will be more affordable with lower interest rates. In addition, we anticipate that both buyers and sellers that have been sitting on the sidelines

waiting for the news to make their move. However, sellers will remain in the driver's seat as the increase in inventory will take a while to pick up in order to meet demand. With interest rates falling and economic conditions rebounding - which should further boost buyer demand - the big question is how much do rates have to fall for homeowners to start selling their homes in normal numbers again? -COMPASS National Insight

Q4 Single Family Data Points

WILMETTE

MCKENZIE Median Price

Median Price $999,000

$997,500

(+10.7% YOY)

(+15% YOY)

Median Price Per SQFT $378 (+6.2% YOY) 102 Original List to Close (.7% YOY)

Original List to Close (.4% YOY) 101 Median Price Per SQFT $358 Months Supply (0% YOY)

Months Supply 0.6 (-50% YOY)

1.1

(0% YOY)

Median Days on Market

7 (0% YOY)

(0 % YOY)

Data Source: MRED As of 12/31/23

Recent Neighborhood Sales

1618 Central Avenue 4 BD · 2.1 BA 3,361 SQFT · $1,200,000 Lot Dim: 50X156 Garage: 2 Year Built: 1926 1537 Washington Avenue 4 BD · 3.1 BA 4,015 SQFT. · $2,165,000 Lot Dim: 55X162 Garage: 2 Year Built: 2006 1536 Maple Avenue 5+1 BD · 5.1 BA 4,928 SQFT · $2,200,000 Lot Dim: 50X163 Garage: 2 Year Built: 2016

146 Sterling Lane 2 BD · 1 BA $360,000 Lot Dim:51X123 Year Built: 1953

1717 Washington Avenue 3 BD · 2 BA 918 SQFT · $730,000 Lot Dim:50X160 Garage: 2 Year Built: 1919 410 Prairie Avenue 1 BD · 2 BA 1,450 SQFT · $741,000 Lot Dim: 49X178X49X172 Year Built: 1853

12 312 Central Park Avenue 4 BD · 3.1 BA 2,600 SQFT · $916,370 Lot Dim: 50X139 Garage: 1 Year Built: 1928 Improving Economic Indicators are suggesting A Brighter 2024 Housing Market Ahead

In the last 2 months of 2023, the average weekly 30-year mortgage interest rate dropped from 7.79% to 6.61%. CPI inflation declined in 2023 from 6.3% in January to 3.1% in November. After its end-of-year rally, the S&P Index was up 25% and the Nasdaq up 45% in 2023. According to the Case-Shiller Home Price Index, national home values hit a new peak in 2023. The number of new listings coming on the market in 2023 was the lowest in decades, a dominant factor behind sales dropping to their lowest annual total since the great recession. -COMPASS National Insight

The Year of Lower Rates & Higher Prices?

Part 2: Home Price Projections: Beyond interest rates, the real estate market on the North Shore is expected to see an uptick once again in home prices in 2024. According o projections from Fannie Mae, home prices are anticipated to rise by 2.4%. Freddie Mac is even more optimistic, forecasting a slightly higher increase of 2.7%. These projections indicate a continued trend of appreciation, making it a favorable market for existing home- owners. For those already on the property ladder, this upward trajectory in home prices can be seen as a positive factor for building equity. Higher home values contribute to increased net worth for homeowners, potentially creating new financial opportunities. "According to projections from Fannie Mae, home prices are anticipated to rise by 2.4%. Freddie Mac is even more optimistic, forecasting a slightly higher increase of 2.7%. These projections indicate a continued trend of appreciation, making it a favorable market for existing home-owners”.

By Ryan Skaggs VP Mortgage Lending

Part 1: Interest Rate Projections As we step into the new year, homeowners on the North Shore have much to anticipate, especially in terms of interest rates. The Federal Reserve (FED) has indicated a significant shift in its policy, signaling a potential decrease in interest rates. For existing homeowners, this could translate into exciting prospects, particularly in the realm of mortgage rates. The FED's plan to cut interest rates is a response to the economic landscape and aims to stimulate economic activity. Lower interest rates typically lead to more favorable borrowing conditions. For homeowners looking tap into their equity or potential buyers seeking to enter the market with a current ultra-low rate, this is positive news.

Conclusion: High Buyer Demand and Lower Rates (Continued) the year ahead. As always, it's crucial to stay informedand consider consulting with your real estate team for personalized advice tailored to your individual circumstances For your FREE personal total cost analysis tailored to your specific buying scenario please reach out via phone at 773-569-8692 or by email at Ryan@Neighborhoodloans.com. If you ever feel like talking real estate/ interest rates drop by my office at 101 Green Bay (across from Whole Foods) in Wilmette. In conclusion, 2024 appears to be a promising year for buyers and sellers alike. The confluence of lower interest rates and rising home prices presents a unique opportunity.

Conclusion: High Buyer Demand and Lower Rates In conclusion, 2024 appears to be a promising year for buyers and sellers alike. The confluence of lower interest rates and rising home prices presents a unique opportunity. The FED's commitment to lowerrates is expected to bolster buyer demand, creating a scenario where the combination of heightened interest and affordability drives home prices even higher. For current residents, this suggests that the equity in their homes is likely to continue growing. Whether considering refinancing, tapping into home equity, or simply enjoying the benefits of a more robust housing market, homeowners on the North Shore have reason to be optimistic about

For More Information:

Recent Clients We’ve Helped

1601 Central Avenue

1628 Central Avenue

4 BD 3.1 BA 4440 SF $1,425,000

4 BD 2.1 BA 3164 SF $1,125,000

*Buysiide

1720 Del Ogier Drive

411 Sandy Lane

*3700 Old Glenview Road 4 BD 4.1 BA 3750 SF $1,100,000

6 BD 4.1 BA 3700 SF $1,395,000

4 BD 2.1 BA 2409 SF $760,000

*Pending

1330 Isabella Street

*1715 Highland Avenue 6 BD 5.1 BA 5000 SF $2,295,000

*1717 Washington Avenue 6 BD 5.1 BA 5000 SF $2,325,000

6 BD 5.1 BA 5206 SF $2,200,000

1715 Forest Avenue

515 Main Street Unit 304 3 BD 2 BA $479,000

2140 Lake Avenue 4 BD 2.1 BA 2642 SF $520,000

5 BD 4.1 BA 4549 SF $1,625,000

Helping clients make their move in & around Wilmette.

$100+M

IN TOTAL SALES

$15+M

We’ve helped numerous clients make their dreams a reality, with over a $100M+ in sales!

TOTAL VOLUME (*2023)

Wilmette is one of the most desirable areas to live and we feel so lucky to call it home. With over 25 years of combined experience we’ve got the inside scoop on all the neighborhoods and what makes each one so special. If you’re thinking about making your move, we’d love to be your compass! Our expertise and national network make us the perfect guides whether you’re buying, selling, or both. Let’s make your real estate dreams come true in 2024.

14 PROPERTIES (*2023)

*Including Pending Salest

Thinking of Making Your Move this Spring?

Scan the QR code for our Preparing Your Home For Sale Checklist :

847.682.7321 | deleo.omalley@compass.com | lydiaandjane.com

DeLeo & O’Malley Group is a Real Estate broker affiliated with Compass. Compass is a licensed Real Estate broker with a principal office in Chicago, IL and abides by all applicable Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of Real Estate brokerage.

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