Another one of my home building questions! I have taken over as CEO of Old World Homes, LLC. I own 50% of the
company and my partner and architect owns the other 50%. We have decided after much homework to try to obtain financing and write offers on 1020 Walden Lane in Lake Forest, 1560 Asbury Avenue in Winnetka, 112 Oxford Road in Kenilworth, and 523 Greenwood Avenue in Kenilworth. They are all fantastic lots and we are just curious as to what the market is like now and how it will be in 2009/2010. We plan to price the home in Lake Forest at $4,750,000, Winnetka at $3,650,000, Oxford Road in Kenilworth at $4,250,000, and Greenwood at $3,250,000. They are all homes that are capable of those prices, according to our realtors. How long should we expect the homes to sit on the market after completion? Are people buying before completion anymore? How is the market in Kenilworth, Winnetka, and Lake Forest today?
Thanks,
Denyse
Denyse,
Congratulations on your recent partnership! Please keep me in mind for any of your future financing needs:) Tino.Muratore@gmail.com
Thank you,
Tino Muratore
Homes in this price range are a different breed. People in the market for Estate homes are in the market today. Be sure to do a full evaluation of recent sales and days on the market and most inportant, make sure you realtor is qualified and capable of selling Estate / Luxury properties. The marketing plan for this type of home is quite different then a $450,000 home and requires special attention.
I have marketed and sold many homes in this price range and you must know where to focus your plan.
Good Luck. I am sure you will do fine in 09.
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