Tuesday, March 14, 2006

For Millionaires Only? Naperville Segment Grows...

What's the buzz?
According to the Multiple Listing Service of Northern Illinois...

In Naperville there are currently 172 Single Family (there are also 2 condos in the 520 Washington building) homes on the market over $1,000,000 - 24 of them are under contract (meaning pending a sale) leaving 148 properties for sale. In 2005 there were a total of 58 sales over $1,000,000.

What does it all mean?
If the market is as good as it was in 2005.... those 148 properties have the remaining months of the year to grab one of the remaining 36 sales. Leaving 112 disappointed Sellers ready to face the market in 2007. Of course, this is assuming that no other homes will be coming on the market in that time (silly assumption).

So if I'm a buyer what does this mean?
A buying opportunity! There are motivated sellers that will be be anxious to work with you.

If I'm a seller what can I do?
Be aggressive. Cutting edge marketing combined with realistic goals is the key to your success.

Is all hope lost?
No. In fact there is the evidence that this segment of the market may continue to grow, as evidenced by the yearly numbers:
2005 - 58 sales over $1,000,000
2004 - 37 sales over $1,000,000
2003 - 19 sales over $1,000,000
2002 - 17 sales over $1,000,000
2001 - 9 sales over $1,000,000

Another important fact to keep in mind are the increased numbers of custom built premium homes in this range that won't show up in the MLS system.

For a look at some of the premium homes in the Naperville area visit:
Luxury Homes of Naperville

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